NatWest’s retail banking executive ‘David Lindberg’ cautioned crypto investors to be careful in the United Kingdom, especially when they deal with crypto assets. He stated his view that the market of cryptocurrency is the worst for trading. He stated that there are fraudsters in the market who manufacture bogus crypto exchanges to attract the people who are willing to invest.
Scams and fraud turned into an industry
David Lindberg, counted among the prominent executives at NatWest (the top bank of the United Kingdom), is alarmed that Britain is the ideal place not for the crypto investors however for the crypto scammers. He further advised the investors to be more cautious. He added that no other place in the world is as alarming as is the United Kingdom.
Lindberg focused that there might be some severe consequences of the matter, especially for some people who are entrapped by such frauds. In his opinion, there should be a mutual collaboration between the operators of social media, banks, the police, and the government of Britain to collectively counter the fraudsters. He explained the aforementioned necessity by stating that fraud and scams have now developed into industry having intelligent and fast individuals who are completely devastating the crypto market, which is pitiful.
He also focused the attention on a few of the bad actors who have created websites for the investments in Ethereum, Bitcoin, and the other crypto coins; however, they are not real, and the money directly goes into the pockets of the fraudsters. He elaborated the point by expressing that people may feel them for being real, but the websites are only apparently legit. They are just disguises making people think they are investing in crypto; however, all the investment reaches the scammers.
A warning from FCA about the risks in crypto investments
A worth noting announcement has been made by the FCA (Britain authority of financial conduct), which disclosed that the organization is moving toward the launch of a campaign, valuing over $15M, regarding digital marketing to spread awareness about the potential risks involved in the investment of crypto assets. The regulator of the United Kingdom will focus the attention of the U.K. citizens (especially young people aging from 18 to 30).
Nikhil Rathi, the CEO of FCA, mentioned that the youngsters are the prey of such frauds and in such schemes. He also revealed that the organization is going to construct a more effective system of regulations to observe the crypto market, and the firms discarding the rules would not be tolerated.