UK’s regulator investigated 300 crypto firms in 2021

Between April and September 2021, the agency received around 16 400 inquiries about possible fraud

05.03.2022 - 08:35

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What’s new? The UK’s Financial Conduct Authority (FCA) has issued a press release stating that it has conducted more than 300 investigations into crypto firms in 2021. Between April and November last year, the authority received around 16 400 inquiries about possible fraud. The FCA stated that it will redouble its efforts to prevent investment losses by UK citizens.

FCA’s press release

What did the investigations uncover? Not all cases involved fraud, with 50 firms being investigated for links to illegal business and criminal activity. The other part of the cases is unregistered securities. FCA’s press release states that the scale of unregulated cryptocurrency activity in the UK is only increasing every year.

What do the agency’s representatives say? Sarah Pritchard, Executive Director of Markets at the FCA, states that the authority is doing everything possible, but much depends on consumers.

“Consumers need to have confidence when making investment decisions and the data we’ve published today shows how prevalent scams can be. Before investing, check you know who you are really dealing with, check if they are authorized by the FCA, and do your research to understand the risks that might be posed.”

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