Therese Chambers, joint executive director of enforcement at the Financial Conduct Authority (FCA), said that the agency is “engaging with” government, industry, consumers, and regulators to enhance oversight of cryptocurrency and market abuse. This announcement was made during a conference and press release on April 16, 2025.
“We are engaging with government, industry, consumers and our regulatory partners to help get the future rules right,” said Chambers, Joint Executive Director of Enforcement and Market Oversight.
At the New York University Program on Corporate Compliance and Enforcement Spring Conference on April 11, 2025, Chambers reiterated that the FCA maintains oversight of transaction reporting and expects firms to demonstrate “zero tolerance for market abuse.” She noted that UK crypto regulation remains limited but said that the FCA is working towards building a sector grounded in “market integrity and consumer trust.” Despite these ambitions, only 50 out of 351 firms met anti-financial crime standards. From October 2023 to 2024, the FCA issued 1,700 consumer alerts and removed 56 apps.
According to an FCA press release, CB Payments Limited (CBPL), part of the Coinbase Group, was fined £3.5 million for breaching restrictions on serving high-risk customers. The firm permitted 13,416 high-risk customers to engage in crypto trading through other Coinbase entities, resulting in $226 million in transactions. These breaches were attributed to inadequate controls. Chambers emphasized that CBPL’s failures heightened money laundering risks. This marks the first enforcement action under the Electronic Money Regulations 2011.
Chambers began her legal career as a commercial litigator in private practice in London. For over two decades, she has been involved in UK regulatory enforcement at both the FCA and its predecessor, the Financial Services Authority (FSA). Throughout her career, she has led investigations and litigation in several high-profile cases, including Operation Tabernula—the UK’s most complex insider dealing prosecution—as well as cases related to LIBOR and foreign exchange manipulations.
Learn Signal reports that the Financial Conduct Authority was established on April 1, 2013. It succeeded the FSA as part of a comprehensive reform of the UK’s financial regulatory framework following the global financial crisis. Operating independently from the UK government, it is funded by fees charged to the financial services industry. Its primary objectives include protecting consumers, ensuring market integrity within UK financial markets, and promoting effective competition for consumer benefit.
