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Crypto firm partners with police in Dubai to educate investors on crypto fraud

Crypto firm

TL;DR Breakdown

  • Crypto firm and Dubai police partner to end crypto fraud.
  • Dubai police says it is training officers on blockchain and cryptocurrencies.
  • Crypto fraud continues to rise.

The Police authority in Dubai has partnered with private crypto firm (BitOasis) in the country towards putting an end to fraud involving cryptocurrencies in the country.

Dubai police and the crypto firm decided to partner to educate investors and traders about crypto fraud, according to local reports. Ola Doudin, CEO of BitOasis who spoke on the partnership said it was to help protect investors and traders given the number of scams happening on peer-to-peer platforms.

“We have been working with key policymakers to help them build regulation that will make crypto safe for investors,” Doudin said.

Head of Dubai virtual police, Tarek Mohammed, who also spoke on the alliance said they are also training their force extensively to understand crypto and blockchain.

“(The UAE) is taking a hands-on approach to ensuring the financial security of the country, investors, and all stakeholders operating within the crypto space,” Mohammed said.

It is worthy of mention that the partnership between the crypto firm and the police comes at a time when UAE embraces blockchain technology and crypto assets. The UAE Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA) have earlier come up with an agreement to support crypto trading.

Crypto scams using crypto firms on the rise

Apparently, the alliance comes at a time needed the most as crypto fraud and scams have been on the rise in recent times.

The Federal Trade Commission (FTC) said that between October 2020 and March 2021, it received more than 6,800 complaints related to cryptocurrency investment scams. The US body stated that losses to crypto investment scams over this six-month period is over $80 million.

The spate of these scam and crypto fraud remain a threat to the entire crypto industry as it has began to draw attention of world leaders.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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