UK's FCA Appoints Binu Paul to Lead Its Digital-Assets Department

The Financial Conduct Authority, which is the U.K.'s main financial regulator, has appointed Binu Paul as its new head of digital assets.

Paul was previously the fintech specialist lead at New Zealand's Financial Markets Authority. The FCA confirmed to CoinDesk that Paul has replaced its digital-asset department's interim head Victoria McLoughlin who had been in the position since April according to her LinkedIn page, and he has already started the role. The news was first reported by the Block.

The department head will lead the FCA’s regulatory activities into crypto firms that may be involved in “scams and frauds," a job posting for the role said in March.

Although the regulator had largely been critical of crypto, it's looking to have a more balanced approach to support the government's plans to turn the country into a crypto innovation hub, a representative for the FCA said in April.

Read more: UK Shuts Down Temporary Crypto Company Licensing Program

The FCA became the U.K.'s authority for anti-money-laundering and counter-terrorism measures at the start of 2020. Crypto firms have to register with the FCA if they want to serve U.K. customers. So far, 39 firms have registered with the regulator.

The FCA stands to get more powers to regulate crypto under the country's existing payments rules if the Financial Services and Markets bill passes, but with Finance Minister Kwasi Kwarteng's firing on Friday, the fate of the bill is up in the air.

Read more: UK Finance Minister Kwarteng Fired

UPDATE (Oct. 14, 14:37 UTC): Adds FCA comment on the fact that Binu Paul has already commenced his role as its digital assets head.