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HomeNewsUK Financial Authority Increase Crypto Scam Investigations By 74%

UK Financial Authority Increase Crypto Scam Investigations By 74%

The number of cryptocurrency scams being perpetuated all over the world still seems to be on the increase. Several of these scams are carried out via different methods, usually causing unsuspecting holders to lose a considerable amount of their funds. Now according to recent reports, the Financial Conduct Authority (FCA) in the United Kingdom, is continuing efforts, as it opened investigations into 87 different firms, over the past 12 months. By comparison, there were 50 investigations for the same period ending in October 2018, representing a 74% difference.

According to the FCA, all of these investigations include simple information gathering and inquiries, all the way to extensive legal action taken in the context of the law. This was necessary because in the same period last year, victims of these scams lost as much as $33 million.

The authority is strongly against this exploitation and is deliberately increasing its efforts into combating these scams and hopefully considerably reducing the number of crimes like this, to its barest minimum. The FCA’s action is also considered quite necessary because the digital currency industry is growing quite commendably and with this growth, scammers and cyber criminals are taking advantage of the increasing interest in the sector, to engage in these crimes.

Generally crypto in the UK is mostly unregulated. This makes it a lot easier for illicit activity to be carried out without a lot of intervention from the authorities. However, many in the UK, are happy with the FCA’s efforts as they believe that people would be more willing to enter the sector if they are sure that unscrupulous activities are reduced to their barest minimum.

Image Credits: Pixabay


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