FCA to spend $ 670,000 on digital currency training and forensics


The UK’s financial regulator wants better oversight of the digital currency industry. The Financial Conduct Authority (FCA) has launched an offer for a company capable of providing blockchain data analysis services and training its employees in digital currencies.

FCA has become increasingly involved in the digital currency industry. While in the past it has only issued warnings against piecemeal and unregistered businesses, it has taken a more active approach in recent months. In 2020, it became the industry’s anti-money laundering regulator. Two months ago, FCA President Charles Randell called for more oversight on the industry, saying there was a proliferation of unnecessary pumping and dumping tokens.

Now the watchdog is looking to spend half a million pounds to boost its digital currency surveillance capabilities. In a takeover bid, the FCA revealed that it is seeking “access to specialized services to support the analysis of crypto-asset blockchain data.”

The watchdog has Free £ 500,000 ($ 670,000) for the services of any company specializing in this field that can “provide access to a platform capable of supporting robust and efficient analysis of crypto-asset blockchain data and provide training and ongoing support in the use of this platform.

The successful candidate will focus on establishing and maintaining policies and controls that mitigate and manage the risks of money laundering and terrorist financing through digital currencies.

As part of the scope, FCA will seek to use the services of the successful candidate to analyze blockchain data, identify and respond to risks identified through this analysis, and develop intelligence and enforcement investigations.

Interested candidates have until December 16 to submit their applications, and the contract will run for 23.5 months, with a possible extension of up to a further 24 months.

FCA’s crackdown on businesses operating illegally in the UK has prompted it to issue warnings against even the biggest companies in the space that have neglected their legal obligations. None of these warnings have been more important than its crackdown on Binance. In June, the FCA revealed that Binance was not licensed to offer services in the UK. Immediately afterwards, some banks like Barclays suspended payments on the exchange as customers said they were quickly exploring their options.

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