The UK regulator FCA has targeted over 100 crypto firms with warnings

The UK regulator FCA has targeted over 100 crypto companies with warnings as they fear the industry for a breach again, so read more about it on the news.

The UK Financial Regulator has long had an interest in the crypto industry and warned unregistered crypto companies of the breach, so they issued a warning. The report on unregistered crypto companies is in line with previous statements about the broader crypto industry. The UK’s FCA Financial Conduct Authority says 111 unregistered crypto assets pose a risk to consumers, as Mark Steward, head of market enforcement and oversight at the FCA, said:

“We have a number of companies that are clearly doing business in the UK that are not registered with us and deal with someone: the bank, the payment service provider, the consumer.”

Speaking at the Financial Cities & Cities Week event, Stewart went on to explain that many people are getting more into crypto for fear of missing out, saying that tulips were the latest craze many years ago. Stewards warning of unregistered crypto companies and in general is consistent with the broader stance of the FCA. The FCA has put a ban on trading crypto derivatives that describe products as unsuitable for retail customers, so the FCA says that all products lack reliable, universal pricing, financial crime and volatility and retail investors do not know how to use these products safely .

Five days later, the FCA listed five crypto-industry companies with consumer protection at the top of the list. The FCA has focused on the legacy of financial crime by announcing that, like any other financial services industry, companies are now required to file an annual financial crime report with the FCA:

“This policy statement suggests that additional companies and crypto-asset firms should be included in the profit margin based on their business and the potential money laundering risk.”

The FCA stance may not find more support from purists, but concerns are justified. In May, the UK’s National Crime Agency published its annual organized crime rating, saying that crime using technology is increasing while the use of financial assets is increasing; electronic money laundering has increased in some types of crime.

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