More companies to be checked by UK FCA

Posted 26 November, 2018

The UK Financial Conduct Authority reportedly doubled the number of the crypto companies that are under investigation now. 

According to the news reports, the British regulator stated that they are checking 50 companies that could provide financial services without the licenses. At the same time, the number was 24 in early May.

Moreover, alarmed employees in the crypto companies sent 7 reports to the FCA citing illegal operations of their firms. Notably, no such reports were detected over the past few years.

The observed measures are reportedly taken when UK authorities are striving to launch regulate the crypto industry in the country.

Earlier, FCA representative noted that the authority would not fuss about crypto companies in the country. In particular, some financial products can be banned due to their connection with the bitcoin futures. In September, the special body of the UK Treasury highlighted the need for tougher crypto regulation in order to protect investors in this sector.

As the market analyst thinks, FCA targeted more crypto companies seeing a general slackening of the market for digital coins this year. He added that the price plunge caused huge losses and thus more people filed complaints with the FCA putting additional pressure on the regulator.

As it was reported last week, FCA's chief confirmed that crypto derivatives sales to retail investors could be banned in the country.

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26 November, 2018 16:46

← Gibraltar awards DLT license to Huobi platform

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26 November, 2018 14:18

US dollar slips on Monday →

The US dollar loses grounds vs the majors at the start of the week. At the same time, the euro got stronger as fears around the Italian budget is fading away. However, the players remain careful as the political danger is threatening the stock markets. The US dollar index decreased to some 96.61. The euro to US dollar exchange rate moved up to $1.1367. The sterling got stronger against the greenback with the rate at $1.2856. Investors make no rush given upcoming China-US trade talks at the G20 summit to take place this week.

US dollar slips on Monday
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