The UK Financial Conduct Authority (FCA) has reported that cryptocurrency scams have come out on top in the number of complaints by affected investors.
The agency stressed that between April 1, 2021 and March 31, 2022, 8,568 complaints of cryptocurrency-related fraud were received. This is about 36% more than last year, and it is cryptocurrency crimes that have become the leaders in the field of financial fraud.
The FCA has warned UK residents about the risks of investing in cryptocurrencies as part of the ScamSmart campaign. The regulator said that 79% of users first invest in cryptocurrencies, and only then report possible fraud. During this period, 432 investigations were initiated.
“We set high standards and respond quickly to reports of problems. This should ensure market confidence and user safety, and support the integrity and growth of the UK financial industry,” said FCA Executive Director Markets Sara Pritchard.
In early September, the British regulator urged citizens of the country not to trust cryptocurrency influencers, since users will not be able to protect their rights in case of loss of invested funds.
Source: Bits
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