US Attorney General Letitia James advised all members of the cryptocurrency industry to abide by all rules and refrain from illegal activities. The prosecutor also issued several recommendations for investors.
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In her ongoing efforts to protect New York investors, New York Attorney General Letitia James issued a warning this week to all investors intending to buy cryptocurrencies. According to her, cryptocurrencies are extremely risky.
It first issued a warning to investors urging extreme caution when investing in digital assets. The prosecutor then issued a warning to members of the cryptocurrency industry to abide by the rules, otherwise there was a risk of criminal liability.
Letitia James also said in a recent report that her office had put an end to the illegal activities of Bitfinex and Tether in New York. Cryptocurrency companies pledged $ 18.5 million in state damage last week. Letitia James stated:
“In the case of Tether, the company falsely stated that each of their stablecoins was fully supported by US dollars in reserve. Tether falsely reported token support and the movement of hundreds of millions of dollars between the companies to hide the truth about Bitfinex’s huge losses. “
Attorney General Letitia James added:
“We will not hesitate to take action against anyone who breaks the law. We’re sending a clear message to the entire cryptocurrency industry that you have to play by the rules, or we’ll shut you down. “
Under current law, all crypto traders, vendors and advisors must register with the Investor Protection Office if they wish to do business in the state. Those who do not register face civil and criminal sanctions.
Fraudsters appear in the cryptocurrency industry quite often, ruining the reputation of the entire industry. When buying cryptocurrencies, caution is in order. If you have any questions, feel free to join our Facebook discussion group.