Copy link
Increase text size
Decrease text size
Link copied

U.K. Financial Conduct Authority's cryptocurrency probe increases by 74% in 2019

Image Credit: FCA Twitter

Tue, 08 Oct 2019, 09:28 am UTC

The number of investigations conducted by the U.K.’s financial regulatory body, the Financial Conduct Authority (FCA), has seen a sharp increase in the last year.

As per a report by the Financial Times, the FCA has made 87 inquiries into crypto companies, as part of either initial scrutiny or full enforcement probe. The figure is 74% up from the same time in 2018 when the authority probed 50 crypto firms.

David Heffron, partner at law firm Pinsent Masons, who provided the data told the news outlet that the increase “reflects the FCA’s increasingly hands-on and no-nonsense approach” to the crypto industry.

The FCA also said that scammers usually use social networking sites to promote their schemes, and victims are usually lured with fake celebrity endorsements and photos of luxury items. Currently, any crypto-related transactions are not regulated in the U.K.; thus, customers are not protected by the country’s Financial Services Compensation Scheme.

However, firms that sell regulated investments with underlying cryptocurrencies may need the regulatory body’s authorization.

It can be recalled that the FCA has published its final guidance in July, setting out the crypto asset activities that fall under its regulation. The authority said the new guidance will help companies determine if they need to obtain authorization for their operations and what they need to do to ensure compliance.

The new data follow after a report by Bitfury’s blockchain analytics platform Crystal revealed that the U.K. has the largest number of registered cryptocurrency exchanges, based on its study of direct bitcoin transactions between exchanges from Jan. 1, 2013, to June 30, 2019. U.K. had 43 registered crypto firms, whereas the U.S. only has 27.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $13,100.70 (+1.41%)
  • Ethereum (ETH) $417.16 (+5.45%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $270.48 (+4.37%)
  • Chainlink (LINK) $12.11 (+10.42%)
  • Bitcoin (BTC) $13,100.70 (+1.41%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft