The UK's top finance watchdog offered new details about its investigation into the crypto business world on Thursday.
The statement was issued by the Financial Conduct Authority (FCA), which as previously reported has developed and slowly built out a registry of crypto firms under its auspices. That registry has been notably slow to add new firms, creating potential headaches for firms operating in the country as the registration deadline approaches.
Per the FCA's Thursday statement, officials there have opened hundreds of investigations into businesses suspected of noncompliance.
"The FCA has also revealed that over six months, it opened over 300 cases relating to possible cryptoasset businesses not registered with the FCA, many of which may be scams, and that it has 50 live investigations, including criminal probes, into unauthorised businesses," the watchdog said.
Earlier this year, the FCA issued draft regulations meant to tighten the rules around crypto product promotions.
Correction: This report has been updated to reflect that, per additional FCA data, it is not investigating 50 crypto firms at this time.
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