UK FCA will spend GBP11M to warn people about investing in crypto
The United Kingdom’s Financial Conduct Authority (FCA) created an 11 million pound ($15.2 million) digital marketing campaign to warn citizens about the risks associated with crypto investments.
Nikhil Rathi, chief executive of the FCA, made this known in a draft speech for the agency’s webinar titled “Our Role and Business Plan” delivered on Thursday.
Detailing the FCA’s decision to create the campaign fund, Rathi stated that the U.K. regulator is concerned about the increasing adoption of crypto investment among the younger demographic.
According to Rathi, “more people are seeing investment as entertainment” and that such irrational behavior may lead to significant losses on their part:
According to Rathi, the risks involved in crypto investments are “stark,” with the FCA boss restating the agency’s popular refrain that people should be “prepared to lose all their money” if they invest in cryptocurrencies.
The FCA’s digital marketing campaign is coming on the heels of actions taken by the U.K.’s Advertising Standards Authority against crypto ads that are deemed “misleading and socially irresponsible.“
As previously reported by Cointelegraph, the U.K. ad watchdog agency ordered crypto exchange platform Luno to halt its “time to buy” Bitcoin (BTC) advert. Earlier in July, the advertising regulator announced a crackdown on cryptocurrency-related ads, which the body described as a “red alert” priority.
Apart from the crypto warning campaign, the FCA boss also stated that the agency will continue to focus on robust examinations of “financials and business models” for operators in complex markets like cryptocurrencies, especially in the area of Anti-Money Laundering (AML) compliance.
Thai SEC proposes new rules for digital asset custodians
The Securities and Exchange Commission (SEC) of Thailand continues introducing new regulations for the cryptocurrency…
County Treasurer in Illinois accepts crypto donation in reelection bid
Holly Kim, a treasurer in Lake County, Illinois, has reportedly become the first political candidate…
Kyrgyzstan reportedly introduces regulations for crypto exchanges
The government of the Kyrgyz Republic is moving forward to cryptocurrency adoption by introducing a…
11% of young Americans have invested their stimulus checks into crypto
A new survey has found that more than one in ten American citizens aged between…
Grayscale Bitcoin Trust FUD is now over as the last GBTC unlock totals just 58 BTC
Bitcoin (BTC) investment vehicle the Grayscale Bitcoin Trust (GBTC) completed its share unlockings this week,…
BTC price rejected at $50K; ADA bulls take a breather: Cointelegraph’s The Market Report is now live
3104 Total views 132 Total shares Listen to article News Following an impressive run, the…