Young men in the UK facing rising crypto trading addiction

Addiction clinics are seeing an increasing number of compulsive cryptocurrency traders, with young men particularly falling victim to get-rich-quick schemes, Kazinform News Agency reports.

Amanda Pritchard, chief executive of NHS England, highlighted that online cryptocurrency exchanges have become a new frontier for gambling addiction.

Investors often purchase digital currencies like Bitcoin and Ethereum, hoping their value will rise for substantial profits. Additionally, these tokens can be used to bet on sports without proper checks and balances.

One in ten Brits now hold cryptocurrency in online wallets, but regulation remains lax, posing a significant risk. Men under 35 make up about 40% of the market and are at the highest risk of addiction.

Members of the Treasury select committee have called for tougher regulation of the crypto sector from the UK government. The current trading system obscures ownership, buying, and selling, allowing people to remain anonymous, which leads to wild fluctuations in investment values and minimal protection when issues arise.

Private addiction clinic Castle Craig has identified symptoms of addiction, including constant price-checking, spending all free time trading, financial troubles, and mood swings.

Due to soaring referrals in recent years, the number of gambling clinics in England has increased. There are currently an estimated 138,000 problem gamblers nationwide.