The UK Financial Conduct Authority is investigating 50 unregulated crypto companies, including those that have been set up to avoid the regulatory body.
The “FCA register” is a UK financial regulator that has been investigating 50 illegal cryptocurrency companies. The FCA has released a report with their findings, which can be found on their website.
In the last six months, the Financial Conduct Authority (FCA) in the United Kingdom has started over 300 investigations into unregistered crypto firms, many of which may be frauds. The FCA said that it is now conducting 50 investigations in order to clamp down on all unregistered crypto firms.
The agency said on March 3, 2022 that it has initiated at least 300 proceedings against unregistered crypto firms in the previous six months. Furthermore, the country’s financial authority said that it was undertaking 50 ongoing investigations against regulated cryptocurrency enterprises, including criminal inquiries.
According to the FCA, between April and September last year, UK consumers submitted up to 16,400 queries, including crypto-related frauds. The agency indicated that it will use methods such as “more forceful monitoring and enforcement action,” as well as “being stricter with enterprises that wish to operate” in the United Kingdom.
The financial regulator launched public discussions in January 2022 on ideas that include extending its financial promotion regulations to “high-risk investments, including crypto assets.” The panel has set a deadline of March 23 for receiving input.
To operate for UK-based consumers, cryptocurrency exchanges and organizations that provide crypto-related services must register with the FCA. According to reports, out of around 200 organizations that submitted, 32 were approved as Registered Crypto Asset Service Providers in the country on February 23.
Uphold and eToro’s UK subsidiaries, as well as Light Technology, were granted crypto licenses by the regulatory body in 2022. Other authorities in the United Kingdom have taken action against crypto firms, largely because the field is associated with unlawful transactions and a variety of other criminal activity.
The country’s Advertising Standards Authority is said to have banned advertisements from many major crypto exchanges in December 2021, calling a promotion by Coinbase’s European branch “misleading” and pointing out that another by Payward, the Kraken operator, lacked a clear warning of possible financial risks.
The “gemini UK FCA” is a cryptocurrency exchange that has been under investigation by the UK Financial Conduct Authority. The company was found to be operating without having a license.
