European Union officials have warned cryptocurrency users that there is a risk of “losing all their invested money” and should be on alert for “misleading advertisements.”

According to a statement published by the European Banking Authority, consumers “face the very real possibility of losing all their invested money if they buy these assets” in connection to the rapidly growing industry and audacious publicity of said products.

The regulators referred to cryptocurrencies as "speculative" and stated that protocols not yet present in the EU are necessary to keep consumers secure. It also alerted that cryptocurrency investors "should be particularly wary of promised fast or high returns, especially those that look too good to be true."

The Financial Stability Board said in February that the fast development of crypto markets “could reach a point where they represent a threat to global financial stability” as they begin to interact with traditional financial systems.

“Currently, crypto assets remain a small portion of overall global financial system assets,” the financial institution said in a press release. “The rapid evolution and international nature of crypto asset markets raise the potential for regulatory gaps, fragmentation or arbitrage.”