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With Bitcoin recently hitting new highs and trading volatility on the rise, the U.K.’s Financial Conduct Authority (FCA) is warning investors about the extreme risks of trading in crypto.

The FCA said that it is concerned about firms promising high returns from crypto-related investments, including derivatives and other products linked to cryptoassets.

Rather than high returns, the FCA said that investors should be prepared to lose all of their money when engaging in these sorts of risky investments.

“As with all high-risk, speculative investments, consumers should make sure they understand what they’re investing in, the risks associated with investing, and any regulatory protections that apply,” the FCA said.

The warning comes amid growing efforts to regulate the crypto space.

As of Jan. 10, firms dealing in crypto assets in the U.K. must be registered with the FCA under its anti-money laundering rules.

“Operating without a registration is a criminal offence,” the FCA said, stressing that investors should only deal with registered firms.

Last week, the U.K.’s finance department, HM Treasury, launched a consultation on its regulatory approach to cryptoassets.

The U.S. Treasury has also proposed new reporting and recordkeeping requirements for cryptoassets.