You have to know. . . Is my crypto endangered?

The spectacular implosion of Sam Bankman-Fried's crypto empire has shaken the world of digital assets that have already stuck after a summer of uncertainty, which was driven by the collapse of the linked Terra and Luna tokens.

While the saga continues to develop, the exact extent of the damage to the unregulated world of speculative cryptography is still unclear, but British private savers who invest their money in the investment class will probably be in front of a stony way when it comes to the value of their investments. Those with funds that are kept by stricken stock exchanges may not be able to take off at all.

I am a British owner of crypto and have read fears. Are my stocks endangered?
The extensive group of Bankman-Fried concentrated on the now Bankrotte Krypto exchange FTX, whose collapse her new boss John Ray III described as the worst case of corporate failure that he had experienced in his over 40-year career.

Small investors who used FTX for trade and as a place of storage for their cryptos will probably not call up their funds from the no longer existing stock exchange. But the problem is widespread. Other stock exchanges, including Blockfi - which was strongly exposed to FTX - have suspended payments in the past few days. Genesis Trading, which enables customers to lend their coins, also announced a stop of the withdrawals in his civil unit at the beginning of this week.

Even if your crypto is on a stock exchange where you can withdraw it, you don't expect a great price. Bitcoin fell from around $ 60,000 a year ago to less than $ 17,000. Coins with more direct commitment to Bankman-Fried's shops, such as Solana or his own cryptocurrency FTT von FTX, have suffered even more declines.

can I do something to protect my money?
Changpeng Zhao, Head of Binance, the former rival of FTX, is one of those who ask users for "self-storage", which means that they store the private keys to their cryptos in a personal digital wallet (but while they are promoting Binance's official crypto. This avoids the risk of keeping it on a central stock exchange.

While this could be helpful in the future, those whose money stuck on stock exchanges who have raised the tract bridge - permanently or not - have not raised real compensation.

What do the British regulatory authorities do to help?
regulation is often treated with ridicule in the crypto world. Bankman-Fried himself said in an interview with VOX that the regulatory authorities "do not protect customers at all". However, FTX only proposed industrial standards last month.

Those who have lost money will find little consolation in the libertarian ideals of crypto, since the investment class in Great Britain is largely unregulated. The Financial Conduct Authority, the city's supervisory authority, has a register of regulated companies, but this only covers the guidelines to combat money laundering. There is no protection through the Financial Services Compensation Scheme - the customer of failed banks or building societies helps - so if the coin has bought it or the company that it has held, there is no recourse.

The Financial Service and Market Act, which is currently undergoing the lower house, will give the FCA a greater regulatory supervision of the crypto sector, but it is expected that this will only come into force next year.

If I decide to sell now and take my profits with me, will I then taxable? Certain permissible costs can be deducted, including some transaction fees and advertising costs for a buyer or seller.

From a practical point of view, British large banks have begun due to high fraud rates to take a harder attitude towards payments of their customers on cryptocurrency exchanges. TSB has banned them since last year, while Santander and Virgin Money have announced that they will be tightened their approach this month.

So far, no lender has undertaken the step to prevent customers from redeeming their crypto, but those who see a more opportunity to buy speculative coins when the price is low will be able to find that their bank is not ready to help them.