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- FCA has released a campaign named ‘ScamSmart,” which includes warning about crypto scams
- FCA also said that there are about 432 crypto scams currently registered
- One report said that about 39 crypto assets companies are running legally, and 246 are illegal
Due to the continuous increase in fraud in cryptocurrency, The Financial Conduct Authority has warned cryptocurrency platform users. As the figure suggests, there were a total number of about 8,568 crypto scams suspected. According to the report of financial conduct authority from April 1, 2021, to March 31, 2022, according to an annual enforcement summary the agency published.
And the report also stated that the figure had increased by about 36% from the same time last year, which has almost doubled the crypto scamming figures from last year. The data released is part of the Financial Conduct Authority campaign named “ScamSmart,” which included warning the investors about the risk and dangers of investing in crypto.
Financial Conduct Authority has warned the crypto users in its annual public review by saying that the people investing in crypto should be ready to lose all their money. The FCA also said that there are currently 432 crypto scam cases and added that approximately 79% of the investors have already invested their hard-earned money in crypto.
Sarah Pritchard, the FCA’s executive director of the market, said in the press conference that.
“Setting high standards and acting quickly to crack down on the problems firm will help ensure market and consumers confidence, supporting the integrity and growth of UK financial service.”
According to the reports, The national register shows that there is a total of 39 crypto assets firms operating legally in the market, and around 246 operating companies are not even registered legally.
Mark Steward, who is executive director of enforcement and market oversight, said that “Scammer can be very convincing, so always do your research into any firm you are considering investing with to make sure that are the real deal” he said
This is not the first time any authority has warned crypto investors to be aware of the scams following the crypto market. People should be properly aware and study before investing their hard-earned money in any platform.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
