Search ForexCrunch
  • 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