According to the FCA, more than about 300 unregistered crypto firms have been found in the last six months, “many of which may be scams.”
As per the statements of the United Kingdom’s FCA, or Financial Conduct Authority, they are having about 50 investigations that are currently active, these investigations can also be helpful in eradicating unauthorized crypto businesses.
On Thursday, the FCA announced that about more than 300 cases related to unregistered crypto industries have been opened in the last 6 months “many of which may be scams.”
In addition to this, the country’s Financial surveillant also said that it was regulating 50 investigation which was currently active including the authorized crypto firm’s criminal probes.
As per FCA, between April and September 2021, the residents of the UK have sent in about 16,400 inquiries such as teh scams related to crypto. The tools such as “more assertive supervision and enforcement actions” would be employed by the regulatory body, this body also wants to be tougher with the industries that want to get started in the United Kingdom.
The consultations on proposals have been opened by financial surveillant in January including its Financial promotion rules for “High-Risk Investments, including crypto assets.” the response would be accepted by the group till March 23.
In order to operate for U.K.-based users, the firms and crypto exchanges that provide crypto-related services must register with the FCA. About 200 firms have applied to get selected as Registered Crypto Asset Service Provider in the country out of which only 32 companies were got selected
Crypto licenses have been provided by the regulatory group to eToro broker UK. Apart from this, many actions have been taken place against the crypto industries in the UK. These firms frequently connect the space with many illegal transactions with a lot of illegal activities. In December, many advertisements related to various cryptocurrency exchanges have been banned by the Advertising Standard Authority of the United Kingdom
According to the report, “Our Crypto asset team in Supervision opened over 300 cases relating to potential unregistered crypto-asset businesses in this period, many of which are likely to be involved in scams, we added 172 firms our Unregistered Crypto asset Businesses list.”