'Nation should not compensate investors for crypto losses' says UK's Financial Conduct Authority CEO
cointelegraph.comOn Wednesday, Nikhil Rathi, CEO of the United Kingdom's Financial Conduct Authority, or FCA, issued the following statement to the Treasury Committee when asked about the risks of the much-unregulated cryptocurrency sector in the country:
In the passage, Rathi refers to the FCA's Financial Services Compensation Scheme, or FSCS, which pays out compensation to consumers when certain authorized financial institutions cannot meet claims against them, such as during bankruptcies, criminal schemes, or insurance breach-of-contract. In theory, the proposed rules would prevent UK crypto investors from receiving government restitution who have been scammed by allegedly fraudulent cryptocurrency exchanges or decentralized finance rug pulls, as they are
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