UK regulators are investigating 50 crypto companies

crypto company

Financial Conduct Authority (FCA) continues to investigate 50 crypto companies, including charging them with criminal offenses.

The regulator reported that from April to September 2021, it dealt with 300 cases involving unregistered cryptocurrency companies.

In this period, the agency received 16,400 reports from users regarding possible frauds, of which 4300 were about cryptocurrencies.

Aside from the warning tools, ScamSmart also provides investors with information about potential risks and lists of companies operating without registration. The department noted that the lack of approval directly impacts the likelihood of fraud.

The FCA imposed new regulations on the crypto industry in September. The agency launched InvestSmart in October as a way to assist consumers who are just starting to invest.

Consumers need confidence when making investment decisions. Our data reveals how common fraud can be. Before investing, make sure you know exactly who you are dealing with and that they are FCA authorized, said Sarah Pritchard, executive director for markets.

According to the Office, approximately 25% of firms wishing to enter the consumer investment market refused to register during the reporting period. This figure was 20% a year earlier.

Read Also: China’s share of bitcoin transactions fell from 90% to 10%

Leave a reply