Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result

Home » UK Takes Action Against Crypto Fraud with Ban on Cold Calls

UK Takes Action Against Crypto Fraud with Ban on Cold Calls

Hania by Hania
May 3, 2023
in General News
Reading Time: 2 mins read
A A
0
UK Passes A Bill Recognizing Cryptocurrencies As Financial Assets
Share on FacebookShare on Twitter
ADVERTISEMENT

The UK government intends to pass laws to compensate victims of authorized crypto fraud and cooperate with Ofcom to prevent phone number “spoofing.”

In order to prevent fraud, the United Kingdom is planning to outlaw cold calling for financial items, such as insurance and cryptocurrencies. According to the National Crime Agency, fraud costs the nation about £7 billion ($8.7 billion) per year. 

In order to modernize its approach to intelligence-led enforcement, the U.K. government revealed its new fraud strategy and promised 400 new posts. In order to combat phone number “spoofing,” which would stop fraudsters from imitating authentic U.K. phone numbers, the government will collaborate with the telecoms regulator, the Office of Communications, also known as Ofcom.

Bloomberg claims that, with 1 in 15 victims, wire fraud is now the most common crime in the United Kingdom. The government wants to pass rules requiring financial institutions to compensate victims of sanctioned fraud in order to ensure that more fraud victims receive their money back.

You May AlsoLike

Polymarket Bets

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025

UK Takes Action Against Crypto Fraud with Ban on Cold Calls

According to a report issued on January 29 by the Bureau of Investigative Journalism and the Observer, organized criminal syndicates are using the U.K. as their operational headquarters due to the area’s “lenient regulations.” In the UK, starting a business only costs 12 British pounds ($14.85). Since there is no requirement for identification, it is simple for scammers to register there and establish phony legitimacy.

The U.K. government has been making an effort to crack down on Bitcoin companies doing business there. According to the current Financial Services and Markets Act regulations governing the market for digital assets, the U.K. Financial Conduct Authority (FCA) required that all businesses involved in crypto asset activity register with it.

Also Read: New Crypto Regulations With A Consumer Protection Objective Are Proposed By The UK Finance Ministry

However, because of the FCA’s strict approval policies, many businesses related to cryptocurrencies are currently operating as unregistered entities. The regulator is attempting to strike a compromise between fostering sector innovation and offering investors a secure environment.

According to a statement by U.K. Prime Minister Rishi Sunak, fraudsters “ruin lives in seconds, deceiving people in the most despicable ways in order to line their pockets.” He vowed to confront the fraudsters no matter where they intended to hide. The government also pledged to discontinue the techniques that scammers sometimes employ to contact large numbers of people at once, such as “SIM farms.” To keep these tools out of the hands of criminals, the usage of mass messaging services will also be examined.

Tags: crypto scamfraud
Share78Tweet49
ADVERTISEMENT
Previous Post

Bitcoin vs Altcoins: Comparing Pros and Cons To Determine The Best Cryptocurrency Investment Strategy

Next Post

BitFlyer Has Been Penalized By A New York Regulator For Breaking The Law

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Polymarket Bets
General News

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade
General News

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025
Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve
General News

Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve

February 28, 2025
MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana
Crypto Wallets

MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

February 28, 2025
Bitcoin Bull Run Could Continue, says CryptoQuant CEO - Unless This Critical Threshold Is Breached
General News

Bitcoin Bull Run Could Continue, says CryptoQuant CEO – Unless This Critical Threshold Is Breached

February 28, 2025
Solana Futures Launch at CME Boosts Price Amid High Demand
General News

Solana Futures Launch at CME Boosts Price Amid High Demand

February 28, 2025
Next Post
BitFlyer Has Been Penalized By A New York Regulator For Breaking The Law

BitFlyer Has Been Penalized By A New York Regulator For Breaking The Law

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • Bitcoin Halving Update: Bitwise CEO's $100k Price Projection Sparks Excitement

    Why the Bitcoin Halving Is Happening Sooner Than Anticipated

    242 shares
    Share 97 Tweet 61
  • MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    199 shares
    Share 80 Tweet 50
  • Dogecoin Price Forecast: When Will the Much-Awaited DOGE Bull Run Begin?

    195 shares
    Share 78 Tweet 49
  • Dogecoin (DOGE) Price Forecast – Will it Reach $1?

    195 shares
    Share 78 Tweet 49
  • Sparklo (SPRK): Redefining The Alternative Investment Industry

    204 shares
    Share 82 Tweet 51
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2024 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2024 CryptoMufasa - All Rights Reserved!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Don’t Miss Out on the Best in Crypto!

Stay ahead with a weekly digest of the top news and insights—no spam, no ads, just the essential updates delivered straight to your inbox. Subscribe now for valuable content you can trust!

johnsmith@example.com
subscribe to email

Never see this message again.