FCA reveals ongoing probes into 50 crypto firms

16,400 consumer queries in six months

clock • 1 min read
The FCA said that in just six months, it investigated 300 cases related to unregulated crypto asset businesses
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The FCA said that in just six months, it investigated 300 cases related to unregulated crypto asset businesses

The Financial Conduct Authority (FCA) has revealed it is currently investigating 50 cryptocurrency firms, which it said included “criminal probes” into “unauthorised businesses.”

The regulator also revealed that in the six months to September last year, it investigated 300 cases related to unregulated crypto asset businesses. It added that many of the cases could be linked to fraudulent practices. The FCA also said it had received 16,400 queries about possible scams, a 33% increase compared to the same period in 2020. "Consumers need to have confidence when making investment decisions and the data we've published today shows how prevalent scams can be," said Sarah Pritchard, executive director of markets at the FCA. "Before investing, check you know who you...

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