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Austrian Regulator Reports Rise in Crypto Fraud
The FMA reports two-thirds of the investment fraud reports filed in 2020 were related to cryptocurrency and digital currency trading products.
Austria’s Financial Market Authority (FMA) said Friday there has been an increase in crime using cryptocurrencies and stricter regulation is needed.
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- 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
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
