The CEO of the UK Financial Conduct Authority (FCA) warned that citizens should be prepared to lose all their funds if they invest in cryptocurrencies.
The Financial Conduct Authority (FCA) held a public meeting to reiterate its message for several years. At the meeting, he recapitulated the regulatory measures he has taken to protect investors.
UK Regulator Warns Crypto Investors
Nikhil Rathi, CEO of the UK Financial Conduct Authority (FCA), said at the annual review meeting that if people invest in crypto, they should be prepared to lose all their money.
Responding to questions from journalists and the public, the FCA acknowledged that current crypto policies are limited beyond anti-money laundering restrictions. The FCA also stated that it is preparing to introduce additional crypto-asset regulations alongside the existing anti-money laundering registry system.
While an FCA representative stated that they support 56 firms based on distributed ledger technology, there are currently 246 unregistered crypto-asset firms operating in the UK.
Sarah Pritchard, managing director of markets at FCA, also reiterated that people do not understand the seriousness of the risk of losing all their money to crypto as a high-risk investment.
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