U.S. markets close in 1 hour 12 minutes
  • S&P 500

    3,776.59
    -43.13 (-1.13%)
     
  • Dow 30

    30,933.05
    -337.04 (-1.08%)
     
  • Nasdaq

    12,780.64
    -217.11 (-1.67%)
     
  • Russell 2000

    2,141.79
    -66.00 (-2.99%)
     
  • Crude Oil

    63.74
    +2.46 (+4.01%)
     
  • Gold

    1,691.80
    -24.00 (-1.40%)
     
  • Silver

    25.24
    -1.15 (-4.37%)
     
  • EUR/USD

    1.1977
    -0.0090 (-0.74%)
     
  • 10-Yr Bond

    1.5520
    +0.0820 (+5.58%)
     
  • GBP/USD

    1.3910
    -0.0043 (-0.31%)
     
  • USD/JPY

    107.8450
    +0.8430 (+0.79%)
     
  • BTC-USD

    48,258.78
    -3,135.79 (-6.10%)
     
  • CMC Crypto 200

    967.31
    -19.90 (-2.02%)
     
  • FTSE 100

    6,650.88
    -24.59 (-0.37%)
     
  • Nikkei 225

    28,930.11
    -628.99 (-2.13%)
     

Austrian Regulator Reports Rise in Crypto Fraud

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Tanzeel Akhtar
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Austria’s Financial Market Authority (FMA) said Friday there has been an increase in crime using cryptocurrencies and stricter regulation is needed. 

  • The FMA reports two-thirds of the investment fraud reports filed in 2020 were related to cryptocurrency and digital currency trading products, according to a Bloomberg report.

  • “We see a great need for stricter regulation,” FMA spokesman Klaus Grubelnik told Bloomberg. “Fake offerings for stocks and gold have been around forever and these scams are now shifting to digital assets because of the hype.”

  • There has been an increasing number of scams using digital currencies advertised on social media platforms such as Facebook, WhatsApp, TikTok, and Telegram, warned the FMA.

  • Grubelnik said prosecution was even more difficult in such cases as investigations usually have to be conducted across borders.

Read more: Leading Austrian Telecom Provider Adds Cryptocurrencies to Its Cashless Payment Network

Related Stories