It is a common assumption that money on a crypto platform is protected like money in a bank. In the UK, that is generally not the case.
Most crypto is not covered by the Financial Services Compensation Scheme (FSCS), and you usually cannot take a complaint to the Financial Ombudsman Service. If a platform fails or you are scammed, you may not get your money back.
This is one of the biggest differences between crypto and a bank account. Read more in what happens if an exchange fails.
Crypto is high risk and largely unregulated in the UK. You could lose all the money you invest, and most crypto is not protected by the FSCS or the Financial Ombudsman Service. This is educational information only, not financial advice. Only invest what you can afford to lose.