U.K. financial watchdog ramps up its inquiries into crypto firms

The Financial Conduct Authority (FCA), a financial regulatory body in the United Kingdom, revealed that it had conducted inquiries into 50 crypto firms suspected of "operating in areas of financial services without its permission." This was double the number of inquiries the FCA made in May of this year. According to Andrew Jacobs, a partner at Moore Stephens, an accounting firm, 'the huge sums lost as a result of cryptocurrency prices falling this year' was what triggered the increase in complaints to the FCA. '“Now that prices have collapsed, fraud is likely to be exposed, with greater pressure coming to bear on the FCA to ensure that this market can operate transparently and fairly,' Jacobs added. (Source: The Telegraph)