Please note: Due to the new FCA regulations that will come into affect on the 8th October 2023, we would like to make you aware of the following warning for your safety.
As RIIDE is classed as a cryptocurrency investment, please do not invest unless you’re prepared to lose all of the money that you invest. Cryptocurrency projects are currently deemed as high-risk investments and whilst we will endeavor to make RIIDE a success, you should not expect to be protected if something goes wrong, please take a few minutes to do your due diligence.
Important Information for UK Users
In accordance with the Financial Conduct Authority’s (FCA) assessment, we would like to draw your attention to the significant risks associated with this investment. It is essential to understand these key risks before proceeding:
1. Potential Loss of Entire Investment
Cryptoassets are renowned for their extreme volatility, with their value capable of fluctuating rapidly, both upwards and downwards. Please be aware that there is a substantial risk of losing the entirety of your investment in cryptoassets. Furthermore, the cryptoasset market operates with limited regulation, exposing you to potential losses due to possible cyber-attacks, financial misconduct, or the failure of firms.
2. Absence of Investor Protection
Kindly note that the Financial Services Compensation Scheme (FSCS) does not safeguard this type of investment. It does not fall under the classification of a ‘specified investment’ within the UK regulatory framework, meaning that FSCS protection does not extend to this category. You can verify the suitability of your investment for FSCS protection using the FSCS investment protection checker.
The Financial Ombudsman Service (FOS) also does not cover poor investment performance. While FOS may consider complaints against FCA-regulated firms, its protection does not encompass investment losses.
3. Limited Liquidity and Selling Constraints
The ability to sell your cryptoasset investment at your preferred time is not guaranteed. Numerous factors, including market supply and demand, influence the ease of selling cryptoassets. Unforeseen operational issues, such as technical disruptions, cyber-attacks, and fund commingling, can lead to unwanted delays and hinder your ability to sell when desired.
4. Complexity of Cryptoasset Investments
Investing in cryptoassets can be intricate and challenging to comprehend, heightening the associated risks. It is imperative that you conduct thorough research before investing and exercise caution when confronted with offers that seem too good to be true.
5. Diversification is Key
It is unwise to allocate all your capital to a single type of investment, as this carries inherent risks. Spreading your investments across various assets reduces your dependence on any one investment’s performance. A prudent guideline is to refrain from investing more than 10% of your total funds in high-risk investments.
For further guidance on protecting yourself and gaining a deeper understanding of these risks, we recommend visiting the FCA’s website. Additionally, you can explore comprehensive information about cryptoassets on the FCA’s website.
Lastly, it is essential to recognize that different cryptoassets entail varying degrees of risk. Prior to making any investments, we encourage you to do you own research before investing. Your financial well-being is of paramount importance to us, and we hope you make informed decisions regarding any investment you decide to make.
