The Attorney General Of New York Has Issued A Warning Against Investing Cryptocurrencies

Even well-known cryptocurrencies can fail and wipe out investments in “the blink of an eye,” according to New York Attorney General Letitia James.

The New York Attorney General Issues a Warning to New Yorkers About the Risks of Investing in Cryptocurrencies

The Attorney General said in a statement that investors lost hundreds of billions of dollars in crypto investments last month due to market volatility, and that even legitimate virtual currency assets are prone to speculative bubbles and security concerns. She went on to say that the industry is also under-regulated because there are no federally authorized exchanges.

“Too often, bitcoin investments cause investors more grief than reward. In a news statement, she said, “I urge New Yorkers to exercise caution before investing their hard-earned money in dangerous cryptocurrency investments that might bring more anxiety than fortune.”

The Attorney General shut down cryptocurrency trading platform Coinseed and initiated action against two bitcoin loan platforms earlier this year.

The guideline represents the attorney general’s office of New York’s latest attempt to control the cryptocurrency market. The office has previously issued alerts, including one in March urging “extreme caution” in crypto investments and reminding industry experts of their legal requirements to register with the attorney general’s office when conducting business with virtual currencies.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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