Regulation
Crypto In Spotlight as UK FCA Unveils Money Laundering Report
The Financial Conduct Authority (FCA) has highlighted the potential for exploitation in the cryptocurrency sector for money laundering activities. In a recent risk assessment report covering 238 firms, the FCA included crypto firms among the highest risk categories alongside retail and wholesale banking and wealth management sectors. The FCA, a financial regulator in the U.K., has mandated crypto firms to register and adhere to stringent money laundering regulations since 2020.
In the 2022-2023 period, the FCA allocated the equivalent of 52.8 full-time employees dedicated to anti-money laundering, with 15.8 focused specifically on crypto businesses. This initiative underscores the regulatory body’s commitment to overseeing and curbing illegal financial flows within the crypto space.
U.K. Steps Up Fight Against Crypto Crimes
To combat crypto-related crimes, U.K. law enforcement agencies have taken significant steps. In October 2022, the National Police Chiefs’ Council reported the deployment of crypto tactical advisors across the country. These advisors play a crucial role in seizing digital assets tied to criminal activities. According to reports, law enforcement has successfully confiscated hundreds of millions in cryptocurrency derived from criminal enterprises.
The FCA financial crime specialist teams, outside the dedicated units, initiated 95 cases related to crypto assets within the reporting period. These efforts are part of a broader strategy to tighten oversight and improve the legal framework surrounding digital currencies and their use in illicit activities.
Upcoming Regulatory Changes and Global Trends
In response to the evolving landscape, the U.K. is set to introduce new legislation covering various aspects of the cryptocurrency market by mid-2023. Economic Secretary Bim Afolami announced that regulations focusing on stablecoins and the broader crypto market operations such as staking, trading, and custody will be implemented. These changes aim to position the U.K. as a leading crypto hub while aligning with global regulatory trends.
Currently, the FCA governs crypto assets if they serve as property or underlie regulated financial products or activities, like collective investment schemes. The forthcoming laws will expand this oversight, marking a significant development in the regulatory framework for cryptocurrency operations in the U.K.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A Russian national accused of cryptocurrency market manipulation has been extradited to the United States to face federal charges. Aleksei Andriunin, the Gotbit Founder, appeared in a Boston court following his extradition from Portugal, where he had been residing.
Gotbit Founder Extradited to US Over Crypto Fraud
Gotbit Founder Andriunin, 26, was arrested in Portugal on October 8, 2024, following an indictment by a federal grand jury in Boston. He was extradited to the United States on February 25, 2025, and appeared in court the following day. A judge ordered his detention while awaiting further proceedings.
The U.S. Attorney’s Office in Massachusetts announced his extradition, stating that the Gotbit founder faces charges of wire fraud and conspiracy to commit market manipulation and wire fraud. Prosecutors allege that Andriunin led a scheme that manipulated cryptocurrency markets and generated millions in fraudulent proceeds.
Court documents state that between 2018 and 2024, Andriunin and his company, Gotbit, provided market manipulation services to cryptocurrency firms. Gotbit allegedly engaged in “wash trading,” which involves artificially inflating trading volume to make digital tokens appear more valuable.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The US Securities and Exchange Commission is undergoing a significant transformation under President Donald Trump’s administration, paving the way for a major regulatory overhaul. In an attempt to dismantle its enforcement regulations, the SEC has ended major crypto lawsuits, sparking optimism. However, former SEC official John Reed Stark criticizes this regulatory shift, addressing it as the agency’s death.
SEC Closes Crypto Lawsuits Sparking Criticism from Ex-Official
The restructured SEC is spearheading a major regulatory overhaul under President Donald Trump. As a result, the regulators settled prolonged crypto lawsuits initiated during former Chair Gary Gensler’s tenure. While the commission’s move sparked widespread enthusiasm within the crypto space, former SEC official John Reed Stark expressed sharp criticism via his recent X post.
Notably, the agency has resolved multiple crypto lawsuits involving Coinbase, Robinhood, Uniswap, and OpenSea. The SEC’s progressive approach has invoked enthusiasm regarding a potential revolution in the US crypto regulatory landscape.
However, Stark views this regulatory shift as a symbol of destruction. He deems it as the commission’s death, stating, “This is How the SEC Dies.”
Are All SEC-Crypto Lawsuits Paused?
In a previous post, Reed highlighted the agency’s recent regulatory shifts that resulted in the resolution of major crypto lawsuits. Specifically, the SEC dropped the Coinbase and Robinhood lawsuits initially. And in a recent move, the regulators put an end to the investigations surrounding Uniswap and OpenSea. In addition, the agency has frozen the Binance lawsuit, marking at least five “pauses” in crypto lawsuits.
The SEC’s Frantic and Unprecedented Rampage to Dismantle its Crypto-Enforcement Program Continues: This Time, Halting Two SEC Appeals Dead in Their Tracks (Buckle up XRP Army, the Ripple Appeal Has Got To Be Next on the SEC Chopping Block)
The U.S. Securities and Exchange… pic.twitter.com/y6cMnhVRoi
— John Reed Stark (@JohnReedStark) February 20, 2025
These developments have significantly sparked anticipations on the potential settlement of the XRP lawsuit. Despite speculations from legal experts of a potential delay in the lawsuit, Reed believes that the Ripple case would end next. In addition, expressing thoughts on the SEC’s possible move to end all existing crypto lawsuits, Reed stated,
The SEC crypto-enforcement carnage has really just begun to litter the streets. My guess is that all SEC crypto-related investigations have already been secretly “paused” and that SEC crypto-enforcement resources have already been shifted to other priorities.
SEC’s Regulatory Shift: A New Era or Demise?
“The U.S. Securities and Exchange Commission (SEC) continues its frantic race to eliminate all fragments, remnants and artifacts of its crypto-enforcement program,” stated Stark. According to the ex-official, the SEC’s current could lead to the complete destruction of the commission. He posited,
It’s the perfect storm at the SEC: A President who does not trust the SEC; A crypto czar who has no respect for the SEC; And a DOGE Director Who hates the SEC. That’s not good for SEC staff.
Stark believes that Elon Musk’s Department of Government Efficiency (DOGE) will soon restructure the regulatory agency, possibly including a reduction in workforce. In a sarcastic tone, he posited that the current shift, including the crypto lawsuits’ updates, could possibly pave the way for the regulator’s funeral.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Securities and Exchange Commission (SEC) has acknowledged Grayscale’s filing for a spot Cardano (ADA) exchange-traded fund (ETF). This step marks the beginning of the SEC’s review process, which will determine whether the proposed ETF can be listed and traded on the New York Stock Exchange (NYSE) Arca.
Grayscale’s Spot Cardano ETF Filing Acknowledged
According to a recent filing, the SEC has acknowledged Grayscale’s application to list and trade its Cardano ETF on NYSE Arca. This ETF aims to provide investors with regulated exposure to Cardano (ADA), the cryptocurrency of the Cardano blockchain network.
Grayscale seeks to offer shares representing proportional interests in the ADA holdings of its proposed Grayscale Cardano Trust.
Grayscale submitted this application as part of its broader strategy to expand its cryptocurrency ETF offerings. In addition to the Cardano ETF, the firm is also pursuing ETFs based on other digital assets, including Solana (SOL), XRP, and Litecoin (LTC).
This move comes amid easing crypto regulations and dropping of crypto cases like Coinbase and Robinhood as a result of new leadership for the agency under acting US SEC chair Mark Uyeda.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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