- Financial regulator in the UK, FCA is heavily increasing scrutiny on the crypto sector.
- The watchdog is keen to further fish out the fraudulent operations within the industry.
UK financial regulator, The Financial Conduct Authority (FCA), has increased their investigations on cryptocurrency exchanges operating in the country, as reported by the Financial Times.
The regulator is keen to fish out fraudulent virtual currency exchanges. It was detailed that the investigations into crypto businesses have increased by 74% since 2018.
Legal advisers involved with the FCA’s investigations, Pinsent Masons, a company representative spoke on the situation and said:
The rise in investigations reflects the FCA’s increasingly hands-on and no-nonsense approach to enforcing the law in the cryptocurrency market. For cryptocurrency businesses acting lawfully, these statistics will be encouraging – they want bad actors pushed out. The FCA’s crackdown
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.