The Autorité des Marchés Financiers (AMF), the securities regulator in France, issued a notice warning investors to stop patronizing unauthorized cryptocurrency services.
France warns investors about unregulated crypto companies
Authorities updated their website on Friday with the names of unauthorized cryptocurrency and forex companies. Accordingly, there are a total of 4 websites related to crypto derivative investing and 12 related to Forex.
The Autorité des Marchés Financiers (AMF) reported that listed companies offered investment products without being licensed for those services.
The AMF, together with the French Prudential Supervision and Settlement Authority (ACPR), regularly updates its blacklist of unlicensed companies to protect crypto investors from potentially fraudulent investments.
Regulators recommend investors monitor a list of approved investment providers using an online registry of financial services providers, as well as a list of approved providers in the portfolio of financial investment advisory or crowdfunding.
In addition to France, global authorities have recently expressed increasing concerns about unregulated cryptocurrency investment services.
Uzbekistan also warned investors about unlicensed crypto companies earlier this week.
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Australia and Uzbekistan are following the French model to warn investors
Uzbekistan’s National Project Management Authority has published a list of unauthorized cryptocurrency exchanges that citizens of the country should be advised against, much like France does things.
The Uzbek authorities have sounded the alarm over the proliferation of unregistered crypto platforms offering crypto services. The agency said the worst part is that some trading platforms don’t even have a physical presence in the country, but instead buy, sell, or trade crypto assets for locals.
Back in August, the Australian Securities and Investments Commission advised citizens to invest in cryptocurrencies only through financial institutions with an Australian financial services license.
Many regulators in other countries have continued to issue warnings about illegal crypto companies operating in their countries, urging investors to beware of these platforms.
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