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According to the UK news outlet the Telegraph, the UK’s Financial Conduct Authority (FCA) revealed that it is currently investigating 18 companies in the United Kingdom in connection with cryptocurrency transactions.
In figures released to the Telegraph under freedom of information laws, the Financial Conduct Authority revealed it had opened inquiries into 67 firms involved in cryptocurrency businesses.
Out of the 67 investigations, 49 had come to an end, either by issuing a warning to those involved or admitting there was not enough evidence to support further investigations, leaving 18 businesses currently under investigation.
The FCA refused to release identifying information about the remaining 18 crptocurrency companies, this due to the ongoing nature of the investigations.
The UK regulators have been putting more pressure on the swarm of cryptocurrency companies, most of which hatched back in the Summer of 2017, and has seen an increased number of whistleblowers from these crypto companies, reporting the shady business practices they witnessed on the workplace.
The FCA’s Christopher Woolard warned in November that 'consumers may buy unsuitable products, face large losses, be exposed to fraud, struggle to access services or be exposed to the failings of providers such as exchanges.'
While cryptocurrency transactions are unregulated in the United Kingdom, companies that sell regulated investments with cryptocurrencies as their underlying assets may need approval from the FCA.
However, acording to the Telegraph, 'it is currently unclear in some instances whether certain assets fall within the scope'.
The UK government has said that it is ready to give the FCA power to oversee the cryptocurrency industry.
John Glen, Economic Secretary to the Treasury, said that 'the government stands ready to legislate to expand the regulatory perimeter to ensure that FCA regulation can be applied to all cryptoassets that have comparable features to security tokens, regardless of the way they are structured.'
Read more: How are cryptocurrencies taxed in the UK? New Tax Agency guide points it out