Luxembourgâ€™s Financial Regulator Claims Crypto Company Faked License
Luxembourgâ€™s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF) claims that a crypto-related entity named Cryptominingoptionsignal faked their license in Luxembourg. Letâ€™s find out more about it in the latest cryptocurrency news below.
The financial regulator issued a warning noticed from August 13 saying that the company is not actually licensed in the country. Luxembourgâ€™s financial regulator wrote:
Â â€œThe Commission de Surveillance du Secteur Financier (CSSF) warns the public of the activities of an entity named Cryptominingoptionsignal […] The CSSF informs the public that Cryptominingoptionsignal is unknown to it and that the entity has not been granted any authorisation to provide investment services or other financial services in or from Luxembourg.â€�
As it was previously reported in some of the best cryptocurrency news sites, the Luxembourg-based securitization company Argento partnered with the London Block Exchange in order to issue a Bitcoin (BTC) denominated bond together which is regulated by the United Kingdomâ€™s finance watchdog which is the Financial Conduct Authority (FCA). The Argento manager Phil Millio explained:
Â â€œWe are thrilled to have structured and produced the worldâ€™s first institutional grade bitcoin-denominated financial product […] The large investment banks really dropped the ball on this one.â€�
Later in July, the Financial Conduct Authority reported another scam project which as a letter entitled â€˜â€™Guaranteed Chance to earnâ€™â€™ which has been circulating via email. Some of the senders impersonated agents from the FCA agency as they claimed they are the authors of the idea. The email contained a promotion for cryptocurrency investments and instructed the readers to follow the link in the email to an external site. The FCA stated that they are not behind the emails and issued warnings to the public that this is clearly a scam campaign:
“The correspondence is likely to be linked to organized fraud and we strongly advise you not to respond to the criminals in any way. Look for signs that the email, letter or phone call may not be from us, such as it listing a mobile or overseas contact phone number, an email address from a hotmail or gmail account, or a foreign PO Box number.â€�
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