Scam suspicion: UK Financial Supervisory Authority reviews 50 crypto firms

The number of cases in which the British financial supervisory authority tests crypto-companies is apparently rising sharply. This was reported by the Financial Conduct Authority (FCA) to the British newspaper Telegraph.

According to the report, FCA is targeting over 50 companies. Seven of the 50 investigations alone were initiated by employees of the accused companies.

In the bull market of 2017 there were few complaints.

Even if you had fallen for one or the other Bitcoin revolution scam

With the next digital currency you could again take several thousand percent profit. By 2018, the situation is a little different. We are in the Bitcoin revolution market, the hype is over and the correction has been going on for many months like chewing gum: Even if it looks better than ever for the Bitcoin in fundamental terms, the bears still keep coming out of their cave and pushing the price down for any positive news about the next resistance.

Accordingly, it hurts a bit more to lose your money in a crypto-scam. This is now also noticed by the English Financial Supervisory Authority.

Remarkable: Information from Whistleblowers about Bitcoin loophole

The English Freedom Information Act gives all English citizens the right to access recorded information from public authorities. This requires a Bitcoin loophole request from the Freedom of Information Request. The English magazine Telegraph apparently received the Bitcoin loophole figures from the Financial Supervisory Authority in response to such a request.

Apart from the increase to over 50 cases in which the authority investigates, the information from whistleblowers is particularly explosive. According to the report, it is a novelty that direct employees of companies report to FCA to denigrate their employer – this has not happened in the past three years.

The published figures fit into the picture we have from other countries. In the USA, for example, the number of crypto trials tripled already in July. In this respect, the correction also has something good: it not only corrects the price, but can also help to clean the market of fraud and scams.