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France regulator warns investors against unregulated crypto firms

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TL;DR Breakdown

  • France warns investors against unregulated crypto firms.
  • Uzbekistan also follows to warn investors against crypto firms.
  • Global authorities remain worried over unregulated crypto firms.
  • Regulators says the warning is towards protecting investors.

Autorité des Marchés Financiers (AMF), in France that regulates the stock market, has sounded a note of warning to investors to desist from patronizing unauthorized crypto services.

The authority on Friday updated its website with names of unauthorized crypto and foreign exchange firms. It contained four websites related to cryptocurrency derivatives investments alongside 12 forex-related sites.

Autorité des Marchés Financiers (AMF) said that the listed firms have been offering investment products without being licensed to provide such services.

AMF, alongside French Prudential Supervision and Resolution Authority (ACPR), usually updates its blacklist of unlicensed firms to protect crypto investors from potentially fraudulent investments.

The regulators recommended that investors follow a list of authorized investment providers using the online register of financial service providers as well as the list of authorized providers in the financial investment advisor or crowdfunding categories.

Beyond France, global authorities have been increasingly expressing concerns over unregulated crypto investment services recently.

Uzbekistan also warned investors against unlicensed crypto entities earlier this week.

Australia, Uzbekistan follows France pattern to warn investors

Uzbekistan’s National Agency of Project Management published a list of unauthorized crypto exchanges that residents of the country have been advised to avoid, similar to how France handled things.

The Uzbekistan authority raised the alarm over an increase in unregistered crypto platforms providing crypto services. The agency said it was worst that some did not even have any physical presence in the country, yet they buy, sell or trade crypto assets for locals.

Back in August, the Australian Securities and Investments Commission advised citizens to only invest in crypto via financial institutions holding an Australian Financial Services license.

Many regulators in other countries have also continued to raise the alarm over illegal crypto firms operating in their country, urging investors to be wary of these platforms.

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