FCA warns consumers of crypto risks

The UK Financial Conduct Authority has issued a fresh warning to consumers about the risks of investing in crypto-assets.

“The FCA is aware that some firms are offering investments in cryptoassets, or lending or investments linked to cryptoassets, that promise high returns. Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors’ money. If consumers invest in these types of product, they should be prepared to lose all their money,” the FCA warned.

Risks identified by the FCA include a lack of consumer protection, high price volatility, product complexity, the impact of fees and charges on crypto investments and overly positive marketing materials.

Read the FCA warning here.

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