UK financial watchdog is investigating 50 unauthorized crypto firms

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UK financial watchdog is investigating 50 unauthorized crypto firms
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The UK authorities are coming for crypto scammers in numbers, but will legit companies get caught in the dragnet?

The United Kingdom’s Financial Conduct Authority, or FCA, has announced it has 50 active investigations as part of its efforts to crack down on unregistered crypto businesses.it had opened more than 300 cases on unregistered crypto firms in the last six months “many of which may be scams.” In addition, the country’s financial watchdog said it was conducting 50 active investigations — which may include criminal probes — into authorized crypto businesses.

According to the FCA, U.K. residents sent in 16,400 inquiries between April and September 2021, which included crypto-related scams. The regulatory body said it would be employing tools including “more assertive supervision and enforcement action," and"being tougher with firms who want to operate” in the United Kingdom.

We’re taking a more assertive approach to tackling harm in the consumer investments market, including stopping a quarter of new firms from entering the market

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