At a conference in London, the former head of the FCA, Charles Randell, said that participants in the crypto industry tried to put pressure on him. This happened when an official had to decide whether certain cryptocurrency organizations should be given permission to operate in the UK. Randell did not name specific companies, but noted that their activities are now being investigated by the US Department of Justice.
“When it comes to cryptocurrencies, when I served as chairman of the FCA, the regulator was forced to be more loyal to crypto companies. Although the FCA took the position that this was not a good idea,” Randall said.
In December 2022, US authorities accused the founder of the bankrupt crypto exchange FTX, Sam Bankman-Fried, of conspiracy to commit fraud. He also faces criminal charges related to illegal political donations. The largest crypto exchange Binance is also in legal proceedings with the US Securities and Exchange Commission (SEC). In June, the SEC sued Binance and its founder Changpeng Zhao, accusing it of violating federal securities laws.
At the beginning of the year, the British regulator reported that about 85% of crypto firms that applied for an FCA license did not comply with anti-money laundering (AML) rules. The FCA says many key staff at crypto companies lacked the knowledge and experience to effectively manage risks.
Source: Bits
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