US SEC Issues Warning on Crypto Investment Scams Citing ‘Some Investors May H...
The U.S. Securities and Exchange Commission (SEC) has issued a warning about fraudulent investment schemes involving cryptocurrencies. The regulator notes that some investors may have fear of missing out (FOMO) given the rise in prices of some crypto assets in recent years. SEC Warns Investors of Crypto Scams The U.S. Securities and Exchange Commission’s Office of Investor Education and Advocacy (OIEA) and Division of Enforcement’s Retail Strategy Task Force (RSTF) issued an Investor Alert on crypto investment scams last week. The notice explains that....
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Bitcoin-related investment scams have already exceeded $18.5 million, an increase of 44% compared to the total losses of nearly $12.8 million in 2020. Investment scams in Australia cost investors more than 70 million Australian dollars ($50.5 million) in the first six months of 2021, with crypto scams contributing to more than 50% of the losses, according to Scamwatch data. As reported by the Australian Competition and Consumer Commission (ACCC), Scamwatch data shows a 53.4% increase in investment scam-related reports, which is set to exceed $101 million by the end of this year. Based on....
In 2021 alone, victims within the FBI San Francisco division’s territory lost more than $64 million to romance scams, compared to just over $35 million in 2020. The United States Federal Bureau of Investigation (FBI) has issued a warning against the rise in romance scams in the San Francisco Bay Area, with the latest trend involving cryptocurrencies. Just a few days ahead of Valentine’s day, the FBI San Francisco field office alerted the public about the rise in romance scams based on the complaints filed with the FBI’s Internet Crime Complaint Center (IC3). A romance scam involves....
Lloyds Bank has issued a stark warning as crypto scams spike by 23% this year, revealing that victims are losing an average of £10,741. The report highlights the alarming trend of two-thirds of these scams originating on social media platforms. The data underscores the urgent need for increased awareness and regulatory measures in the cryptocurrency […]
The Financial Sector Conduct Authority (FSCA) has issued what it terms crypto health warning after receiving many complaints from South African victims of crypto scams. In the warning, the FSCA reminds prospective investors that crypto-related investments are currently not regulated. Therefore, investors have no recourse against anyone should they get duped. Cryptocurrencies Are High-Risk Assets The FSCA’s warning comes a few weeks after an executive with the regulatory body bemoaned the challenges of regulating cryptocurrencies and how scammers are taking advantage of this. The....
Binance’s regulatory troubles continue with Lithuania being the latest country to issue a warning about the cryptocurrency exchange. Lithuania’s announcement came one day after Italy issued a similar warning. Lithuania Warns Binance Lithuania’s central bank announced Friday that it has issued a warning to Binance UAB about its unlicensed investment services provided in Lithuania. The central bank also “ordered the company to ensure that its publicly available information is not misleading.” The central bank explained that it has assessed publicly available....