UK regulator warns of risks of investing in cryptocurrencies

September 30, 2021

UK regulator warns of risks of investing in cryptocurrencies

FCA chief executive Nikhil Rathi has reminded investors of the risk of losing money when dealing with digital assets and announced the authority's intention to take a "bolder approach" while dealing with serious breaches.

Following the measures taken to protect consumers during the #covid19pandemic, we must now seize opportunities in a changing sector and society. CEO Nikhil Rathi discusses our response to the current #financialservices landscape.

In January 2021, the FCA published a list of five issues that cryptocurrency investors should consider

  • limited consumer protection options;
  • the high volatility of crypto-assets;
  • the complexity of products from this area;
  • possible hidden fees and commissions;
  • misleading marketing materials.

Following this warning, the authority has taken a number of measures against the digital asset industry. In particular, the FCA banned the local unit of bitcoin exchange Binance from carrying out any regulated activities without prior written approval.

Earlier, the FCA estimated that the number of cryptocurrency investors in the UK had risen to 2.3 million.

As a reminder, in early September the FCA warned of increased regulation of the crypto industry to protect consumers.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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