UK Regulator Issues New Warning About Crypto Scams

The UK Financial Conduct Authority (FCA) has revised and re-issued its warning regarding cryptocurrency-related scams, highlighting a notable increase in complaints in recent months.

The updated warning indicates that some fraudulent activities may involve FCA-regulated actions, such as the promotion of investment products tied to cryptocurrencies. However, most scams tend to utilize similar tactics, primarily spreading their ads through social media platforms. These advertisements often lead to professional-looking websites, which may deceive some investors into investing their money, either in traditional currencies or cryptocurrencies.

Additionally, the FCA points out that crypto scammers frequently exploit the images of celebrities or well-known personalities to legitimize their schemes, further increasing the risk for unsuspecting investors.