Digital currency investment has been declared one of the top threats in America. The regulator has warned that investors must be cautious before riding the crypto investment bandwagon or else they will become victims of crypto Ponzi schemes.
A list containing top investment threats in the US has been compiled and published by North American Securities Administrators Association (NASAA).
NASAA is a hundred years old non-profit based organization that simultaneously works in the US, Mexico, and Canada. It currently has more than 67 members which include also 57 states from the US.
At the end of every year, NASAA conducts a survey to find out which are the top investment threats in the market. Recently, NASAA issued an annual report for 2021 in which it has identified ‘digital currency investment’ to be the top threat of the time. The authority further noted that whether the investment involves crypto or either digital assets, both pose great risks.
Joseph P. Borg, who is the Director at Alabama Securities Commission also acknowledged that crypto investment poses the gravest danger. He further suggested that there were many stories of ‘crypto millionaires’ in 2021. These stories have attracted more investors to join the crypto bandwagon and write stories of their own. However, while doing so only a handful of investors are able to write their success stories. But for most of them, ended up being victims of crypto fraud and lost their hard-earned money. The year 2022 will be no different than in the past. There will be success stories as well as stories of people falling victims to fraud.
The organization further warned that crypto and digital assets do not fall within the exclusive domain of NASAA. It is thus easy for malicious actors to deceive the public.
Meanwhile, Joseph Rotunda, Director of Securities Board of Texas State also acknowledged crypto being the top investment threat. He emphasized that people who want to invest in crypto are required to be extra cautious. There is a chance that they will be attracted towards such products which are nothing but a fraud. He advised that any type of investment that involves crypto or anything attached with it must be considered seriously. It needs to be realized beforehand that such an investment is highly risky and dangerous.
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