Britain’s Financial Supervisory Authority expands its audit of crypto companies
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Answer Britain’s Financial Supervisory Authority expands its audit of crypto companies
The UK’s Financial Supervisory Authority (FCA) has significantly expanded its scrutiny of the cryptocurrency industry this year.
The number of companies being investigated increased by 74%, according to data published by UK law firm Pinsent Masons.
The “FCA” was following up on 87 investigations until the end of September 2019. This means an increase of 50 cases since October 2018.
reported The UK’s Financial Conduct Authority (FCA) reported in late May that more than £27 million ($33.3 million) was lost to fraudulent investment in crypto projects in 2018-2019.
Davey Hevron, partner at Pinsent Masons, told the Financial Times:
The rise in investigations reflects the increasingly pragmatic approach by which the FCA wants to enforce the law in the cryptocurrency market.
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For businesses related to cryptocurrencies that act legally, these statistics will be encouraging for them, as they are based on expelling the bad actors who distorted the industry and made many individuals view this market with suspicion.
It is worth noting that these reports help raise the level of transparency and confidence in the digital currency and crypto industry to limit the number of projects and businesses that act legally.
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