Ashley Alder, the incoming Financial Conduct Authority (FCA) chair, presents himself as a crypto skeptic. Well, that’s not too hard, given the recent developments around FTX. At a cross-party Treasury select committee, Alder said that crypto companies facilitate money laundering. The FCA currently has oversight to check that crypto firms have effective anti-money laundering, but generally, crypto assets themselves are not regulated. The UK Treasury plans to regulate the crypto and give the FCA more power to do so.
Alder, currently the Chief Executive of Hong Kong’s Securities & Futures Commission, pointed out that in his experience, crypto platforms were “deliberately evasive,” fostered money laundering at scale, and created “massively untoward risk.”
FinTelegram can only confirm the statements of the upcoming FCA Chair. In recent years, we have repeatedly pointed out that (also registered) crypto exchanges and payment processors are knowingly and intentionally involved in scam facilitation and money laundering.
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