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Author Topic: 2018-05-26 UK Financial Regulator Opens 24 Investigations Into Crypto Businesses  (Read 52 times)
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May 26, 2018, 01:29:07 PM
 #1

UK Financial Regulator Opens 24 Investigations Into Crypto Businesses for Compliance


UK authorities have opened 24 investigations into cryptocurrency businesses over financial regulatory compliance, local media outlet CityWire reported May 25.

Responding to a freedom of information request, regulator the UK’s Financial Conduct Authority (FCA) also confirmed it had opened seven whistleblower reports since the start of the year.

While the FCA did not mention which specific businesses were on its radar, a response to CityWire stated that the investigations were being made in order to “determine whether they might be carrying on regulated activities that require FCA authorisation.”

Addressing possible consequences of its own investigation, the FCA meanwhile appeared to hint it would take action according to the seriousness of any offending business, without mentioning which parameters it would use to judge activities.

According to the FCA’s response, the investigations’ priority is consumer protection:

“If we conclude that they are, then we may investigate and take action, identifying and determining the most serious matters which pose the greatest risk to consumers.”

The FCA’s investigations join regulatory steps currently underway in other major jurisdictions regarding crypto business compliance.

Earlier this week, a joint U.S.-Canada investigation dubbed ‘Operation Cryptosweep’ was opened, targeting potentially fraudulent industry investment programs. Investigators have so far unearthed around 35, a press release from the North American Securities Administrators Association (NASAA) announced.

Across the globe in Singapore, the central bank issued warnings May 24 to eight local crypto exchanges that could potentially be breaking securities laws. The Monetary Authority of Singapore (MAS) also confirmed it had sent a demand to one ICO token issuer to halt its activities.

Source: https://cointelegraph.com/news/uk-financial-regulator-opens-24-investigations-into-crypto-businesses-for-compliance
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May 27, 2018, 07:21:36 AM
 #2

It would be interesting to note which businesses are under investigation - is it cryptocurrency exchanges, companies which offer contracts for differences or companies which raise funds through ICOs. UK has a reputation as a business friendly finance centre. I am not sure if action against legitimate crypto companies would be in line with its image.


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May 27, 2018, 08:31:44 AM
 #3

It would be interesting to note which businesses are under investigation - is it cryptocurrency exchanges, companies which offer contracts for differences or companies which raise funds through ICOs. UK has a reputation as a business friendly finance centre. I am not sure if action against legitimate crypto companies would be in line with its image.

Everything that is breaking local laws is a potential target. If we look at how chaotic this market is in terms of exchanges not doing anything to become compliant, cloud mining services not doing anything to become compliant, authorities have a lot to target here.

Coinbase is the perfect example of how an exchange or service should be working. They only list coins and products of which they know are compliant in every possible way. They choose for legal stability and quality instead of doing what other exchanges are doing and list any crap coin they can find.

I expect some serious regulatory cleaning to happen in the forthcoming years when it comes to the coins that exchanges are listing. The coins I am sure of they won't stand a chance are those focused on privacy; they will be wiped out within a few years. I also expect a significant decrease in ICO's that are running on top of Ethereum due to regulations kicking in.

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May 30, 2018, 12:02:38 PM
 #4

Looking at the same article found on cointelegraph, I saw something quite interesting.

With "Operation Cryptosweep", a joint US-Canadian investigation, being launched, and 35 "potentially fraudulent industry investment programs" found so far by NASAA, what is the general feeling on the fact that there are so many potentially fraudulent companies running?
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May 30, 2018, 03:57:11 PM
 #5

I hope one of the companies they're investigating is Circle/Poloniex - those f*ckers need to be locked up.

Unofficial & Uncensored SYSCOIN thread: https://bitcointalk.org/index.php?topic=4748031.0
Do not trust Yobit/HitBTC/C-cex/Poloniex/WEX/KuCoin/LiveCoin scam exchanges or shady ICO's run by known scam companies like HashCoins/Ambisafe/Bountyhive etc - they WILL scam you!
Use due diligence & do research. Buy the coins, sell the coins - don't invest in stupid shit. If your questions aren't answered - don't touch it.
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May 30, 2018, 05:21:02 PM
 #6

UK Financial Regulator Opens 24 Investigations Into Crypto Businesses for Compliance


UK authorities have opened 24 investigations into cryptocurrency businesses over financial regulatory compliance, local media outlet CityWire reported May 25.

Responding to a freedom of information request, regulator the UK’s Financial Conduct Authority (FCA) also confirmed it had opened seven whistleblower reports since the start of the year.

While the FCA did not mention which specific businesses were on its radar, a response to CityWire stated that the investigations were being made in order to “determine whether they might be carrying on regulated activities that require FCA authorisation.”

Addressing possible consequences of its own investigation, the FCA meanwhile appeared to hint it would take action according to the seriousness of any offending business, without mentioning which parameters it would use to judge activities.

According to the FCA’s response, the investigations’ priority is consumer protection:

“If we conclude that they are, then we may investigate and take action, identifying and determining the most serious matters which pose the greatest risk to consumers.”

The FCA’s investigations join regulatory steps currently underway in other major jurisdictions regarding crypto business compliance.

Earlier this week, a joint U.S.-Canada investigation dubbed ‘Operation Cryptosweep’ was opened, targeting potentially fraudulent industry investment programs. Investigators have so far unearthed around 35, a press release from the North American Securities Administrators Association (NASAA) announced.

Across the globe in Singapore, the central bank issued warnings May 24 to eight local crypto exchanges that could potentially be breaking securities laws. The Monetary Authority of Singapore (MAS) also confirmed it had sent a demand to one ICO token issuer to halt its activities.

Source: https://cointelegraph.com/news/uk-financial-regulator-opens-24-investigations-into-crypto-businesses-for-compliance

(FCA) of UK has yet no opportunity to open criminal cases and earlier in the message they confirmed it. And just the notice on their website that this coin is dangerous - ok. I think it is necessary to judge by real actions, this statement only shows their interest.

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May 31, 2018, 08:04:11 AM
 #7

(FCA) of UK has yet no opportunity to open criminal cases and earlier in the message they confirmed it. And just the notice on their website that this coin is dangerous - ok. I think it is necessary to judge by real actions, this statement only shows their interest.

Please explain further, as I'm not quite understanding what you are saying. What have they confirmed earlier in which message? And to which coin are you referring? Which statement only shows what interest? For me, the article is pretty self-explanatory and covers everything that people would want to know about the investigations. It says that they would
Quote
take action according to the seriousness of any offending business
which would imply criminal action would be taken, should it be necessary.
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