There are over 84 crypto-related companies under investigation. The regulator adopts tough approach to the industry. The UK Financial Conduct Authority has taken a tough approach towards crypto-related companies, the Financial Times reports. The financial watchdog in the UK is investigating 87 cases related to digital assets, which is 74% higher than a year ago. This number relates both to full-blown investigations and cases of early-stage scrutiny. According to the regulator’s estimates, customers lost over £27 million to cryptocurrency and foreign-exchange scams. However, thee industry experts consider this tough approach as a positive development as it proves that FCA is determined to enforce the law in the cryptocurrency market. “For cryptocurrency businesses acting lawfully these statistics will be encouraging “” they want bad actors pushed out,” David Heffron, a partner at a law firm Pinsent Masons, commented. In the wake of Bitcoin’s over 100% rise since the beginning of the year, the public may be more vulnerable to fraudulent get-rich-quick schemes, the regulator says. Moreover, cryptocurrency businesses mostly do not require physical assets or initial investments, which makes it easy to set up. Many scammers use social media engineering and impersonate celebrity endorsements and pictures to make them look more credible. Also, fraudsters employ old-fashioned boiler-room schemes with a new twist. They promise unrealistically high returns to encourage victims to invest more. However, when a customer attempts to withdraw money, eventually they disappear and stop answering to the requests. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next USD/JPY struggles to find enough momentum to break above 107 FX Street 3 years There are over 84 crypto-related companies under investigation. The regulator adopts tough approach to the industry. The UK Financial Conduct Authority has taken a tough approach towards crypto-related companies, the Financial Times reports. The financial watchdog in the UK is investigating 87 cases related to digital assets, which is 74% higher than a year ago. This number relates both to full-blown investigations and cases of early-stage scrutiny. According to the regulator's estimates, customers lost over £27 million to cryptocurrency and foreign-exchange scams. However, thee industry experts consider this tough approach as a positive development as it… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.