United Kingdom authorities have opened a 24 investigation into cryptocurrency businesses over financial regulatory compliance issues.
As the local media outlet, CityWire, reported on May 25th, responding to a freedom of information request, UK’s Financial Conduct Authority (FCA) opened 24 investigations into cryptocurrency businesses over financial regulatory compliance. The FCA also confirmed it had opened seven whistleblower reports since the start of the year.
While the FCA did not specify what businesses are being investigated, a CityWire source stated that the investigations were being made in order to
“determine whether they might be carrying on regulated activities that require FCA authorization.”
Addressing any possible consequences of its own investigation, the FCA meanwhile appeared to hint that it would take action according to the seriousness of any offending business, without mentioning which parameters it would use to judge activities.
“If we conclude that they are, then we may investigate and take action, identifying and determining the most serious matters which pose the greatest risk to consumers.”
Said FCA to CityWire claiming that the investigation’s priority is consumer protection.
“The actions the FCA may take ranges from issuing an alert to consumers via the FCA website to warn them about a particular individual, activity or firm, to launching civil court action to stop activity and freeze assets.”
Said FCA to the local news outlet. It also clarified in its response, that not all cryptoassets are within its regulatory perimeter.
by Samuel Larreal
