Fraudulent Crypto Scam Notices Rise by Over 10,000% Per France’s Stock Markets Regulator
- The French AMF released an annual report, revealing 14,000% more fraudulent crypto schemes since 2016.
- The AMF has issued over 150 public warnings regarding bad actors in the crypto industry since March 2018.
Cryptocurrency is a booming market, but that success has paved the way for fraud to arise as well, which is a fact that many opponents of crypto use to make their own argument. These schemes have been on the rise, which is exactly what the French stock markets regulator found in the research for their annual report. Released on May 7th, the report shows a rise of 14,000% in the enquiries regarding these crypto-related fraud offers, from 2016 to 2018.
The Autorite des Marches Financiers (AMF), France’s markets regulators, said that the schemes have risen to over 2,600 in that time, while there were only 16 enquiries of this nature in 2016. Interestingly, the fraudulent online offers for forex and binary options have seen a decrease in this time. Comparatively, in 2016, the total enquiries in these industries added up to 3,768, while there were 968 enquiries in 2018.
The AMF report shows that this regulator had warned the public about 118 crypto-related bad actors, based on data starting in March of last year. In total, the entity has gone as far as to issue 154 public warnings about these types of schemes.
In April this year, another public warning was issued, which concerned a company called Kuvera France. The company was providing courses and software to educate consumers about trading in cryptocurrency and making investments in the forex markets.
Along with France’s work to warn the public where to be cautious, the Financial Services and Markets Authority in Belgium has continued to hold a crypto-related website blacklist. Presently, the list features 120 websites.