UK cryptocurrency firm, with links to parliamentarians, seems to have disappeared
London is the world’s leading crypto hub
Phoenix Community Capital, a cryptocurrency investment firm in the United Kingdom that had links to two all-party parliamentary groups (APPGs), seems to have disappeared. The development has left several investors worried about losing tens of thousands of pounds in investment. Valued at around £665 million ($800 million) at one point, it was launched as an investment scheme and a cryptocurrency project at the start of 2022. It has also cast doubts about the roles of APPGs in the parliament, British news platform the Guardian reported, further pointing out that this is a typical case of a firm trying to gain credibility by associating itself with APPGs and parliamentarians.
While it was the sponsor for one of the APPGs, the firm's co-founder Luke Sullivan was reported to have spoken for the second APPG at an event. A former Premier League footballer is among investors who bear the loss with the disappearance. The firm was last active on Twitter in September 2022.
Despite warnings of the risks involved, the UK registered around 2 million crypto investors in 2021. Financial Conduct Authority (FCA)said at the time that the country registered a rise of 400,000 users compared to 2020. Even as the government is taking steady steps to regulate cryptocurrency, members of parliament have been among those who have been targeted.
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Earlier this month, the UK government revealed elaborate plans in this regard. “We remain steadfast in our commitment to grow the economy and enable technological change and innovation – and this includes cryptoasset technology," Economic Secretary to the Treasury Andrew Griffith said. “But we must also protect consumers who are embracing this new technology - ensuring robust, transparent, and fair standards.”
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As part of the measures, the UK government said, it would seek to regulate a broad suite of cryptoasset activities, consistent with its approach to traditional finance. "These proposals will place responsibility on crypto trading venues for defining the detailed content requirements for admission and disclosure documents – ensuring crypto exchanges have fair and robust standards," it underlined in an official release.
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