If the exchange goes bust

Most crypto activity in the UK is not regulated. If you invest in crypto, you generally cannot take a complaint to the Financial Ombudsman Service. The Financial Services Compensation Scheme does not protect you if the firm goes out of business, so you are unlikely to get the money back. Being on the register does not create that protection.

A firm offering crypto in the UK must be registered with the FCA, or have permission to promote it. The Financial Services Register shows who is registered and who is operating without permission. If you cannot find the firm, it is unlikely to have that permission. The FCA says avoid the firm. Check which activities a registered firm is allowed to do.

Cover from the compensation scheme is highly unlikely, because crypto is largely unregulated. In 2022 the lender Celsius went bankrupt owing its users $4.7 billion. Many people could not withdraw, and got nothing back. Celsius was a lender, not an exchange. If you leave crypto on an exchange, the exchange is holding it. If the exchange gets into financial trouble, that crypto is at risk.

If you have lost money, contact Report Fraud and then the FCA. The FCA cannot get the money back for you.

If you are worried about a possible fraud, or think someone has contacted you to defraud you, report it to the FCA on 0800 111 6768 or through its contact form.

If the matter is outside what the FCA regulates, or you have lost money, contact Report Fraud on 0300 123 2040, or on the website the FCA links.

Check the firm on the Firm Checker. The firm reference number and the contact details you were given should match. If the Checker has no contact details, or the firm says they are out of date, call 0800 111 6768. Use the address on the Checker, not a link in an email or on a company website.