FinaCom’s New ‘Blockchain Warning List’ Tool to Help Crypto Investors Check Investment Opportunities
In a recent article released by Finance Magnates, they informed that the Financial Commission (FinaCom PLC) announced it is launching a new tool that will help crypto investors detect fraudulent investment opportunities. The new tool is called “Blockchain Warning List” and it will provide valuable information to investors in the space.
Financial Commission Launches Investment Tool
This Blockchain Warning List released by the FinaCom PLC will help investors distinguish between fraudulent and legitimate investment opportunities in the cryptocurrency market.
During the last years, specifically with the growth of Initial Coin Offerings (ICOs), several companies and projects were performing fraudulent activities or aimed at stealing users’ funds. At the same time, there were several cryptocurrency exchange and wallets that have been accused of conducting illegal activities.
The self-regulator commented about this:
“The launch of the new Warning List follows from recommendations made by Financial Commission’s Blockchain Expert Committee (BEC) during its recent meeting, aimed to improve the current free dispute resolution service for digital asset investors provided by the organization’s Blockchain Association.”
During the last years, thousands of investors have lost their funds due to the fact that companies were performing illegal activities. It is worth mentioning that if a company is included on the list, it does not necessarily mean that they are performing fraudulent activities, but there were some red flags that could be related to some inconsistencies.
At the same time, the Financial Commission will be providing dispute resolution and certification services to participants in the crypto space. Companies that want to launch Initial Coin Offerings and other blockchain firms will be able to receive the services provided by the commission.
The self-regulatory specialist has created a dedicated panel that will be certificating and evaluating the merits of token offerings. There are various fintech experts from various sectors that will be working on the ICC panel.
Furthermore, the agency announced back in 2018 that it would start accepting Bitcoin (BTC) and Ethereum (ETH) for the services provided. In the future, the FinaCom could release new services to improve market standards.