In a meeting with the Treasury Committee on Wednesday, Ashley Alder, the incoming chairman of the U.K. Financial Conduct Authority (FCA), criticized crypto firms like FTX for being “deliberately evasive.” Alder, who is currently the CEO of Hong Kong’s Securities and Futures Commission (SFC), is set to begin his new role at the FCA on February 20, where he will work alongside FCA CEO Nikhil Rathi.
During the meeting, Alder spoke about the need for regulatory oversight in the crypto industry, highlighting the role that crypto firms play in facilitating money laundering on a large scale. “They are a method by which money laundering happens at size,” Alder said.
The FCA has been cracking down on crypto firms in recent years as the agency continues to grapple with the challenges posed by the rapidly evolving nature of the crypto industry. In 2021, the FCA warned consumers about the risks associated with investing in cryptocurrencies and has since implemented several measures to protect consumers and prevent financial crime in the sector.
Alder’s remarks come at a time when the FCA is under increased pressure to tighten regulation of the cryptocurrency industry. Earlier this year, the U.K. government published a report calling for more robust regulation of the crypto industry, citing concerns about money laundering and other financial crimes.
Alder’s appointment as the new chair of the FCA has been welcomed by many in the industry, as he brings a wealth of experience from his time at the SFC. It is expected that he will continue the FCA’s efforts to improve oversight of the crypto industry and protect consumers from the risks associated with investing in cryptocurrencies.
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