In response to a Freedom of Information request, the UK Financial Conduct Authority (FCA) has revealed that it has launched investigations into 24 cryptocurrency businesses, according to CityWire.

The regulator said that it was looking into the activities of 24 unauthorised firms that are engaged in some form of cryptocurrency business, to 'determine whether they might be carrying on regulated activities that require FCA authorisation' and was making enquiries in this regard.

In addition, 7 whistleblower reports relating to cryptocurrency businesses have already been opened so far in 2018, it added.

“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 said, adding that not all cryptoassets fall under its regulatory scope.

In September 2017, the FCA issued a warning against Initial Coin Offerings (ICOs), stating that whether an ICO falls within its regulatory boundaries or not can only be decided case by case. More recently, it issued an official statement on the requirement for firms offering cryptocurrency derivatives to be authorised.

The FCA is also a part of a cryptocurrency task force set up by the UK government and will assess whether further regulatory action is required and monitor international developments.