UK regulator investigates the activities of 50 unlicensed crypto companies
The supervisory authority has stated that it will impose enforcement actions on companies that want to operate in the United Kingdom
04.03.2022 - 11:05
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What’s new? The UK’s Financial Conduct Authority (FCA) has announced 50 active investigations in the fight against unregistered crypto companies. According to the FCA, between April and September 2021, the UK residents sent in 16 400 inquiries involving complaints of crypto-related fraudulent activities.
Information on the FCA website
What measures will be taken? The regulator has stated that it will impose stricter supervision and enforcement actions on companies that want to operate in the UK. The providers supplying services related to digital assets must register with the FCA. As of February 23, 32 of the 200 organizations that had applied had received approval. The regulatory group has already granted licenses to subsidiaries of Uphold, eToro in the UK, and Light Technology in 2022.
What had happened before? Other regulatory authorities in the UK are taking action against crypto companies, often associating this space with illegal activity. In December, the country’s Advertising Standards Authority banned several major exchanges from running advertising campaigns. The regulator noted that advertisements by Kraken operator Payward lacked a proper warning of potential financial risks and that Coinbase’s European branch misleads investors.
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