UK Considers Blanket Ban on Crypto Investment Cold Calls

JM — Wed, 06 Sep 2023 23:42:38 +0000

The U.K. Treasury has released a consultation paper to understand the grassroots-level impact of a blanket ban on cold calls related to financial services and products. The government aims to crack down on rising cold calls targeting vulnerable individuals, including those involving cryptocurrencies.

Addressing Rising Fraud and Investor Losses

Fraud costs the U.K. an estimated £7 billion ($8.7 billion) annually, according to the National Crime Agency. The Treasury highlighted instances where cold calls resulted in investor losses, leading to the call for a blanket ban on finance-related cold calls.

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The government will not tolerate this behavior, said Andrew Griffith, the economic secretary to the Treasury.
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Balancing the Ban’s Impact on Businesses and Scammers

The proposed ban will be subject to consultations and aims to minimize the impact on legitimate businesses while ensuring maximum impact on scammers. The move demonstrates the U.K. government’s commitment to tackling fraudulent activities in the financial services sector.

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UK Considers Blanket Ban on Crypto Investment Cold Calls

Addressing Rising Fraud and Investor Losses

Balancing the Ban’s Impact on Businesses and Scammers