2018-6-11 21:45 |
The U.K.’s Financial Conduct Authority (FCA) has written to bank CEOs over the potential risks they face when dealing with cryptocurrencies.
As the British regulator for around 58,000 financial services firms and financial markets in the U.K., the FCA has issued formal warnings before on the risks of investing in cryptocurrencies.
In this latest warning, the FCA addresses the banks specifically and urges greater scrutiny of client and customer activities if they are deemed to be dealing in what the agency calls “cryptoassets.”
These include a client using a state-sponsored cryptocurrency, “which is designed to evade international financial sanctions” – presumably a hint that trading Venezuela’s petro token will get your account closed.
According to the FCA letter, these customers are at a “heightened” risk of investment fraud.
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