December 5, 2022

UK to Spend $ 15 Million on Cryptocurrency Danger Alert

The British Financial Regulator (FCA) is concerned about the growing popularity of digital currency investments among youth.

British Financial Regulator (FCA) will spend 11million pounds ($ 15.2 million) for a marketing campaign to warn the public about the dangers of investing in cryptocurrency. This was announced by the CEO of FCA Nikhil Rati.

According to him, the regulator is concerned about the growingthe popularity of cryptocurrency investments among young people. Rati argues that more and more young people see investment as entertainment. The head of the regulator called this irrational behavior that can lead to losses.

On July 9, it became known that the Office ofUK Advertising Standards (ASA) will strengthen control over cryptocurrency advertising. The regulator will suppress the publication of misleading advertisements for investments in cryptocurrency assets. The ASA will focus on Internet platforms and social networks.

At the end of June, the FCA warned of the dangerinvesting in crypto assets. The department notes that most of the companies offering such services are not licensed in the UK, so investors will not be able to contact the financial ombudsman and claim compensation for losses.

The FCA also said that the largest in terms of volumeBinance crypto exchange cannot operate in the country. The regulator claims that the service provider of is Binance Markets Limited, part of the Binance Group, which is not licensed to operate in the UK.