RATE Group | Watchdog’s probes into Bitcoin firms rise 74pc in crypto crackdown
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Watchdog’s probes into Bitcoin firms rise 74pc in crypto crackdown

07 Oct Watchdog’s probes into Bitcoin firms rise 74pc in crypto crackdown

Posted at 08:14h in Bitcoin News by

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The City regulator has ramped up its formal investigations into cryptocurrency firms, in a crackdown on the “wild west” digital currency industry. 

The Financial Conduct Authority (FCA) has investigated a total of 87 firms over the past 12 months, a Freedom of Information request has revealed. This is an increase of close to 75pc on the previous year, when 50 firms were investigated.

Experts said it was encouraging to see the regulator stepping up its policing of the sector. Interest in digital currencies has boomed since 2017, when the price of Bitcoin soared by as much as 2,000pc in less than a year.

Speculative investors poured money into cryptocurrencies in the hope of quick riches, but many…

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