Financial Conduct Authority Increases Crypto Investigations to Eliminate Unsavory Businesses

2018-11-27 18:25

Bitcoin’s price has been going down for quite some time, and this seems to coincide with the UK watchdog taking some action in the industry. According to data provided to Telegraph Money, the quantity that the Financial Conduct Authority has been investigating in the digital currency industry has doubled.

In a Freedom of Information request, the FCA revealed 50 separate firms that they believed could be operating financial services without permission, which is more than double the 24 firms that it had been looking at in May. Along with the investigations, the company has received reports from some whistleblowers this year. While there were none recorded in the last three years, this year alone has had seven of these reports.

Bitcoin has been the most well-known crypto asset of the entire industry. At just over 10 years old, it became mainstream news as it reached a $20,000 price tag per coin. This week, it rolled below $4,000, which hasn’t happened in over 18 months. There seemed to be two reactions – some investors saw a chance to take away control from banks, while others just saw it as an opportunity.

A partner at accountancy firm Moore Stephens, Andrew Jacobs, noted, “The huge sums lost as a result of cryptocurrency prices falling this year will have triggered a rash of complaints to the FCA. Now that prices have collapsed, fraud is likely to be exposed, with greater pressure coming to bear on the FCA to ensure that this market can operate transparently and fairly.”

So far, the FCA, Treasury, and Bank of England created a task force, even though cryptocurrency still isn’t regulated. When giving a speech this month at the Regulation of Cryptocurrencies event in London, Christopher Woolard, a board member of the FCA, noted, “[Consumers] may buy unsuitable products, face large losses, be exposed to fraud, struggle to access services or be exposed to the failings of providers such as exchanges.”

In a report by The Block, it seems that a parliamentary report was published last month that mentioned the FCA. The report, which came from the UK’s Treasury Committee, claimed that the unclear opinion that the FCA is toting is leaving too many UK citizens at risk for succumbing to scams in the crypto industry.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Vice Industry Token (VIT) на Currencies.ru

$ 9.59E-5 (+0.36%)
Объем 24H $8
Изменеия 24h: 0.01 %, 7d: -71.49 %
Cегодня L: $9.59E-5 - H: $9.59E-5
Капитализация $276.56k Rank 99999
Цена в час новости $ 0.0027312 (-96.49%)

industry financial authority conduct data provided telegraph

industry financial → Результатов: 126


Financial Action Task Force [FATF] may be the cryptocurrency industry’s biggest challenge yet

Regulation for the better part of a decade, has been at loggerheads with the cryptocurrency industry. From being exhibited at the world stage as a rebellious, government-shunning decentralized currency to proponents of the industry voicing their support for “necessary regulation,” financial watchdogs are key players within the industry.

2019-6-12 12:30


Фото:

Regulators are hunting dodgy cryptocurrency firms on UK’s Wall Street

It’s not just US regulators intent on cleaning up the blockchain industry. In the UK, financial regulators are closing in on more dodgy cryptocurrency businesses than ever before. In fact, since May, the UK’s Financial Conduct Authority (FCA) has lodged 26 inquiries with firms it suspected to be operating within financial services sector without permission, reports the Telegraph.

2018-11-26 14:09


A Broad Overview of Cryptocurrency Activities in 2017

A little over ten years ago, one of the most important whitepapers in the history of the financial industry was released. Written by a man- or a lady- or men- or ladies- under the pseudonym Satoshi Nakamoto and born out of the horror that was left on the world by the financial crisis of 2008, […] The post A Broad Overview of Cryptocurrency Activities in 2017 appeared first on Coinjournal.

2018-11-23 15:34


Фото:

Autodesk CEO Believes Blockchain Can Reduce Corruption in the Construction Industry

Andrew Anagnost, Autodesk’s CEO is a big believer in blockchain technology as he believes it can help boost transparency and trust between all members in the construction industry. According to the Financial Review’s article published on November 19, 2018, Anagnost mentioned that increased confidence and accountability could eventually reduce the corruption present in the industry today.

2018-11-20 22:00


Switzerland’s SIX Exchange, Amun To Launch Bitcoin, XRP, Ethereum ETP

The Amun Crypto ETP — Bitcoin, XRP, Ethereum, Bitcoin Cash, Litecoin Included The so-called “SIX Swiss Exchange,” Switzerland’s foremost equity market, has just revealed that it will be giving a green light to the crypto industry’s first exchange-traded product (ETP) that tracks multiple cryptocurrencies (XRP included), Financial Times reports on Saturday.

2018-11-18 00:59


Crypto Daily Recap: Top Bitcoin and Blockchain News For Today November 14th [VIDEO]

Can Connection Between Cryptos And Stocks Hurt the Financial Industry World Wide? Can Connection Between Cryptos And Stocks Hurt the Financial Industry World Wide? XRP Coin Price Grows Amid New Ripple Product Interoperability Despite Slumping Crypto Market XRP Coin Price Grows Amid New Ripple Product Interoperability Despite Slumping Crypto Market Bitcoin Investors and Traders Are […]

2018-11-15 05:33


Ripple’s xCurrent 4.0 promises great benefits to its 150 customers. Even bigger benefits if they switch to xRapid

Ripple’s xCurrent and xRapid software solutions are used and extensively tested by a wide range of financial industry heavyweights worldwide. A newly published document indicates that xCurrent customers will be able to switch to xRapid without any problems in the future, as there will be a whole host of further updates.

2018-11-14 17:15


Фото:

Nigerian Startups Call for Cryptocurrency Regulation to Stem Investment Outflows

Nigeria’s financial technology startups have called on the Central Bank of Nigeria (CBN) to provide legal guidelines for the cryptocurrency and blockchain industry. A lack of regulation is driving investment out of Africa’s biggest economy to areas like Rwanda and Europe while fomenting uncertainty, according to the Electronic Payment Practitioners Association of Nigeria (E-ppan).

2018-11-10 02:15


The Bahamas is issuing cryptocurrency regulations to fight fraudulent ICOs

Regulators from all over the world have been waking up to cryptocurrency regulation this year and it seems the Bahamas are the latest to open their eyes. The Central Bank of the Bahamas (CBOB) has published a regulatory framework in preparations to integrate cryptocurrency-based assets into its financial services industry, according to the Nassau Guardian.

2018-11-9 18:06


Bitruption: P2P Advertising Marketplace And Buy/Sell Bitcoin?

In the current financial system, banks misuse their monopoly over fiat to prevent the crypto industry from accessing the competitive and alternative financial system. Additionally, banks deny crypto businesses and miners the access to regular banking services such as loans, funds transfers, deposits and withdrawals, which essentially creates a barrier to conducting business using cryptocurrencies. […]

2018-11-9 13:05