FCA warns of crypto investment risks as Bitcoin dives below $33K

January 11, 2021February 16, 2021 Jeannine Cruz Bitcoin, BTC

The United Kingdoms monetary regulator, the Financial Conduct Authority, has published a warning about cryptocurrency financial investment amidst a major crash on crypto markets.In a Jan. 11 declaration, the FCA stated that crypto financial investment and financing are associated with a high level of danger, stressing that investors need to be ready to lose all their money while investing in crypto.Citing a number of risks consisting of price volatility, product complexity, and charges and costs, the FCA stated that investors are taking charge of crypto-associated risks: “Consumers must be aware of the risks and completely think about whether investing in high-return investments based on cryptoassets is proper for them.” The regulator also specified that crypto financiers are not likely to have access to major consumer defense institutions like the Financial Ombudsman Service or the Financial Services Compensation Scheme if something goes wrong.The FCA kept in mind that business using crypto-related services ought to make sure that they comply with all appropriate regulative requirements and are authorized by the FCA. “Operating without a registration is a criminal offense,” the FCA added.The FCAs crypto warning comes amidst a significant drop on crypto markets after Bitcoin (BTC) taped its new all-time high of nearly $42,000 on Jan. 8.

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Jeannine Cruz

Jeannine Cruz– Earnings I am known as Jeannine Cruz, I am a writer and an industrialist by profession. My age is 32 years. My aim is to gather the attention of the targeted audience without being boring and unexciting. I like to utilize the free time in writing my views and thoughts for my book lovers or readers. My most preferred articles are usually about finance and business; however, I have written various topics in my articles. I do not have a specific genre. I get very creative when I have to express myself, I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.