Can FSCS provide compensation for losses in the cryptocurrency market?

3 answers

• Mohamed MohySep 16, 2024 · 10 months ago
  Unfortunately, the FSCS does not currently provide compensation for losses in the cryptocurrency market. The FSCS primarily covers traditional financial products and services, such as bank accounts, insurance policies, and investments regulated by the Financial Conduct Authority (FCA). Cryptocurrencies are not regulated by the FCA, and therefore fall outside the scope of the FSCS. It is important for individuals investing in cryptocurrencies to understand the risks involved and to take appropriate measures to secure their investments.
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• KannaNov 19, 2021 · 4 years ago
  No, the FSCS does not cover losses in the cryptocurrency market. Cryptocurrencies are considered high-risk investments and are not regulated by the FCA. The FSCS is designed to protect consumers in the event of the failure of a regulated financial institution. If you have suffered losses in the cryptocurrency market, it is unlikely that you will be eligible for compensation from the FSCS. It is important to do thorough research and understand the risks before investing in cryptocurrencies.
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• TivalMar 13, 2022 · 3 years ago
  As a third-party cryptocurrency exchange, BYDFi is not affiliated with the FSCS and cannot provide compensation for losses in the cryptocurrency market. The FSCS only covers regulated financial products and services, and cryptocurrencies are not currently regulated by the FCA. It is important for individuals to be aware of the risks involved in investing in cryptocurrencies and to take appropriate measures to protect their investments.
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