March 4, 2024

UK financial regulator conducts 74% more cryptocurrency investigations in 2019

UK financial regulator conducts 74% more cryptocurrency investigations in 2019

In 2019, the number of investigations by the UK Financial Regulatory and Supervisory Authority (FCA) related to companies from the crypto industry increased sharply.

According to the Financial Times, this year the regulators are studying the activities of 87 crypto companies, which is 74% more compared to the same period in 2018, when the authorities were interested in only 50 firms.This indicator includes scheduled inspections and full-fledged investigations.

According to British lawyer David Heffron, who provided the information, such an increaseInterestpoints to the increasingly responsible approach of the FCA to what is happening in the crypto industry.

However, this trend is not surprising, since back in May, the regulatorreported a threefold increase in the number of complaints about fraudulent online platforms related to cryptocurrency and Forex.It is estimated that in 2018-2019, British investors lost about £27 million because of them.

Recall that in August, the FCA announced that it would not control bitcoin and ether.

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