News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

Cryptocurrency

FCA says 85% of crypto firms failed its anti-money laundering test

Treasury committee chair says figures show the industry could still be a 'Wild West'

Harriett Baldwin MP is leading a probe from lawmakers into the digital assets space
Harriett Baldwin MP is leading a probe from lawmakers into the digital assets space Photo: Getty Images

Around 85% of crypto firms who applied for a licence with the Financial Conduct Authority failed to meet the regulator’s minimum standards for registration.

In correspondence published on 26 January by the Treasury Committee of MPs, the FCA said most firms could not demonstrate that they met its anti-money laundering and counter-terrorist financing tests.

WSJ Logo