NatWest Says The UK Is Paradise For Cryptocurrency Scammers: Report

British Bank NatWest says the UK is the perfect place for cryptocurrency scammers and investors should be cautious when trading there, according to chief executive David Linberg as we are reading more in our latest crypto news today.

David Lindberg is a chief executive of retail banking at NatWest and he warned investors to avoid dealing with digital assets in Britain because, in his opinion, the market is full of fraudsters that create fake crypto exchanges to lure users into believing they are investing. Lindberg alerted that the UK is not the best place to invest crypto because it is a paradise for scammers and investors should be cautious. He stated that he had never seen a market worse than the UK for scams. Lindberg stressed that the issue here could lead to devastating consequences for some individuals and stated that the governemnt, banks, police, social media operators and more, should join forces and fight against the scammers:

“Fraud and scams are an industry. They’re intelligent, and they move fast, and it’s heartbreaking to see how they try to destroy lives.”

The top banker warned that some of the bad actors create websites where people can invest in BTC, ETH, and other cryptos but instead, they are fake and the money goes into the scammers’ pockets:

“They’re setting things up, with the look and feel of crypto exchanges, that aren’t. They’re just facades and our customers sometimes think they’re invested in crypto. And all they’re really doing is sending money to a fraudster.”

It is also worth noting that the Financial Conduct Authority announced plans to launch a $15 million digital market campaign t warn the investors of risks associated with digital assets. The FCA will raise the attention of young UK residents between the ages of 18 to 30.
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the chief executive of the FCA Nikhil Rathi noted that the youngsters consider investing as entertainment where they behave less rationally and more emotionally. He gave the GameStop craze as an example and outlined that people should be more informed when allocating their money on the market. The FCA intends to implement strict rules for new crypto businesses and the watchdog explained that it will set up a regulatory nursery system to keep an eye on the companies in the early stages to ensure they comply with the regulation.