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 non-compliance. “The FCA has also revealed that over six months, it opened over 300 cases relating to possible crypto-asset 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. According to the FCA, U.K. residents sent in 16,400 inquiries between April and September 2021, which included crypto-related scams. The regulatory body said it would be employing tools including “more assertive supervision and enforcement action,” and “being tougher with firms who want to operate” in the United Kingdom.

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