Monday, October 13, 2025
No Result
View All Result
CONTACT
First Crypto News
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
No Result
View All Result
First Crypto News
No Result
View All Result

FCA: Cryptocurrency And Forex Scams Tripled In the U.K. Over The Past Year

by firstcryptonews
May 22, 2019
in News
FCA: Cryptocurrency And Forex Scams Tripled In the U.K. Over The Past Year

The U.K. financial watchdog earlier today released a report that indicates that cryptocurrency and forex scams have more than tripled over the past year. However, the total number of losses has reduced by around $4 million.

Losses From Cryptocurrency And Forex Scams Have Reduced
The report cites data from Action Fraud where the Financial Conduct Authority (FCA) indicates that cryptocurrency and forex scams spiked from 530 to 1,834 over the past year. In the same period, the losses fell from around £38 million ($48 million) to £27 million ($34 million). Also, the average loss per individual fell from £59,600 ($75,827) to £14,600 ($18,575).

Interestingly, the regulator noted that the majority of the losses (81%) were the product of crypto scams. Pauline Smith, Action Fraud director, noted:

“These figures are startling and provide a stark warning that people need to be wary of fake investments on online trading platforms. It’s vital that people carry out the necessary checks to ensure that an investment they’re considering is legitimate.”

The financial watchdog noted that the majority of the cryptocurrency and forex scams were promoted through social media platforms. The “get rich quick” scams often used fake celebrity endorsements and convinced naïve investors that they would make a profit from their first investment.

At the beginning of the year, the FCA published a survey that indicated around 73% of the consumers in the U.K. had no idea what a cryptocurrency was, yet they fell prey to schemes involving virtual coins due to the lure of quick profits.

Now the regulator plans to consult on a possible ban on the sale of certain crypto derivatives to retail investors by the end of 2019 – a ban the agency has been contemplating since November of last year.

In the past, the regulator has warned investors on the risks of getting involved with crypto derivatives products and unregistered brokerage firms. Currently, the agency is working with the Bank of England and the U.K. government to come up with some regulatory guidelines for the crypto industry.

Related Posts

FurGPT (FGPT) Prepares Global Token Rollout to Expand Decentralized AI Companionship

FurGPT (FGPT) Prepares Global Token Rollout to Expand Decentralized AI Companionship

by firstcryptonews
October 13, 2025
0

The upcoming global token launch expands FurGPT’s reach, empowering users and communities to engage in the future of AI-driven companionship....

FurGPT (FGPT) Announces Community Crypto Rewards to Power Token Ecosystem

FurGPT (FGPT) Announces Community Crypto Rewards to Power Token Ecosystem

by firstcryptonews
October 8, 2025
0

The new rewards initiative strengthens community participation and fuels long-term growth for FurGPT’s decentralized AI ecosystem. Singapore, SG – October...

Imagen Network Partners with Google Cloud to Advance AI Infrastructure for Decentralized Social

Imagen Network Partners with Google Cloud to Advance AI Infrastructure for Decentralized Social

by firstcryptonews
October 6, 2025
0

The partnership enhances Imagen’s scalability and personalization tools by integrating Google Cloud’s AI and infrastructure services. London, UK – October...

FurGPT (FGPT) Prepares Token Launch to Reshape Decentralized AI Companionship

FurGPT (FGPT) Prepares Token Launch to Reshape Decentralized AI Companionship

by firstcryptonews
October 6, 2025
0

The upcoming FGPT token launch marks a new phase in developing lifelike, adaptive AI companionship within the decentralized ecosystem. Singapore,...

FurGPT Deploys Multimodal AI to Create Natural Interactive Experiences

FurGPT Deploys Multimodal AI to Create Natural Interactive Experiences

by firstcryptonews
October 3, 2025
0

Enhanced multimodal frameworks strengthen FurGPT’s ability to deliver lifelike and intuitive digital companionship. Singapore, SG – October 3, 2025 –...

Crypto App Imagen AI Partners with Google Cloud to Accelerate AI Infrastructure for Decentralized Social

Crypto App Imagen AI Partners with Google Cloud to Accelerate AI Infrastructure for Decentralized Social

by firstcryptonews
October 1, 2025
0

Collaboration aims to enhance performance, reliability, and developer velocity for creator focused applications on Imagen Network. Singapore, SG – October...

Next Post
Weiss Ratings Considers Cardano An Effective And Profitable Blockchain Platform

Weiss Ratings Considers Cardano An Effective And Profitable Blockchain Platform

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

3 years ago
SMOL SHAPIRO ($SHAP) poised to lead as top PolitiFi meme coin leading into election, 1000X potential, just released on PumpFun

SMOL SHAPIRO ($SHAP) poised to lead as top PolitiFi meme coin leading into election, 1000X potential, just released on PumpFun

1 year ago
Atua AI Enhances Resource Allocation Intelligence to Optimize Protocol Operations

Atua AI Enhances Resource Allocation Intelligence to Optimize Protocol Operations

4 months ago
Why We May See Bitcoin At $50,000 By Mid-2020, (According to Trader)

Why We May See Bitcoin At $50,000 By Mid-2020, (According to Trader)

6 years ago
DIKEMEX

Dikemex Network Bringing More Excitement to Gamers with New NFTs Play-to-Earn Games

4 years ago
MedicalVeda

MedicalVeda Announces a Defi Based Medical Health Care Protocol

5 years ago

First Crypto News

First Crypto News

First Crypto News is the Fastest Crypto News Portal. We Bring the Best and We Bring it Fast.

Bitcoin

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

June 21, 2021

Recent News

FurGPT (FGPT) Prepares Global Token Rollout to Expand Decentralized AI Companionship

FurGPT (FGPT) Prepares Global Token Rollout to Expand Decentralized AI Companionship

October 13, 2025

Press Release

SuperTrust Expands Its Real-World Blockchain Ecosystem with Global Community Growth and Multi-Platform Integration

SuperTrust Expands Its Real-World Blockchain Ecosystem with Global Community Growth and Multi-Platform Integration

October 13, 2025

© 2020 First Crypto News

No Result
View All Result
  • Home
  • World
  • Science
  • Tech

© 2020 First Crypto News