FCA takes lead in UK crypto-crackdown | Law360

The Financial Conduct Authority has been given a lead role in targeting money laundering, crypto-assets and money transfer scams in a government fraud strategy involving multiple agencies, which lawyers expect will boost enforcement action and heap a new compliance burden on financial institutions.

“The FCA should be given powers to fine online platforms which allow the promotion of unregulated financial products or advice via ‘finfluencers,’ which would provide a real incentive for Big Tech to verify the legitimacy of those who use their services,” Caroline Black, a consultant at Gherson Solicitors LLP, said. Finfluencers promote financial products, often illegally, on social media.

Read more: Fraud Plan Puts FCA At Forefront Of UK Crypto-Crackdown | Law360

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