Don't be fooled by the UK regulation; this kind of "insufficient client fund protection" is the same everywhere. Once an issue occurs, it's a systemic trust collapse.

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CryptoFrontier
FCA Censures Sapia, Orders £19.6M Payment to WealthTek Clients
The Financial Conduct Authority (FCA) has censured Sapia and required the firm to pay £19.6 million to clients of WealthTek following an investigation into inadequate client money safeguards. The payment, comprising £19.1 million to WealthTek's administrators and £500,000 to the Financial Services C
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