The National Audit Office said it took nearly three years for the U.K. Financial Conduct Authority to address illicit activity in crypto ATMs nationwide.
The U.K’s National Audit Office (NAO) 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 claimed that the FCA is slow to respond and take action against illicit activities in the crypto industry.
The NAO claims that the delay in registering crypto firms seeking regulatory approval from the FCA was attributed to the absence of specialized crypto personnel.