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Cryptoassets Not A Shortcut To Getting Rich, FCA Warns

Law360, London (March 7, 2019, 4:28 PM GMT) -- Consumers should "be prepared to lose all their money” if they invest in cryptocurrencies such as bitcoin, the Financial Conduct Authority warned on Thursday, after it found they are often buying the assets to “get rich quick.”

A survey by the City watchdog found that would-be investors are being influenced by friends and social media to put their money into cryptoassets, even though 73 percent of consumers that it spoke to cannot define what the products are. The FCA warned that some cryptocurrency owners make their purchases without carrying out research beforehand, because they believe the assets are a shortcut to...

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