UK's Financial Conduct Authority (FCA) said in a recent press release it has 50 crypto firms under investigations, including criminal probes, into unauthorized businesses.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
The watchdog said that it had received 16,400 enquires about possible scams between April and September last year. The top types of scams being reported to the FCA were crypto, boiler room and recovery room scams. According to the press release, the UK's financial regulator opened over 300 cases over the past six months relating to possible crypto businesses not registered with the FCA.
Although the FCA did not name those firms that are under investigations, Sarah Pritchard, Executive Director of Markets at the FCA called on investors to check if the companies they are dealing with are authorized by the regulator. Earlier in February, Blockchain.com CEO Peter Smith doubted that the FCA could help with cryptocurrency innovations as the UK has fallen behind over the last two or three years. The financial watchdog — according to Smith — had taken a "risk-management first approach" which came "at the expense of innovation."
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.