The Financial Conduct Authority introduced 'tough new rules' (their phraseology) for crypto firms back in October 2023, requiring them, as part of these rules, to ensure that investors had appropriate knowledge and experience to invest in high risk crypto assets.
What this has boiled down to, in practical terms for me, is having to do some questionnaires related to crypto investing on two exchanges: Binance, back in November, and now Kraken, just a few days ago....
Said questionnaires are clearly designed to test that I've got adequate knowledge and experience to invest in crypto, but I'm not sure how tough they are...?
I'll let you be the judge of how difficult the SIX multi choice questions below are to answer...
Only Meme Coins have risks....
Hmm, those guys at Kraken are DEFO taking the piss with at least one of these questions!
Honestly, at a push, we have ONE serious question here... the final one about coverage by the FCA. I guess it's not an unreasonable mistaken view to hold that the FSCS might refund some crypto losses in the same way that bank funds are guaranteed (IF you put any faith in that scheme at all, which personally I don't if the financial shit really hits the fan!)
Should I cash in my pension to buy crypto....?
Or buy because it's popular and thus likely to bring a high return....
More tongue in cheek here I think.
As to the last question anyone with any grasp of basic logic and the English language could determine top one is the only possible answer.
Drumroll please...
I am please to say I passed, another achievement and a certificate in the post for the wall, stacking them!
But on a more serious note, these questionnaires have been a minor irritation, but at least they are so easy I can't see anyone failing them, so it's hardly a barrier to entry.
Or perhaps I am giving people too much credit...?!?
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