NatWest executive David Lindberg said the United Kingdom is the most dangerous market for cryptocurrency investors.
According to Lindberg, the British crypto market is filled with fake crypto exchanges whose only purpose is to bait unsuspecting investors.
That is why he is warning investors that they should stay away from the UK when it comes to crypto investing because there is a high chance that they would be scammed.
‘Paradise for Scammers’
David Lindberg didn’t mince words when he described the UK crypto market, saying it’s a “paradise for scammers” and the worst cryptocurrency market he had ever seen.
He didn’t just warn investors to be cautious, but to be “extra” cautious on getting near Britain’s digital currency market.
“Fraud and scams are an industry. They’re intelligent, and they move fast, and it’s heartbreaking to see how they destroy lives,” Lindberg said.
He also said that Britain’s various entities like the government, banks, police, and social media should work together to prevent organized fraudsters from baiting more victims.
Fake crypto websites
Lindberg said that one of the most effective tools of crypto scammers are fake cryptocurrency websites where people are invited to invest in bitcoin, ethereum, and other popular cryptos.
The truth behind these websites is that the funds being invested go straight to website owners (scammers) and not on crypto investments.
As a response to the rising crypto fraud incidents, the UK government, through its Financial Conduct Authority (FCA) will launch a $15 million digital marketing campaign to warn investors about the major risks of investing in cryptos, which include being scammed by fraudsters.
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