Mark Steward, chief executive officer of the UK’s Financial Conduct Authority (FCA) for enforcement and market surveillance, announced on Tuesday that he is leaving his post. Steward in the country cryptocurrency He was known for his role in the rules.
In January 2021, the FCA had become the oversight body for anti-money laundering compliance for cryptocurrency firms in the country.
Steward Forced Numerous Cryptocurrency Companies to License
In a speech he gave in March 2021, Steward said:
“While we do not regulate or oversee the cryptocurrency business, these firms are required to be registered with the FCA and comply with money laundering regulations.”
At the time, the FCA had created a list of “unregistered” crypto companies to help investors identify firms authorized by the FCA to operate in the country.
It came to the fore in September when FCA added FTX, the crypto exchange owned by billionaire Sam Bankman-Fried, to its list of unauthorized firms.
FCA has previously been due to delays in processing registration applications. bitcoin and the crypto industry, while the regulator blamed the “quality of the information they provided” of crypto firms seeking approval for delays.
Steward also played a central role in the FCA’s “ScamSmart” campaign, which is a constant surveillance of cryptocurrencies. The most recent annual review, released this week, shows that cryptocurrency is by far the leading industry in warnings of potential fraud reported to the FCA between April 2021 and March 2022.
“The international search for Mark’s successor will begin shortly,” the FCA press release said.
*Not investment advice.
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