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FCA Warns Public Of Crypto Investment Risks After Bitcoin Plunge

  • The United Kingdom’s financial regulator, the Financial Conduct Authority (FCA), issued a warning to the public about crypto investment after Bitcoin plunged below $33,000.
  • The FCA specified that crypto investments are associated with a high level of risk, adding that investors should prepare for the worst-case scenario of losing all of their money.
  • The regulator also stated that crypto investors are unlikely to have access to major consumer protection institutions like the Financial Ombudsman Service if something goes wrong.
  • The FCA noted that companies offering crypto-related services should make sure they comply with all relevant regulatory requirements. As of Jan. 10, 2021, all United Kingdom-based crypto asset firms must be registered with the FCA under regulations to tackle money laundering.
  • The latest crypto market crash is not exclusive to Bitcoin as all top-10 cryptos by market cap have posted major losses, with altcoins like Ether dropping nearly 19%.
  • Read the full story here.

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