The UK financial watchdog is investigating 24 cryptocurrency firms and also considering seven whistle-blower reports regarding the business, thus far this year, a financial news outlet reported.
The Financial Conduct Authority was probing the activities of 24 unauthorized firms that are involved in the cryptocurrency business to determine whether they are carrying on regulated activities that require the agency's authorization, the Citywire reported, citing a Freedom of Information request.
"If we conclude that they are, then we may investigate and take action, identifying and determining the most serious matters which pose the greatest risk to consumers," the FCA reportedly said.
Actions could range from alerting customers via the FCA website regarding any suspected individuals, activity or firm to launching civil court action to stop the business and freeze assets.
Further, the FCA can also pursue insolvency proceedings and go for criminal prosecution in the most serious cases. The agency also noted that not all cryptoassets are within its regulatory perimeter.
The FCA is set to publish a review on cryptocurrencies in the third quarter of this year as part of a taskforce with the HM Treasury and the Bank of England.
Outgoing FCA Chairman John Griffith-Jones had warned in March that cryptocurrencies have "all the potential of causing consumer harm unless brought within the regulatory perimeter".
In April, the FCA clarified its stance, saying that cryptocurrencies are not currently regulated, provided they are not part of other regulated products or services.
However, cryptocurrency derivatives are capable of being financial instruments under the Markets in Financial Instruments Directive II or MIFID II, the FCA said.
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