State Regulator to Issue Digital Currency Warning Tuesday
Alabama state regulator Joseph Borg will reportedly issue a warning/consumer alert on digital currency (the most popular of which being bitcoin) Tuesday. The alert will advise both consumers and investors who have issues cashing out of bitcoin or troubles withdrawing to stop trading, at least until the problems they're experiencing get sorted out. Borg has served for 20 years on the Alabama Securities Commission, and is presently the administrator, and is known for forming the task force that brought down Jordan Belfort's Stratton Oakmont investment firm (a story chronicled in the 2013....
Related News
Minnesota's commerce commissioner has warned consumers in his state to be wary of bitcoin despite no reported bitcoin-related problems, according to Minneapolis The Star Tribune. The warning marks the third U. S. state regulator in a month to issue such a warning. Mike Rothman, the Minnesota commissioner, acknowledged that legitimate businesses are using bitcoin and developing legitimate uses for it to buy and sell goods. He also says there are no reports in Minnesota of consumers being scammed with bitcoin. He nonetheless warns there is a dark side to bitcoin and since it's not backed by....
The European Banking Authority (EBA) has issued a warning on potential risks related to virtual currencies, but the warning is largely focused on the possibility of fraud and theft. The authority points out that consumers are not protected by union regulation when they buy, trade or hold virtual currencies such as bitcoin. In addition, the regulator warns that there is no guarantee that currency values will remain stable. The EBA was apparently prompted to issue the warning due to a sudden increase in virtual currency trading and the fact that virtual currencies are constantly in the....
A top financial regulator in Belgium has issued a warning about OneCoin, a digital currency product that has frequently drawn fraud accusations. The notice, published this weekend, states that remarks from promoters that OneCoin has received the institution's tacit approval are "false and misleading". Despite the claims, the Financial Services and Markets Authority (FSMA) said that it had no regulatory powers to speak of in relation to digital currencies, and the note itself constitutes little more than a warning about getting involved with products like OneCoin. The notice....
Over the past few weeks and months, it hasn't been uncommon to hear central banks and governments speak out against bitcoin. Today, an American state did just that. The state of Hawaii, specifically the Department of Commerce and Consumer Affairs' Division of Financial Institutions (DFI), has issued a warning related to bitcoin. The DFI said any company transmitting bitcoins (and presumably other digital currencies) in the state is doing so unlawfully. This includes exchanges, wallet services, and mining operations. In addition, the DFI warned consumers of potential losses in using....
The U.K.’s advertising authority has sent an enforcement notice to more than 50 companies that advertise cryptocurrencies. “We will monitor for compliance and implement sanctions if we do not see improvements,” said the regulator. British Advertising Regulator’s ‘Red Alert’ Priority Issue The U.K. Advertising Standards Authority (ASA), the country’s regulator of advertising, announced Tuesday: We have issued an enforcement notice to over 50 companies which advertise cryptocurrencies, instructing them to review their ads and to ensure they....