The National Audit Office emphasized that it took nearly three years for the UK Financial Conduct Authority to address illicit activity in crypto ATMs across the country.
The National Audit Office (NAO) in the United Kingdom has raised concerns about the effectiveness of the Financial Conduct Authority (FCA) in regulating the cryptocurrency industry.
In a recent report titled ‘Financial services regulation: adapting to change,’ the NAO has claimed that the FCA is being slow to respond and take action against illicit activities in the crypto industry.
The NAO asserts that the delay in registering crypto firms seeking regulatory approval from the FCA was attributed to the absence of specialized crypto personnel.
