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U.K. Regulator Warns Against 111 Unregistered Crypto Businesses

U.K. Regulator Warns Against 111 Unregistered Crypto Businesses
  • U.K. regulator, the FCA said there are over 100 unregistered crypto firms
  • It warns banks and payment firms against engaging with the businesses

According to the U.K. regulator, the Financial Conduct Authority, there are over 100 unregistered crypto firms. As a result, the FCA said it had warned consumers over dealing with unlisted crypto-related firms.

Moreover, the Financial Conduct Authority noted 111 firms are operating without the required registration. As per Reuters, the FCA sees that the entities threaten the financial system. So, it warns banks and payment firms against engaging with the firms.

Mark Steward, FCA’s head of enforcement, said,

We have a number of firms that are clearly doing business in the U.K. without being registered with us and they are dealing with someone: banks, payment services firms, consumers. This is a very real risk so we are worried about that.

Steward said the unregistered firms might profit from potential investors. More so, he added that these are those who fear missing out on the crypto rally. Also, he said males over 35 years are the victims.

The reason many are investing now is that they have a fear of missing out on what might be a boom. Leaving aside how volatile these instruments are, it has tulip mania written all over it.

Stewart noted.

U.K. regulator the FCA said 2.3 million adults now hold cryptos. Moreover, up from 1.9 million last year.

The FCA’s consumer research shows ownership of crypto, and awareness has also grown. Some 78% of adults have now heard of crypto assets. Furthermore, the regulator said it prefers the term ‘up from 73%.’

Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.