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Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539
Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539

No new FCA cryptocurrency fraud investigations in over a year is “alarming’’ according to one crypto specialist

Author: Syedur Rahman  27 April 2021

A request made by business crime solicitors Rahman Ravelli under the Freedom of Information Act 2000 has led to the Financial Conduct Authority (FCA) disclosing that it had no active investigations into cryptocurrency fraud between January 2019 and December 2019. The FCA also revealed that it has not opened any between January 2020 and March 2021.

Syed Rahman, a partner at Rahman Ravelli and a cryptocurrency specialist, said the figures show a worrying inability – or reluctance – by the FCA to tackle crypto fraud. He highlighted how the FCA’s actions compare unfavourably with those of the United States Securities and Exchange Commission (SEC). 

He added: “We are in a time when interest in cryptocurrency is at its highest ever level – and when it is being used increasingly by those looking to commit fraud and money laundering. There is little doubt that crypto-related fraud is on the rise, which makes it worrying that the FCA does not seem to have been able to take action required to deal with what is a growing problem. 

“A quick glance at the SEC’s website gives a running commentary on the action it is taking against those accused of such fraud. In comparison, the FCA’s lack of activity – never mind a lack of results – is alarming. 

“Many who fall victim to such fraud may well have expected the FCA to be at the forefront on attempts to identify and bring action against those responsible. These latest figures may go some way to explaining why we are seeking more people who have lost money to cryptocurrency fraud coming to the likes of us, in order to trace and recover what is rightfully theirs.’’ 

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Syedur Rahman is known for his in-depth experience of serious fraud, white-collar crime and serious crime cases, as well as his expertise in worldwide asset tracing and recovery, international arbitration, civil recovery, cryptocurrency and high-stakes commercial disputes.

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