LONDON — Thinking of investing in a cryptocurrency? Be prepared to lose all your money.
That’s the message from the U.K.’s Financial Conduct Authority, which on Monday warned investments and lending products related to crypto come with “very high risks.”
“The FCA is aware that some firms are offering investments in cryptoassets, or lending or investments linked to cryptoassets, that promise high returns,” the financial services regulator said.
“If consumers invest in these types of product, they should be prepared to lose all their money.
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Bitcoin plunged in overnight trading. As of this post, about $200 billion in value has been wiped out.