UK: More Than 20 Crypto Firms Under FCA’s Microscope For Compliance Issues

FCA UK Fintech

UK compliance authorities have started more than 20 cases regarding possible violations of financial regulations, the CityWire “reported“.

The British FCA corroborated that it had started perusing informant’s tips since January 2018 upholding the freedom of information.

Without saying what specific businesses it is looking into, the UK’s Financial Conduct Authority (FCA) proclaimed that inquiries are being conducted to “determine whether they might be carrying on regulated activities that require FCA authorization.”

FCA is keeping its options open in its investigations. The regulatory authority suggested that any move it will take against any possible offender will largely depend on the gravity of the violation. It did not, however, detail the guidelines on which it will base its findings.

The FCA further stated that consumer protection is the top priority in the investigations:

“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.”

The UK investigations are only a few of other similar undertakings being taken in other countries like US, Canada, and Singapore where the crypto industry is making a big wave.

(Image Source: waterstechnology.com)

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