Crypto Marketers Take Note: UK Regulator Issues Warning On ‘Common Issues’
In a bid to “safeguard consumers,” the UK Financial Conduct Authority (FCA) has issued a warning regarding “common issues” observed in crypto asset promotions. With the implementation of a new marketing regime, the FCA has asserted its authority over crypto promotions in the UK. FCA Unveils Alert List To Expose ‘Non-Compliant Crypto Entities’ The FCA has […]
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South African regulator the Financial Sector Conduct Authority recently issued its second crypto “health warning” after it noticed increased reports of crypto-related losses suffered “in the past three months.” In the warning, the regulator reminds investors that since cryptocurrencies are “not regulated by the authority or any other body,” there will be no legal recourse “if something goes wrong.” Unregulated Firms and Promises of High Rewards The FSCA’s second warning comes in the wake of the collapse of the Mirror Trading....
Nigeria’s Economic and Financial Crimes Commission (EFCC) has become the latest body to warn of risks associated with cryptocurrency investments. In a public warning, the law enforcement agency argues that investing in cryptos “is a high-risk activity as the terrain is largely unregulated and prone to fraud.” Proliferation of Scams According to a report that quotes Wilson Uwujaren, the EFCC spokesperson, the law enforcement agency is alarmed by “the rate at which Nigerians sent them petitions on fraudulent investments.” Meanwhile, the spokesperson also bemoans....
The Nepal Telecommunications Authority has issued a warning that crypto activities are illegal. The regulator emphasized that websites, apps, and online networks related to crypto activities are prohibited to be used, operated, or managed within the country. Nepalese Regulator’s Crypto Warning Nepal’s regulator of the technology sector, the Nepal Telecommunications Authority (NTA), issued a notice Monday warning the public about engaging in illegal activities, specifically naming cryptocurrency, bitcoin, and online gambling. Noting that transactions using digital....
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....
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....