UK Regulator Warns Investors of Rising Cryptocurrency Scams

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The Financial Conduct Authority, UK’s financial watchdog, is reminding consumers that cryptocurrency scams are rising in the country. Residents in the United Kingdom who decide to invest in Bitcoin or any other virtual currency are not protected by the regulatory framework given that cryptocurrencies are not regulated by the FCA.£2 Million Lost In Cryptocurrency Scams In June And July AloneA warning of cryptocurrency scams first made in June has been re-posted by the UK regulator to let consumers know that fraudulent schemes are on the rise.“UK consumers are being increasingly targeted by cryptocurrency-related investment scams […] Cryptocurrency fraudsters tend to advertise on social media, often using the images of celebrities or well-known individuals to promote cryptocurrency investments. […] The firms operating the scams are usually based outside of the UK but will claim to have a UK presence, often a prestigious City of London address.”Cryptocurrency swindles include posting images of