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FCA says 50 crypto companies are under investigation

FCA says 50 crypto companies are under investigation 16

FCA noted that huge numbers of crypto companies are operating business under non-compliance, which is against the rules and regulations. 

UK is a blockchain technology-friendly region in the world. The regulators in the UK are continuously working to bring new rules and regulations to bring a better ecosystem for the people, who want to invest funds in crypto assets. 

On 3 March, the Financial Conduct Authority of the UK issued a statement and noted that significant laziness has been seen in the registry of crypto firms under its auspices. Because of the registry system’s slow process, which is creating huge hurdles among the crypto companies, for future operations because due registration date for all crypto companies is very close.

The released statement of FCA also confirmed that the agency initiated around 300 cases in the past six months because the majority of them are not registered with FCA.

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“The FCA has also revealed that over six months, it opened over 300 cases relating to possible crypto-asset businesses not registered with the FCA, many of which may be scams, and that it has 50 live investigations, including criminal probes, into unauthorized businesses.”

UK is strict even against suspects of bad actors

Recently UK advertising watchdog ASA published its four new rules and confirmed that one of the rules includes the ban provisions on the advertisement of meme coins.

In particular, they targeted Floki in coin and noted that the advertisement style of FLOKI inu was just like to attract huge Investors and also to create a mentality for the investors that investment in the coin is risk-free.

These things are showing that UK government agencies are active against bad actors of the crypto industry and even at small things, which may result in huge losses and risk for the Investors.

Read also: Ukraine will support its armed forces with NFTs

FCA says 50 crypto companies are under investigation


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