UK's Financial Conduct Authority has reportedly launched an investigation against 24 crypto companies.
The goal of the probe is to check activities of unauthorized companies as well as determine whether they require licenses for such business, reported CityWire. At the same time, the list of the companies is yet to be unveiled.
In case of a positive determination, the authority may give a slap on the wrist on the official website, noting that users should avoid cooperation with these companies. However, this is only one of the possible decisions. Thus, FCA can also be tougher and require assets freeze or suspension of the activities through the legal actions. Other scenarios are said to involve criminal investigation and recognition of the companies' non-solvency.
According to the news reports, FCA stated that its competence covers only some companies dealing with digital currencies.
Back in April FCA announced joint crypto report to be presented in cooperation with the UK Treasury and BoE. Besides, it was also stated that the businesses offering crypto derivates would have to obtain corresponding permission.