UK FCA will spend 11 million pounds to warn people to invest in cryptocurrencies

The UK Financial Conduct Authority (FCA) launched a digital marketing campaign costing 11 million pounds (15.2 million US dollars) to warn citizens of the risks associated with crypto investments.

FCA CEO Nikhil Rathi said A known In the presentation of the webinar titled “Our Role and Business Plan” published on Thursday.

Rathi detailed the FCA’s decision to create a campaign fund. He said that British regulators are worried that more and more young people are adopting cryptocurrency investments.

According to Rathi, “more and more people view investment as entertainment” and this irrational behavior may cause them to suffer significant losses:

“This is the type of consumer we are not used to: people aged 18 to 30 are more likely to be attracted to social media. This is why we are creating a £11 million digital marketing campaign to warn them of risks.”

According to Rathi, the risks involved in crypto investment are “very obvious” and the FCA’s boss reiterated the agency’s general view that people should be “prepared to lose all their money” If they invest in cryptocurrency.

related: British advertising regulator classifies encrypted advertising as a “red alert”

FCA’s digital marketing activities followed the British Advertising Standards Agency’s response to being regarded as “Misleading and irresponsible to society.

As previously reported by Cointelegraph, the UK advertising regulator Order the cryptocurrency trading platform Luno to stop Its “time to buy” Bitcoin (Bitcoin) Advertising. In early July, the advertising regulator Announcing the crackdown on cryptocurrency related advertising, The agency describes it as a “red alert” priority.

In addition to the cryptocurrency warning campaign, the FCA boss also stated that the agency will continue to focus on conducting strong checks on the “financial and business models” of operators in complex markets such as cryptocurrencies, especially in anti-money laundering (AML) cooperation. Regulatory domain.