Stock Market Regulator From France Warns About Cryptocurrency Mining Firm Kuvera
The financial regulatory agency of France, the Autorité des Marchés Financiers (AMF), is warning users about a cryptocurrency firm that offers training courses about different topics. The information was released by the AMF on April 9.
AMF Warns About Crypto Company
The AMF has warned about the operation of Kuvera LLC that promotes training courses and software for trading as well. Some of the areas in which it operates are forex markets and cryptocurrencies. Apparently, the firm would allow clients to invest in different assets.
Moreover, the firm offers compensation to users according to the number of subscribers recruited. The AMF explains that the firm is not authorized to offer services in France. This is not the first company that has been blacklisted by the regulatory agency in France.
Back in December 2018, the agency warned about four different crypto websites that were launching unauthorized investment offerings. In this announcement, the AMF has also raised concerns about a large number of projects that were not registered. These firms continue to enter the market, even after a bear trend that affected the whole space in 2018.
The Financial Services and Markets Authority (FSMA) in Belgium, has also decided to add 120 new sites to its blacklist. The decision was taken by the regulatory watchdog on April 4, 2019.
There have been several crypto scams in the market in the last few years that have affected the integrity of the space. Many of them ended in the loss of millions of dollars from investors that believed in too-good-to-be-true schemes and investment proposals.