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%.
Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.