NatWest’s David Lindberg recently said that the U.K had been transformed into a den of scammers and dangerous individuals, all of whom want nothing more than to steal the hard-earned funds of numerous crypto investors. He believes that the United Kingdom’s cryptocurrency market is now the ‘absolute worst’ and that investors must exercise extreme caution when trading.
David claims that the U.K based investors need to be careful when getting involved with digital assets as the nation is full of scammers, fraudsters, and even fake crypto exchanges that all strive to attract investors for nefarious purposes. Scams have unfortunately become a common trait when it comes to the crypto industry and market, so David’s words do carry some weightage and significance.
‘Scammer Paradise’
NatWest, officially known as National Westminster Bank, is one of the United Kingdom’s biggest commercial and retail banks. David Lindberg has gone on the record to state that although the crypto industry and community have been steadily growing for a long time now, the existence of scammers and fraudulent activities has simultaneously increased. This led him to conclude that the U.K has become a ‘paradise’ of sorts for these types of criminals before adding that the U.K market is the worst that he has ever seen.
Regarding solutions, David emphasized that the current situation could have disastrous consequences if left unsolved, and so he encourages the government to work alongside the banks, the police, and also the social media operators in an attempt to fight back against the fraudsters. Lindberg suggests that it will take everything that the U.K has to ultimately fix this glaring issue, as scammers are often intelligent and move very quickly, usually not staying in one place for too long.
Warning issued by FCA
The country’s FCA had announced its intentions of launching a massive digital marketing campaign (the total cost of which was said to be about $15 million) in the hopes that investors can become aware of the scammers lurking about and avoid dealing with these individuals as much as possible. The main target audience of this campaign appears to be people aged from 18 to 30.
Nikhil Rathi, the Chief Executive of the FCA, realized that it is normally youngsters that tend to get drawn into scams as these people often consider investments to be a form of entertainment. Nikhil added that because of this mindset, the young investors think more emotionally and less logically. Furthermore, the FCA itself shall be administering more stringent rules and regulations for any and all new cryptocurrency-oriented businesses.