The UK’s Financial Conduct Authority (FCA) warns that investing in crypto assets carries high risks. In заявлении, investors ‘should be prepared to lose all their money’.
The UK’s regulator is concerned about high-yield offerings and derivatives linked to cryptocurrencies. The FCA points to:
- Limited consumer protection. Investors have slim chances of obtaining compensation.
- High volatility of crypto assets.
- Complexity of the products on offer.
- Possible hidden charges and fees.
- Marketing materials that mislead consumers.
The FCA urges consumers to independently check companies in the реестре финансовых услуг or списке фирм с временной регистрации.
For firms offering crypto products, the regulator advises ensuring they comply with all applicable regulatory requirements and hold the necessary authorisation.
As a reminder, since 10 January 2021 all UK firms dealing with crypto assets must register with the FCA under anti-money-laundering rules.
On 6 January, the UK ban on selling cryptocurrency derivatives to retail investors came into force.
Subscribe to ForkLog news on Twitter!