The UK Financial Conduct Authority (FCA), the country’s financial regulator, is actively investigating criminal cases against 50 companies from the crypto industry.
According to a statement from the regulator, from April to September 2021, the regulator handled 300 cases involving unregistered crypto firms.
During this period, the agency received 16,400 reports of possible fraud from users through the ScamSmart service, of which 4,300 are related to cryptocurrencies.
ScamSmart also provides investors with online warning tools, including risk information and listings of unregistered companies. The agency has noted the lack of approval is directly related to the likelihood of fraud.
In September, the FCA announced tougher regulatory measures for the crypto industry. In October, the regulator launched the InvestSmart service, aimed at helping consumers who are just starting to invest.