Charles Randell, a former chairman of the Financial Conduct Authority (FCA) reveals that there was political pressure within the agency to approve cryptocurrency firms, some of which are under criminal investigation by the U.S. Department of Justice.
Crypto Companies Under Scrutiny The timing of this announcement comes as many crypto companies have been under regulatory pressure in the US and other parts of the world.
In the United States, Binance and its co-founder, Changpeng Zhao, have been accused by the SEC of operating a scheme to evade securities laws.
In another case, Sam Bankman-Fried, the founder of FTX, has pleaded not guilty to charges.
Meanwhile, the UK has ramped up its efforts to regulate the digital asset sector.
Back in June, the country passed legislation to regulate cryptocurrencies and stablecoins as part of its broader financial regulation reforms post-Brexit.
The new law, dubbed the Financial Services and Markets bill, has granted regulators the
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