UK FCA warns of major dangers with the unregulated cryptocurrency market
- The UK financial and markets watchdog issued a statement with a warning regarding cryptocurrencies.
- It was detailed that there is market naivety, volatility and lack of reliable data all increases major concerns.
The United Kingdom financial and markets watchdog, FCA warned of the major dangers of unregulated Bitcoin and other cryptocurrencies.
The Financial Conduct Authority (FCA) detailed that these cryptocurrencies do not hold core value, additionally providing users less protections and further indicated that those unregulated tokens fall outside the range of its authorities.
As per the FCA statement, it revealed, that a mixture of market naivety, volatility and a lack of reliable data increases major concerns especially regarding market integrity, fraud, manipulation and internal dealing in the digital asset markets.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
