City watchdog says Instagram and TikTok are influencing investments such as bitcoin and foreign exchange

A new breed of thrill-seeking young investors are taking big financial risks when investing in cryptocurrencies, foreign exchange trading and other high-risk products, according to a warning from the City regulator.

These younger and more diverse DIY investors were making riskier choices because they liked the challenge and the status it gave them, and were often swayed by the financial and investment influencers on sites such as Instagram and TikTok, said the Financial Conduct Authority.

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