As reported by FinTelegram, regulators worldwide are emphasizing the crypto space, which is increasingly becoming a threat to the traditional banking system. This is not necessarily bad news. The old banking system is broken and not suited for the CyberEconomy. Unfortunately, however, the crypto space is being used by scammers and cybercriminals to rip off consumers. The UK FCA has again issued eight new warnings against crypto scams on December 30, 2021.
FinTelegram follows the focus of the regulators and has created a Crypto Warning List in which we include their warnings as well as our own. Over the last seven days, this list has grown to 37 crypto providers.
Most of the crypto scams are made quick-and-dirty and easily recognizable as scams. However, many are run through efficient affiliate systems via social media and acquire a steady stream of victims. We recommend that they refrain from all last-crypto investments now at the end of the year and forgo their losses. The crypto segment is high risk and requires experience. You should invest in and/or trade crypto only through regulated platforms.