UK National Audit Office Criticizes FCA's Slow Response to Crypto Industry Regulation
The National Audit Office (NAO) in the UK has expressed concern over the Financial Conduct Authority's (FCA) efficiency in regulating the cryptocurrency sector. A recent NAO report, "Financial services regulation: adapting to change," criticizes the FCA's slow response to illegal activities in the crypto field. It took nearly three years for the FCA to act against unlawful crypto ATM operators. On July 11, Cointelegraph reported that the FCA closed 26 crypto ATMs after an investigation. The NAO noted that, although the FCA required crypto firms to follow anti-money laundering rules from January 2020 and started supervising and engaging with unregistered firms, enforcement against illegal crypto ATM operators only began in February 2023.
The NAO attributes the FCA's delay in registering crypto companies seeking approval to a lack of
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