UK regulator says 50 unauthorised crypto firms under probe

UK’s financial regulator has announced its investigators are looking at 50 active cases involving unregistered crypto businesses with operations in the country.

A statement by the Financial Conduct Authority (FCA) released on Thursday said that the watchdog opened files on over 300 crypto and related business firms in the past six months.

As per the agency, most of these unregistered companies and providers are likely to be “scams."

50 active investigations

According to Thursday’s publication, the FCA is currently probing 50 “active” cases that form the core of unauthorised group of businesses in the digital asset space. The regulator has indicated that some of the cases under investigation could involve criminal charges.

“The FCA is drawing on all the tools at its disposal, including more assertive supervision and enforcement action, and being tougher with firms who want to operate here,” the regulator said in the statement.

Applying for and getting regulatory approval from the FCA continues to be one of the key hurdles companies seeking to operate in the UK must surmount.

The agency on its part has over the past few years taken a more proactive approach towards consumer protection in the face of a burgeoning investment space informed by crypto adoption.