FCA Investigations Into Cryptocurrency Cos. Surge 74%

Law360, London (October 7, 2019, 2:41 PM BST) -- The number of investigations under way by the Financial Conduct Authority into cryptocurrency companies has surged by 74%, data obtained by law firm Pinsent Masons revealed Monday.

The finance watchdog was carrying out 87 investigations into cryptocurrency businesses at Sept. 2019, up from 50 a year earlier, according to freedom of information requests.

The spike in investigations comes after British lawmakers called on the government and the FCA to crack down on the “wild west” market in crypto-assets as a matter of urgency. A report published in 2018 put pressure on the markets regulator to clarify its rules on digital currencies.

“For cryptocurrency businesses acting...

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