Home / currency / US finance watchdog alerts investors: ‘Beware virtual currency pump-and-dump schemes’

US finance watchdog alerts investors: ‘Beware virtual currency pump-and-dump schemes’

collected by :Donald Luther

US Commodities & Futures Trading Commission warns about cryptocurrency “pump & dump” scams.
LONDON – The America Commodities & Futures Trading Commission (CFTC) on Thursday warned Businessmen to be wary of cryptocurrency “pump & dump” scams.
“Customers ought not buy virtual currencies, digital coins, or tokens based on media advices or sudden value spikes,” the CFTC wrote.
“Thoroughly study virtual currencies, digital coins, tokens, & the companies or entities behind them in order to breaking up hype from facts.”
At the time, BI was the 1st publication to highlight the crisis by “pump & dump” scams in the market.

Government to inspect 15 virtual currency interchanges awaiting certification in Japan

Financial Services Minister Taro Aso declared on Friday plans to conduct on-site inspections of 15 virtual currency interchange operators in the nation which have filed for certification by regulatory authorities.
Following the high-profile theft, the Financial Services Agency ordered 16 registered virtual currency interchange operators as well as the 15 unregistered operators to mark & report their security measures, involving precautions versus unauthorized access.
After an test of their reports, the FSA concluded which detailed inspections are needful on the 15 unregistered operators.
The Gov introduced a registration system for cryptocurrency interchanges under the revised payment services law, which took influence in April 2017.
Virtual currency interchange operators which released services before the revised law went into influence & are yet to be registered are allowed, as a provisional measure, to conduct business during the registration process.


virtual currency
virtual currency


Japan regulator to inspect extra 15 virtual currency exchanges- Nikkei Asian Review

As it stated in TOKYO (Kyodo) — The Financial Services Agency going to extend its on-site inspections to 15 other virtual currency interchanges operating Suspended official registration to mark their danger management systems, a minister told Friday.
“We have decided to conduct on-site inspections on 15 operators which are awaiting consent after examining their reports (on danger management systems),” Financial Services Minister Taro Aso told reporters after a Cabinet meeting.
Aso told the FSA notified 5 of the 15 operators Wednesday of its plan, adding the inspections are “designed to make sure customer prevention Information Systems ensured.”
Virtual currency interchange operators are legally required to register by the government.
The largest-ever virtual currency robbery from Coincheck came amid growing debate about whether to regulate them.

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