FCA launches TikTok and warns YouTube campaign about cryptocurrency

The FCA has issued a crypto TikTok and YouTube campaign warning to young investors, the latest in a long line of crypto-related warnings published by the regulator. So read more on our crypto news today.

The UK’s FCA has launched video campaigns on Tiktok and YouTube to warn younger investors about cryptocurrencies, the regulator’s chief executive Sarah Pritchard said:

“We want to create self-confident consumers. This campaign aims to empower, not hinder, younger investors. We don’t think the actions of many of these new investors reflect what they call their risk tolerance. “

As part of the FCA initiative, the regulator surveyed young investors aged 18 to 40 who had invested in high-risk assets. Around 76% of respondents say that their investment decisions are based on competition with family or friends:

“[60%] Among those who invest in high risk assets, they said they wanted stable returns. We don’t want to limit the selection, we just ask investors to pause and take a look. Are You Ready To Lose All Your Money? If the answer is yes, then fine. “

This is not the first time the FCA has issued warnings about cryptocurrencies as it has repeatedly urged consumers to conduct proper due diligence before investing in cryptocurrencies. A consumer alert published in January listed five crypto concerns, and those concerns centered around price volatility and a lack of consumer protection, fees and levies, and misleading marketing materials. FCA CEO Nikhil Rathi reiterated the regulator’s stance on cryptocurrencies last month, saying the regulator had warned investors that investing in crypto products can cost them money. Targeting Binance as well as one of the most popular exchanges in the crypto industry, the FCA said it had a big problem with the lack of an exchange headquarters.

Last summer, they also said they issued a warning against Binance Markets Limited over the company’s AML concerns. Later that summer, the FCA doubled the Binance amount, saying that BML couldn’t really be regulated because it didn’t provide background information to the regulator.

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