The UK financial watchdog is in desperate need of technical assistance to manage cryptocurrency

<p>Since January 2020, the Financial Conduct Authority has been in charge of the UK's anti-money laundering legislation, but has yet to crack the crypto sector.</p> <p>The authority is seeking technical assistance and training, as it currently lacks the necessary tools and talent to do the job, according to the UK public sector tendering website Bidstats.</p> <p>The FCA is seeking a third-party organisation that can provide access to a platform that enables rigors and efficient analysis of cryptoasset blockchain data, as well as training and ongoing support.</p> <p>Due to the fact that the application deadline is December 16, 2021, no appointments will be made before 2022.</p> <p>The FCA is attempting to upskill its workforce in response to a schism between CEO Nikhil Rathi and the general workforce.</p> <p>The FCA is experiencing a difficult period</p> <p>According to a September consultation exercise, the organisation intends to phase out its current bonus system.</p> <p>Additionally, the company intends to reduce employee compensation over the next four years, which will result in a wave of resignations and a decline in employee morale.</p> <p>The reductions are in response to increased workloads as a result of Brexit, the pandemic, and a changing global financial landscape accelerated by cryptocurrency use.</p> <p>According to a Guardian report earlier this month, the Financial Regulators Complaints Commissioner is investigating the FCA.</p> <p>The FCA allegedly altered its own complaint procedure in order to avoid compensating for serious organisational flaws.</p> <p>However, the FCA's flagship crypto registration plan has stalled as well, requiring all cryptocurrency businesses to register with the FCA prior to operating in the UK.</p> <p>The FCA initially intended to close unregistered businesses by January 2021, but then pushed the deadline back to July 2021, and then to March 2022.</p> <p>Binance withdraws from the transaction</p> <p>The authority has registered five cryptocurrency business