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...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
