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.
  • Bitcoin (BTC) $7,246.48 (+0.55%)
  • Ethereum (ETH) $145.61 (+1.68%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $207.17 (+0.06%)
  • Litecoin (LTC) $44.12 (+0.50%)
  • Bitcoin (BTC) $7,246.48 (+0.55%)
Dec 12, 2019 (Thursday)
Binance launches Latin American fiat gateway; adds new fiat payment options
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: Tezos (XTZ) bucks bearish crypto market trend, grinds higher with strong bullish momentum
Blockchain startup Digital Asset secures $35M in Series C round
Crypto Technicals: DASH/USD finds no respite from bears, set to hit fresh record lows
New York regulator publishes proposed guidance to modify BitLicense
Consensys shuts down India, Philippine offices; 11 people axed by the closure
SEC chairman says DLT can foster capital growth; Revealed that agency has been studying digital assets
Crypto Technicals: XRP/USD capped at 20-DMA, on track to test trendline support at 0.1975
Napoleon Bitcoin Fund launches in France to cater institutional investors
Digital assets are here to stay; State Street survey reveals continued institutional interest
Crypto Technicals: ETH/USD dips below 140 mark, eyes trendline support at 132
Enterprise Ethereum Alliance, Chamber of Digital Commerce partner on tokenization efforts
Square Crypto awards grant to pseudonymous Lightning contributor ‘ZmnSCPxj’
Crypto Technicals: Bitcoin hits 2-week lows below $7100, bearish bias with rising volatility to see more weakness
Russian power grid company to use blockchain technology to solve massive energy debt issue
Elliptic launches a risk-assessment tool for banks to identify trustworthy crypto exchanges
Dec 11, 2019 (Wednesday)
Wu Jihan once again takes over the helm at Bitmain as CEO
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.