The Financial Conduct Authority's (FCA) executive director of Enforcement and Market Oversight, Mark Steward, is officially stepping down from his role at the agency.
In a statement released on Tuesday, the FCA noted that Steward will leave the agency in Spring 2023, after seven years of serving as the head of crypto compliance at the agency.
The FCA became the UK's regulatory body for anti-money laundering (AML) compliance for crypto businesses in January 2021, with Steward spearheading the work. With this increased authority, the FCA mandated firms offering crypto services to comply with AML to be registered and legally operate in the UK.
By March 2021, the regulator had already begun keeping tabs on unregistered crypto firms via its "Unregistered Cryptoasset Businesses'' list. The FCA pointed out at that time that the list was to help investors recognize firms authorized to operate in the country.
The FCA made headlines in September 2021 when it disclosed that the crypto derivatives exchange, FTX, was not authorised in the UK. Currently, there are about 245 firms on that list.
Steward also played a prominent role in the FCA’s anti-scam marketing campaigns, including the popular "ScamSmart" campaign, which provides investors with detailed information on how to avoid several crypto investment scams.
Commenting on Steward's work at the agency, the FCA's Chief Executive, Nikhil Rathi said, "Mark has brought his formidable experience as a regulator and as a litigator to the FCA delivering significant enforcement cases across a broad spectrum, as well as the FCA’s data-led approach to market oversight… He has shown that the FCA is willing to take on challenging cases, will use the full extent of our powers and will deliver results that have a real impact for the markets we oversee and for those who rely on them. I am hugely grateful for Mark’s leadership, dedication and expertise and wish him the very best for the future."
The FCA did not disclose who will be replacing Steward in its statement. However, it said in the press release, "The global search for Mark’s successor will begin shortly."
The financial regulator recently came under fire from the crypto industry due to delays in processing crypto firms' registration applications.
The FCA, however, argued that the delays were caused by the quality of the information provided by these firms. Digital bank, Revolut, was the last firm to receive approval from the FCA before the Temporary Registration Regime (TRR) program was shut down.
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