UK’s Next Financial Conduct Authority Chair Criticize The Crypto Industry

Ashley Alder, the UK’s next Financial Conduct Authority chair, has condemned the crypto industry’s abetting money laundering as he addressed members of parliament, according to a Financial Times report.

The man who will oversee UK efforts to regulate crypto businesses gave a scathing denunciation of the sector, saying to MPs that, in his view, these platforms were “deliberately evasive,” supported money laundering at scale, and generated “massively untoward risk.”

According to the newspaper, Alder committee, before a cross-party Treasury, selected that crypto “should be regulated further,” adding that crypto corporations are “a method by which money laundering happens” on a large scale.

Alder’s comments came during a sometimes tense appointment with the cross-party Treasury select committee, during which he was reprimanded for virtually appearing from Hong Kong and for his lack of familiarity with numerous facets of the UK market and its accounting procedures.

“I think it should be regulated further. Our experience to date of platforms, whether FTX or others, is that they are deliberately evasive, they are a method by which money laundering happens in size.” said Alder, who is also currently chief executive of Hong Kong’s Securities & Futures Commission.

To FCA chief executive Nikhil Rath, who spoke earlier this year at a banking event, anti-money laundering tests conducted by the FCA threw out 80% of businesses that applied.

After the collapse of FTX, it seems this industry is more vulnerable than ever now, and tighter policies and regulation is likely to give investors peace of mind and regain the market capitalization when it peaked last year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News