UK consumers need to be protected from dubious crypto investments being promoted online, with vulnerable people at risk of jeopardising their financial futures, the Financial Conduct Authority’s chair has warned.
Charles Randell, the FCA chair, said urgent action was needed to stop risky or fraudulent crypto investments from luring investors — including via social media influencers who “pump and dump” new coins.
“It’s difficult for regulators around the world to stand by and watch people, sometimes very vulnerable people, putting their financial futures in jeopardy, based on disinformation and fear of missing out,” Randell said in a speech on Monday.
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