Beware anything to do with cryptocurrencies - FSCA

[Hanno Labuschagne]

Beware anything to do with cryptocurrencies - FSCA

South Africa's financial services regulators, the Financial Sector Conduct Authority (FSCA), has stated that anything to do with cryptocurrencies is suspect.

"Every crook is using cryptocurrency, so people must be very careful when dealing with anything crypto-related," said FSCA head of investigations and enforcement Brandon Topham.

"Not all players in the field are [crooks], hence the need to regulate the advisors and intermediary players in this field. [Then] if people are going to choose to 'invest' at least they are using legitimate suppliers."

 

[Vicks]

When someone says everything is suspect then you should be suspicious of them.

People need to be cautious but I’ve seen good and bad.

Just saying...

 

[hjst45]

I've seen countless of social media posts, cars and even shops marketing crypto pyramid schemes prying on clueless souls, so might not be such a bad thing.

 

[Snyper564]

Looking at you MTI...

 

[Petec]

And what about the current slew of traditional banks hit with fines for money laundering?
But that’s ok, compared to Crypto...

 

[Thor]

FUD

 

[clickingbuttons]

I've seen countless of social media posts, cars and even shops marketing crypto pyramid schemes prying on clueless souls, so might not be such a bad thing.

I agree.

Trying to crypto-educate people that can barely read and write is like farting in the wind.

 

[r00igev@@r]

Looking at you MTI...

Yes, Mirror Trading International are crooks!

 

[LazyLion]

I have to agree with this guy... ninety percent of articles about Cryptocurrency are about how some crypto store got hacked and everybody's coins were stolen.

 

[LazyLion]

They don't call you lazy lion for nothing

Will stick with normal investing, thanks.
The payback is far, far better.

 

[NarrowBandFtw]

I actually have a bigger issue with this quote than the rest:

“There are some very good developments and technologies coming from the crypto world but because it has limited traceability it is the method of choice for crooks to get away,” Topham said

Patently false in the case of BTC at least, it is infinitely more traceable than cash and even electronic fund transfers once it's gone through some laundering via those "regulated" casinos and pop out the other side as clean "winnings".

 

[w1z4rd]

Beware dollar notes. Did you know that most drug deals happen with dollar notes. Almost every single international crook uses dollar notes. Most drugs & weapons are paid for in dollars.

 

[Moto Guzzi]

Beware anything to do with cryptocurrencies - FSCA

South Africa's financial services regulators, the Financial Sector Conduct Authority (FSCA), has stated that anything to do with cryptocurrencies is suspect.

"Every crook is using cryptocurrency, so people must be very careful when dealing with anything crypto-related," said FSCA head of investigations and enforcement Brandon Topham.

"Not all players in the field are [crooks], hence the need to regulate the advisors and intermediary players in this field. [Then] if people are going to choose to 'invest' at least they are using legitimate suppliers."

Yes, agree as well as instututions asking admin costs over the 0.0x range willynilly.

 

[Utterly Confused]

Yes, Mirror Trading International are crooks!

I'm glad that I withdrew my funds out of MTI two months ago. Because I was Utterly Confused.

 

[Agent_Smith]

Is regularise even a word...? Regulate, surely...?

 

[r00igev@@r]

I'm glad that I withdrew my funds out of MTI two months ago. Because I was Utterly Confused.

Your name is confusing....

 

[susefan]

I am not able to tell between crooks and good people in crypto currency so for me it's a no go zone for now. Plus they seem desperate to win you into their investment. It's like guys telling you to buy their gold because rand and dollars will soon have no value. If Rand is to be worthless soon, why do you want to give me your Gold for my soon to be worthless Rand?

 

[kessyjr]

I am not able to tell between crooks and good people in crypto currency so for me it's a no go zone for now. Plus they seem desperate to win you into their investment. It's like guys telling you to buy their gold because rand and dollars will soon have no value. If Rand is to be worthless soon, why do you want to give me your Gold for my soon to be worthless Rand?

..... they just love u... they wanna make u rich

 

[tjma2001]

Will stick with normal investing, thanks.
The payback is far, far better.

Bitcoin is the highest performing asset of this decade. If you invested each month, from when bitcoin was at its high in 2017, you would be up 60% by now. Telsa has been the best performing asset of this year though.

 

[PsyWulf]

Bitcoin is the highest performing asset of this decade. If you invested each month, from when bitcoin was at its high in 2017, you would be up 60% by now. Telsa has been the best performing asset of this year though.

And this fomo and uninformed laziness is why there are so many 'crypto' get rich schemes now