Crypto Company FTX Will Refund Customer Funds

Previously, the UK Treasury Department's latest report revealed that crypto companies, wealth management companies, and retail and wholesale banking are highly vulnerable to financial crime.

Reporting from Cointelegraph, Thursday (9/5/2024), crypto companies are among those at greatest risk of being exploited for money laundering, according to Britain's leading financial regulator.

In a report on May 1, 2024, the UK Treasury concluded from data provided by the Financial Conduct Authority (FCA) that crypto asset companies were among the top four types of companies highly vulnerable to financial crime, particularly for money laundering cases between 2022 and 2023.

The report shows that between 2022 and 2023, there will be a total of 52.8 full-time specialist employees overseeing Anti-Money Laundering cases, with almost a third focused specifically on the oversight of crypto companies.

Over the period 2022 to 2023, the FCA's financial crime specialists carried out a total of 231 reviews of financial companies operating in the UK as well as an additional 375 cases relating to financial crime and sanctions.

As part of a wider oversight effort beyond this full-time review, the FCA team launched a total of 95 cases against UK crypto firms.

British Efforts to Prevent Crypto Crime

The UK has been working to introduce clearer laws for local crypto companies and the UK Treasury announced on April 16 they will aim to present a full regulatory framework for crypto assets and stablecoins by July.

On April 26, the UK's National Crime Agency (NCA) and the police received expanded powers to seize, freeze and destroy cryptocurrency used by criminals.