The former UK FCA (Financial Conduct Authority) chief Charles Randell laments that the agency is under political pressure to admit cryptocurrency companies within the British market.
However, the cryptocurrency companies in question weren’t mentioned.
According to reports from a reliable news outlet yesterday during a conference hosted by the Bank of England Prudential Regulation Authority, Charles Randell said that this situation is a case of politicians using their influence on independent regulators.
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The former FCA chief highlighted that the regulators always face the challenge of stopping inappropriate influence from political interests or the industry.
In Brief
- The former chief of the Financial Conduct Authority, who stepped down from his official post in spring last year, revealed the political pressure he experienced to allow crypto companies entrance into the British market.
- Allegedly, he was pressured by the politicians in office to approve certain cryptocurrency firms and claimed that the United States Department of Justice is now investigating those firms.
- He further said that the regulators should be more cautious in handling this case as all the evidence secured by the Financial Conduct Authority shows that something fishy is happening.
- Although the former FCA chairman did not mention names, the Financial Conduct Authority didn’t approve crypto exchanges such as Binance and FTX to carry out their businesses in the United Kingdom.
- It could be because Changpeng Zhao, Binance co-founder, was accused of conducting a wide scheme to dodge United States federal securities laws by the US SEC (Securities and Exchange Commission).
- On the other hand, Sam Bankman-Fried, former FTX co-founder, was charged with conspiracy to violate campaign finance laws and defraud the United States, Fraud, and conspiracy to commit money laundering. In addition, the United States prosecutors are accusing Bankman-Fried of stealing from FTX user funds worth billions of dollars to settle his losses.
What’s Happening In Crypto Today?
At the time of this writing, the price of Bitcoin has risen to $27,090.38, with a decline in market cap by 0.11% and a drop in trading volume by 7.66%.
Ethereum, on the other hand, is currently selling at $1,630.43, with a drop in market cap by 0.76% and a drop in trading volume by 9.01%.
- TRON is currently trading at $0.08459, with an increase in market cap by 0.35% and a drop in trading volume by 12.52%.
- The price of Dai right now is at $0.9996, with an increase in market cap by 0.07% and an increase in trading volume by 20. 30%.
- Polkadot is selling at $4.11, with an increase in market cap by 4.08% and a drop in trading volume by 8.52%.
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