Nikhil Rathi, the FCA CEO says investors should not be compensated for crypto losses in case they lose money from the investments as we can see more further in today’s cryptocurrency latest news.
The FCA CEO Nikhil Rathi proposed that the British governemnt should not be compensated to individuals that invest in crypto in case of a loss. Digital assets were employed in criminal activities as well so investors that deal with them have to be ready to lose all of their money. The chief Executive Officer of the FCA addressed the proposal he made to the Treasury Committee when asked about his view on the crypto industry. He said that bitcoin and other altcoins are a vector of serious organized crime and money laundering so the investors have to be aware of the risks before entering the market. The Financial Services Compensation Scheme should no longer reimburse the investors that lost sums when dealign with crypto:
“I would suggest we simply say that anything crypto-related should not be entitled to compensation, that consumers are clear about that when they are investing.”
The FSCS is the British statutory deposit insurance and the investor’s compensation scheme for customers of authorized financial services companies which means that the locals are eligible to receive reimbursements if they became a victim of fraudulent activities in the crypto market. Rathi added that the FCA saw a surge in applications from exchanges that want to get regulatory approval in the past few months but many haven’t been granted a license yet. Rathi became the CEO of FCA last year and he started pushing towards a more aggressive approach to protect the customers from scams.
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At the start of the year, the FCA warned local investors to beware of risks associated with investing in cryptocurrencies more specifically companies that lack regulation and promise high returns. The regulator reiterated that people who deal with BTC and alternative coins should have to be ready to lose the funds. According to the Chief Executive Officer of the NatWest, the UK is a great space for crypto scammers. Rathi advised people to stay away from the crypto sector is full of fraudsters that are creating fake platforms. Lindberg went further that stated that he had not seen the market at its worst because of the UK scams and said the problem can be solved if the British government, banks, and police join forces and fight the bad actors together.
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