Most young investors in the United Kingdom are entering the crypto market thanks to the hype on social media and news, but they are not aware that the market is not regulated, a new study published by the U.K. Financial Conduct Authority (FCA) revealed.

The survey revealed that a majority (69%) of the investors under the age of 40 mistakenly believe that crypto markets are regulated. More than three-quarters (76%) of young investors who put money on risky assets like cryptocurrencies, forex or crowdfunding are driven by competition with friends and family.