FCA lacks “specialist skills” to regulate crypto says UK watchdog LeapRate

December 11, 2023 BY Elizabeth Anderson

FCA lacks “specialist skills” to regulate crypto says UK watchdog

A report found that around three-quarters of people in senior positions at the FCA have been in their respective roles for less than four years. The lack of experience across senior leadership has contributed to struggles in straightening out crypto regulations and clamping down on illegal crypto-related activities. Don’t miss out the latest news, subscribe…

July 05, 2023 BY Steffy Bogdanova

FCA announces consolidated tape to reduce costs and enhance trading data quality

To implement this initiative, the FCA intends to initiate a competitive tender process to select a single provider for the CT in the bond market. This plan is a crucial component of the Edinburgh reforms and is expected to be realized through collaboration with the government by 2024. Sarah Pritchard, executive director of markets and…

June 20, 2023 BY Steffy Bogdanova

Binance withdraws registration in the UK

Binance recently withdrew its registration as a crypto service provider in Cyprus, saying it was focusing “on fewer regulated entities in the EU.” The exchange also announced exiting the Netherlands. Additionally, the company is facing legal trouble in the US with a lawsuit from the Securities and Exchange Commission for operation of an unregistered trading…

Crypto firms in the UK are abandoning their FCA registration

June 08, 2023 BY Alan Sayer

FCA to Launch New Crypto Rules, Bans Incentives

The FCA said in its policy statement: Even when the financial promotions regime comes into force, cryptoassets will remain high risk and largely unregulated. Consumers should only invest in cryptoassets if they understand the risks involved and are prepared to lose all their money. Consumers should not expect protection from the Financial Service Compensation Scheme…

April 04, 2023 BY Steffy Bogdanova

FCA to allow the publication of Synthetic US Dollar LIBOR for a short period

The Financial Conduct Authority (FCA) has approved the calculation of the three US dollar LIBOR settings by the ICE Benchmark Administration Limited (IBA), using "the relevant CME Term Secured Overnight Financing Rate (SOFR) Reference Rate plus the respective ISDA fixed spread adjustment." FCA’s Monday statement said that the overnight and 12-month US dollar LIBOR settings…

March 23, 2023 BY Steffy Bogdanova

FCA appoints Steve Smart and Therese Chambers to co-lead enforcement and market oversight

Chambers commented: The work of the Enforcement and Market Oversight division is of critical importance in supporting the FCA’s Strategy and we will continue to build out our assertive and proactive approach. I look forward to working with colleagues on ExCo and across the FCA as we increasingly use our powers to protect consumers and…

March 08, 2023 BY Steffy Bogdanova

FCA goes after unregulated crypto ATM providers in London

Mark Steward, the Executive Director of Enforcement and Market Oversight at the FCA, commented: Crypto ATMs operating without FCA registration are illegal, and we will take action to stop this. This operation sends a clear message that we will continue to identify and disrupt unregistered crypto businesses in the UK. The FCA has taken steps…

February 24, 2023 BY Steffy Bogdanova

FCA announces compensation for 24HR Trading Academy Ltd victims

Background The 24HR Trading platform provided trading signals to clients, promising significant profits if they followed the instructions sent via WhatsApp and other messengers, involving CFDs contracts on currencies and commodities. However, the platform did not hold the necessary regulatory license, and the FCA issued a warning against it in September 2019. The regulator froze…

February 20, 2023 BY Alan Sayer

GSTechnologies Files Stablecoin Application For Admission to FCA’s Regulatory Sandbox

Chairman of GST, Tone Goh, stated: We continue to make significant progress with our GS Money ambitions and the submission of the application for our stablecoins to be admitted to the FCA Regulatory Sandbox is a key step. We believe the UK market needs a trusted UK-based provider to offer regulated electronic money and payment…

February 20, 2023 BY Alan Sayer

Link Fund Solutions in Discussions With the FCA Regarding a Possible Resolution of Enforcement Action

The FCA is focused on ensuring that consumers affected by the suspension of the Woodford Equity Income Fund (WEIF) obtain redress," the FCA said in its statement. Link Fund Solutions managed the LF Woodford Equity Income Fund until its collapse in June 2019. The UK regulator said that to assist in a potential resolution, it…

Tag: FCA