“Claims over illegality in ‘Wild West’ crypto firms”

Jan 31, 2023 | Currencies

‘MPs have called parts of the crypto industry a ‘Wild West’ after hearing that the FCA has reported evidence of possible criminal activity’. To quote the great Basil Fawlty (kids etc.), ‘Can’t we get you on Mastermind, Sybil? Specialist subject – the bleeding obvious’. It does somewhat beggar belief that this particular stable door is slowly being pushed to when the horse has not just bolted, but moved to another farm and had several foals. Sorry, enough analogies, but it has surely been common knowledge for years that zillions have been and are being laundered on the crypto-net and that many have already lost their savings in dodgy get-rich-quick scams. Meanwhile, the rest of the legitimate and law-abiding financial services industry (of which I count myself a part) who wouldn’t touch a Bitcoin with a very long stick, are grappling with another huge swathe of regulation designed to ensure that do our ‘Consumer Duty’. Hey ho.

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