FCA Reviewed 44 Crypto Firms Registered in UK For Anti-Money Laundering Purposes

cryptonews.com:

The Financial Conduct Authority (FCA) has conducted internal reviews on 44 cryptocurrency firms registered in the country to tackle money laundering concerns.

In a Feb 14 release, the regulator highlighted key areas in the UK markets including digital assets regulations. Last year, the FCA carried out wider industry oversight functions ranging from advertising compliance to consumer protection measures.

According to the release, the FCA has taken robust action to secure user assets with key regulations in the last three months.

So far, it has reviewed 44 digital asset firms registered in the country to ensure strict compliance with anti-money laundering regulations.

The FCA also kept track of unregistered firms and their promotions that were approved by an authorized agent. After reviews, the FCA found widespread noncompliance with rules as firms used affiliates and financial influencers to promote services.

Some firms used small fonts or poor positioning to conceal risk warnings and used regulated status for promotions. Furthermore, claims were made about the safety and security of assets without highlighting the risks invoked.

These reviews included websites, mobile apps, social media and advertising. We found significant levels of non-compliance with our rules. We have provided feedback to firms outlining our concerns and asked them to take action to rectify the breaches and conduct full reviews of their promotions to ensure they are compliant with our rules.

Financial advertising has been an area under the scrutiny of the FCA that has gotten lots of attention in the last three months.

The commission expects approvers to pay keen attention to regulatory requirements before allowing overseas firms to promote to UK