More than 250,000 British teens aged 13 to 16 own cryptocurrencies in the UK, the London city watchdog has warned, writes Lucy Evans.
Financial Conduct Authority boss Nikhil Rathi sounded the alarm over increasing financial vulnerability among teenagers, with 8pc of 13- to 16-year-olds holding the high-risk asset.
Concerns are mounting that owning digital currencies could expose children to scams, theft and malware.
Rathi said a recent report on financial education “shone a light on how children use money at ever younger ages, and their vulnerability to online marketing”.
He said: “Financial apps are now available for children as young as six, while 8pc of 13- to 16-year-olds own high risk cryptoassets, sometimes confusing gambling, trading, investing and entertainment.”
That is the equivalent of a quarter of a million teenagers, according to official population estimates.
Children are gaining access to digital money at ever younger ages, allowing them to manage it online and on smartphone …