The Financial Conduct Authority (FCA), the UK’s financial regulator, has issued an urgent warning about Digital Assets Nest, a crypto investment firm.
The FCA warns that this firm is promoting financial services without proper authorization, posing significant risks to investors.
FCA Flags Digital Assets Nest as an Unauthorized Crypto Firm
In its warning about Digital Assets Nest, the FCA advises against dealing with this firm to avoid potential . The agency stated that engaging with such firms can result in significant financial losses.
According to the rule, in the UK, firms and individuals must be authorized by the FCA to offer or promote financial services. It encourages investors and traders to ensure they deal with authorized firms to safeguard their investments and have greater protection if issues arise.
BeInCrypto previously reported that FCA implemented a new rule in October 2023. The rule requires crypto firms to ensure their marketing is “clear, fair, and not misleading.” Moreover, it mandates the firms to provide prominent risk warnings to UK consumers.
She also emphasized that the FCA will take a tough stance against whoever is carrying out illegal activities. It would delete websites, social media accounts, applications, or other promotional media that require handling.
