Will the FCA seize client assets from unregistered crypto exchanges?

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Last month, the FCA announced the arrest of two people suspected of running an illegal cryptoasset exchange business. The suspects were interviewed under caution, and their digital devices seized, before being released on bail pending an investigation. The FCA, working with the Metropolitan Police Service, is investigating the business for allegedly buying and selling cryptoassets, […]

Charlotte Tregunna

What’s next for UK crypto regulations after Coinbase’s $4.5 million fine?

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Last week, the Financial Conduct Authority (FCA) fined CB Payments Limited (CBPL), the UK arm of Coinbase, about £3 million ($4.5 million) for repeatedly breaching a requirement that prevented it from offering services to high-risk customers. According to the FCA, CBPL does not undertake cryptoasset transactions for customers, but acts as a gateway to trade […]

James Tyler

FCA reveals it is pursuing a climate-related investigation

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In a historic first, last month, the Financial Conduct Authority (FCA) confirmed that it had opened a climate-related enforcement investigation against a company. This information was provided in response to a freedom of information request by legal activist organisation ClientEarth. It represents a key milestone on the path to joining regulators in the US, Germany […]

James Tyler

FCA doubles down on new priorities with target ID Plan

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The end of April saw the Financial Conduct’s Authority’s (FCA) consultation on the public naming of investigation subjects close. Widely referred to as a plan to name and shame, the proposal has sparked a backlash from the market, various influential trade bodies and politicians. At the moment, anyone subject to investigation are not named until […]

Peters & Peters obtains partial strike out of FCA case

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The Upper Tribunal issued an important case management judgment on 8 May 2024 in the case of FCA v Banque Havilland & Ors.  Nick Vamos, James Tyler and Julia Steinhardt represent the second defendant in the case, Mr Edmund Rowland. Mr Rowland is alleged to have been involved in the creation and dissemination of a […]

James Tyler

Enforcement landscape shifts as FCA embraces early intervention

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The Financial Conduct Authority (FCA) has undergone major change in recent years. In October 2020, Nikhil Rathi replaced Andrew Bailey as its CEO. In March 2023, Mark Steward stood down and was replaced by Therese Chambers and Steve Smart as joint Heads of Enforcement. In the same period, the Gloster Report, which had been commissioned […]