The UK Financial Conduct Authority has become more strict towards cryptocurrency-related firms, the Financial Times shared.
The watchdog in the UK is exploring 87 situations related to digital assets, which is 74% higher than a year earlier. This number associates both to full-on examinations and also situations of early-stage examination.
According to the regulatory authority’s estimates, customers shed over ₤ 27 million to cryptocurrency and foreign-exchange frauds.
However, the sector professionals consider this hard strategy as a favorable growth as it verifies that the FCA is determined to enforce the legislation in the cryptocurrency market.
“For cryptocurrency businesses acting lawfully these statistics will be encouraging — they want bad actors pushed out,” David Heffron, a partner at a law firm Pinsent Masons, commented.