UK Financial Conduct Authority Investigates’50’ Firms Within Cryptocurrency Non-Compliance

Twice the number of crypto-related companies are getting scrutiny by the U.K. regulator now as compared to May.
The U.K.’s fiscal regulator has doubled the number of cryptocurrency-related companies it is scrutinizing over unlicensed operations, neighborhood daily news outlet The Telegraph reported Nov. 26. Responding to a Freedom of Information request from the book, the Financial Conduct Authority (FCA) stated it was currently eyeing 50 entities which it “suspected” were offering financial services without its permission.The number is more than twice what the FCA documented in May this year, also comes in a time when the U.K. is seeking to adopt a more orderly approach to its national cryptocurrency industry.While not simplifying the response itself, that the Telegraph referenced an accountant that proposed the continued downturn in cryptocurrency costs was pressuring on the FCA. ”As Cointelegraph lately reported, the regulator has indicated its intention to adopt a heavy-handed strategy to cryptocurrency as it seems in the financial solutions industry.This includes discussion of a ban on certain forms of financial products, which some fear could extend to instruments like Bitcoin futures, which are already successfully operating elsewhere.FCA executive director of strategy and competition Christopher Woolard said in a speech a week:“We’re concerned that retail customers are being marketed complicated, volatile and frequently leveraged derivatives products based on exchange tokens with underlying market ethics issues. ”The strategy has already received scorn from some parties, who describe it as ldquo a & ;dull instrument strategy. &rdquononetheless, the falling crypto costs has also eased the strain over the U.K.’s no fiscal regulator to introduce new rules for the industry, Cointelegraph reported a week. […]

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