Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many and what proportion of businesses currently on the list of unregistered cryptoasset businesses maintained by the Financial Conduct Authority have been subject to (a) civil and (b) criminal penalties in relation to any failure to comply with the Money Laundering Regulations 2017 as amended.

Of the 214 firms on the FCA warning list of unregulated firms in January 2022, more than half ceased operating following the FCA’s published warnings. The FCA will not hesitate to take action against any unregistered cryptoasset provider that is continuing to operate without registration, although their actions to date have meant they are making good progress in shutting down these firms without needing to commence protracted litigation.

The FCA will continue to warn consumers about cryptoasset firms they should stay clear of and will take action where there is evidence that cryptoasset firms are operating without being registered as required for the purposes of anti-money laundering.