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The UK Financial Conduct Authority (FCA) has entered an investigation into 300 cases involving 50 crypto businesses in the past 6 months alone (April 1, 2021 – September 30, 2021).
According to an announcement on the official website, the FCA is concurrently handling 300 investigations, including “criminal investigations,” involving unlicensed crypto businesses. Previously, the FCA had received thousands of complaints about possible scams. This is considered by them to be a big “one-on-one” mission, both to help bring fraud cases to light and to track down crypto businesses operating illegally in the UK.
From April to September last year, the FCA received 16,400 inquiries, an increase of nearly a third from the same period in 2020.
As of 2nd March, only 22/33 crypto exchanges and service providers have applied for FCA approval to temporarily operate in the UK. Based on the reported data, the FCA further emphasized:
“Our crypto watchdog team opened more than 300 investigations involving unlicensed crypto businesses during this period, many of which were highly likely scams. Island. During the same period, we added 172 companies to the unlicensed crypto businesses list.
The FCA also asserts that it will take a tougher stance against crypto companies in an effort to protect investors.
We’re taking a more assertive approach to tackling harm in the consumer investments market, including stopping a quarter of new firms from entering the market https://t.co/luByUUCaYb
— Financial Conduct Authority (@TheFCA) March 3, 2022
In January, the FCA opened consultations on proposals and rules to promote the financing of high-risk investments, including cryptocurrencies. Currently they are still accepting feedback until 03/23/2022.
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