The Financial Conduct Authority (FCA) is another statutory body located in the United Kingdom today.
Statutory bodies regulating financial firms that provide services to consumers appear to issue statements that cryptocurrencies have a very high risk.
The FCA is aware that some companies offer investments in crypto or loans or investments related to crypto with promising lucrative returns.
On that basis, the FCA warns "if investors invest in this product (cryptocurrency) then they should be prepared to lose all their investment money!"
The 5 things that the regulator is worried about are consumer rights protection, price fluctuations, complicated products, charges, and fees charged. In addition, the issue is the conversion of cryptocurrency to a fiat currency because it depends on the demand and supply in the market.
BTC dropped to a low of $ 33,895 around 10pm local time. While ETH declined to $ 1,042.04 per unit.
