The UK regulator’s clampdown on Binance, one of the world’s largest cryptocurrency exchanges, offers a reminder to consumers around the world that they will struggle to retrieve any of their money stashed in these new assets if something goes wrong.

So far, this message has not cut through. Fewer than one in 10 potential buyers of cryptocurrencies have seen official warnings about crypto, according to Financial Conduct Authority research this month, and about 15 per cent of crypto holders incorrectly believed they had some financial safety net.

Why are no protections in place?

The pace of development in the crypto industry has far outstripped regulators’ ability to respond. Most financial rules in the past decade stemmed from the 2008 crisis, when bitcoin was a hobby for a small band of enthusiasts.