Share this article
UK Watchdog Eyes Extension of Money Laundering Risk Reporting to Crypto Firms
The Financial Conduct Authority is seeking to oblige more firms, including some working with cryptocurrency, to report how they manage the risks of financial crime.
Updated Sep 14, 2021, 9:47 a.m. Published Aug 25, 2020, 9:11 a.m.
The Financial Conduct Authority (FCA), a U.K. regulator, is seeking to oblige more firms, including some working with cryptocurrency, to report how they manage the risks of financial crime.
STORY CONTINUES BELOW
Non perderti un'altra storia.Iscriviti alla Newsletter State of Crypto oggi. Vedi tutte le newsletter
- In a consultation paper published Monday, the FCA said under the expanded scope of its financial crime reporting obligation it would require crypto exchanges and wallet providers to provide detailed information annually on systems and controls put in place to tackle crimes such as money laundering.
- The regulator said that currently only 2,500 out of the roughly 23,000 firms under its oversight must provide such data, including banks, building societies and mortgage providers.
- Aside from crypto firms, the extended measure would include entities such as all companies regulated by the Financial Services and Markets Authority, payment providers, electric money institutions and multilateral and organized trading facilities.
- The FCA said the extra information the reporting would provide would enable it to be more "date led" in its supervision and widen its insight into firms that may carry money laundering risks.
- The consultation period is open for feedback from interested parties until Nov. 23, 2020.
- In June, the U.K. government said it was looking to increase oversight into cryptocurrency promotions in order to protect investors, with the new supervisory role falling to the FCA.
Pubblicità
Also read: UK Regulator Grants License to Digital Security Exchange Archax
More For You
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
需要了解的:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
More For You
Top Stories
