FCA focuses on the crypto market with 87 companies under investigation

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Currently 87 crypto currency related companies in the UK are under investigation by the local Financial Conduct Authority (FCA)  – 74% up from 50 in October a year ago, the Financial Times reports.

According to the FCA latest statistics for the past 12 months victims of crypto and foreign - exchange scams in the UK have lost over 27 million pounds in more than 1800 separate cases.

FCA warns that inexperienced traders can quite easily fall into the get- rich- quick traps, because of the sharp rise of the bitcoin price and the elaborate techniques scammers use in their clandestine operations.

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