Digital Assets Head Binu Paul left FCA in less than a year. FCA will search for a replacement soon.
Binu Paul, the head of digital assets at the Financial Conduct Authority (FCA), has left the organization. He had been with the UK regulator for only nine months, from October 2022 to June 2023, according to his LinkedIn profile. Paul had replaced Victoria McLoughlin, who was the interim head of digital assets at the time of his appointment. The FCA has confirmed Paul’s departure and thanked him for his contributions to the Payments and Digital Assets Team. Meanwhile, McLoughlin has been appointed as the interim Head of Market Interventions, Digital Assets. She has worked for the FCA for over a decade and has a legal background. The FCA has been regulating the crypto industry for years and keeps a register of cryptoasset firms. However, major crypto exchange Binance recently canceled its registration with the FCA due to regulatory issues it has been facing worldwide.
The FCA is set to implement tougher rules for crypto services advertisers in the UK from October 8, including a 24-hour “cooling-off” period for first-time crypto investors and the banning of “refer a friend” bonuses for crypto buyers. Advertisers promoting digital assets will have to include clear risk warnings and ensure that adverts are clear, fair, and not misleading.
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