Most young crypto traders don’t realize it’s not regulated, UK markets watchdog says

LONDON – Most buyers of crypto under the age of 40 are unaware that it is not a code of conduct, according to the UK Code of Conduct.

Cryptocurrencies are not regulated in the UK, which means that people are not protected by consumer protection laws if their money is lost for any reason – for example in fraudulent transactions.

But, according to a study published by the CAA, most young cryptocurrencies are unaware of this, with 69% negative control.

Three-quarters of young people attract “competition” with friends and family when it comes to investing in cryptocurrency or other highly risky items like foreign exchange or inflation, a financial services study said financial services see availability.

Currently, 68% of people compare investing in such items with gambling, the FCA said. According to the official, the results obtained from the survey of respondents from a thousand from 18 to 40 years were supported by one or more products.

More than half (58%) of respondents were encouraged to earn risky money by hearing about it on the media or social networks, according to the CAA.

Bitcoin now has a record high after hitting $ 60,000 last week. The world’s largest stock market is known for volatility, falling from more than $ 660,000 in April to less than $ 30,000 in July. It more than doubles the current price this year.

Despite claims by supporters of bitcoin as a long-term way to collect wealth, the FCA has acquired just 21% of the UK under 40 said they think it will restructure their currency. More than a year ago.

“We see a lot of people chasing popular stories. But higher wages could mean a risky situation,” said Sarah Pritchard, chief marketing officer at the FCA.

“We want to give consumers the confidence to sustain and help them do it safely, understanding the risks.”

The director said he was seeking help from a gold medalist, Charlotte Worthington, to find out about the risks of investing in the latest investment.

That’s after the FCA warned earlier this year that a “new, smaller, larger consumer segment” is involved in risk finance, and the emergence of online business software must be one of the main reasons.

Traders have rallied on the stock market this year, using forums like Robinhood and Reddit, to drive traffic to so-called “stock selves” like GameStop and AMC.

On Monday, the U.S. Securities and Exchange Commission said Robinhood and other airlines are willing to invest to encourage user performance.

Earlier this year, the FCA warned that crypto traders should want to lose all their money, with a similar warning from England Governor Andrew Bailey.

Last week, BOE Deputy Governor Jon Cunliffe compared the growth of the crypto market to the rise in tax rates that led to the 2008 financial crisis.

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