UK’s FCA Confirms It Opened 24 Investigations of Crypto Entities

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The UK's Financial Conduct Authority (FCA) has confirmed that it has launched 24 investigations of “unauthorized” cryptocurrency companies, to assess whether they are engaged in activities that are subject to FCA regulatory authority, according to a May 25 report from news outlet CityWire. The regulators also reportedly confirmed that they have opened seven whistleblower cases since the beginning of the year.

The FCA response noted that the firms are being investigated to “determine whether they might be carrying on regulated activities that require FCA authorization,” and suggested more intense scrutiny for the companies if such activities are detected:

“If we conclude that they are, then we may investigate and take action, identifying and determining the most serious matters which pose the greatest risk to consumers.”

According to CityWire, the FCA would have a variety of options available to it if problems are detected. Regulators could issue an alert about questionable companies, go to court to freeze a company’s assets and business activities, or criminally prosecute those who may have violated the law.

 

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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