The UK’s top financial watchdog is running enquiries into 24 businesses dealing with cryptocurrencies, and has opened seven whistleblower reports related to the nascent asset class this year alone. The move comes as regulators close in on the free-wheeling cryptocurrency industry, which raised billions of dollars last year through a novel fundraising method called initial coin offerings — crowdfunding with little, if any, protection for investors. US regulators have brought fraud charges against a number of ICOs.
The pound fell to its lowest level this year on Wednesday, after the release of data showing UK inflation unexpectedly fell for the second consecutive month in April. Figures published by the Office for National Statistics showed the annual change in the consumer price index fell to 2.4 per cent during the month of April, from 2.5 per cent in March. Economists had forecast it would remain unchanged.