Andreas Utermann, chief executive officer and global chief investment officer of Allianz (DE:ALVG) Global Investors, has said cryptocurrencies should be banned by regulators.

According to a report from Reuters on Tuesday, Utermann was speaking during a panel discussion in London alongside Andrew Bailey, chief executive of U.K.’s Financial Conduct Authority (FCA).

He said, “You should outlaw [crypto assets],” because many have lost savings due to the significant slump in the crypto markets. “I am personally surprised that regulators haven’t stepped in harder.”

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