FCA's Crypto AML Compliance Chief Mark Steward to Step Down in 2023
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The FCA assumed oversight of the nation's crypto businesses' compliance with anti-money laundering regulations in January 2021. Steward stated in a speech in March 2021 that although we do not oversee or monitor the cryptocurrency business, these enterprises are needed to be listed with the FCA, and are obliged to deal with the money laundering legislation.
FCA Introduced Unlicensed Crypto Businesses
The FCA has previously established a list of unauthorized cryptocurrency businesses at the time to assist investors in identifying organizations approved by the FCA to operate in the nation. The cryptocurrency exchange FTX, controlled by billionaire Sam Bankman-Fried, was added to the FCA's list of prohibited companies in September, attracting media attention.
Mark Led FCA’s Anti-Scam Campaign ‘Scamsmart’
Chief Executive Officer of the FCA Nikhil Rathi stated that Mark has contributed to the FCA's data-led strategy for market monitoring and delivered substantial enforcement actions across a broad range with his impressive expertise as a regulator and litigator.
Mark's unwavering belief in justice, the need for clean markets for a thriving economy, and doing the proper thing for customers have led to this significant contribution. He has demonstrated that the FCA is prepared to take on complex matters, utilize the authority, and produce outcomes that materially affect the markets we regulate and the people who depend on them.
Criticism From Crypto Sector
The FCA has previously faced criticism from the cryptocurrency sector for not completing registration applications rapidly. However, the regulator has attributed the delays to the material quality given by the cryptocurrency businesses seeking clearance.