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Potential crypto scam discovered by Luxembourg regulator

Luxembourg crypto scam

The Financial regulator of Luxembourg, the Commission de Surveillance du Secteur Financier (CSSF) has recently come out with a statement saying that a “local” company by the name of Cryptominingoptionsignal has falsified claims on possessing all the required licenses and documentation to operate within the country.

The regulator presses the issue that the firm has not been known until only recently and they have most definitely not even tried to apply for a license in the country. All of this information warrants extreme caution from the side of the investors.

However, the warning may have been redundant for crypto veterans who have gone through years of looking at scammers come and go. Having a name like Cryptominingoptionsignal is already a major red flag simply due to the firm’s rebrandability, which we already know is a common tactic among scammers.

The Commission de Surveillance du Secteur Financier (CSSF) has been quite vigilant in finding and pointing out potential scammers in the country, as the most recent update was only a few months ago. Other regulators across the world are also finding scammers left right and center, indicating the overall mobilization of the authorities’ vigilance.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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