September 30, 2020

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 yearthe regulator is studying the activities of 87 cryptocompanies, which is 74% more compared to the same period in 2018, when only 50 firms were interested in the authorities. This indicator includes scheduled inspections and full investigations.

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

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

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

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