They give warnings after people have lost their money? It's like giving tips to protect the car after learning that it was stolen.
Now is the time to take decisions either by trying to save these companies from bankruptcy and then passing a law to set a good regulatory framework or to restrict and ban them so that it would serve as a sermon for everyone who wants to invest in the future while being strict with new platforms that might consider offering loans.
Topic: California regulator investigating crypto interest accounts (Read 240 times)
I look at all this crypto interest thing (Borrowing and lending, staking and yield farming) as some sort of indirect scam and many people have unfortunately fallen for it. The reason I choose to store my wealth value in crypto is because I don't want to use a middle man which is a bank or any custodial service to keep them for me (and earn using my assets whilst giving me some stupid interest) but it looks like people are too blind.
What's the point of joining crypto them if some of this custodial service are going to look up your assets as they wish?
Do you store all funds in cryptocurrencies? It's dangerous, if a hardware wallet breaks or you forget 12 words, you can lose your entire fortune. Most need to be kept in a bank What's the point of joining crypto them if some of this custodial service are going to look up your assets as they wish?
I look at all this crypto interest thing (Borrowing and lending, staking and yield farming) as some sort of indirect scam and many people have unfortunately fallen for it. The reason I choose to store my wealth value in crypto is because I don't want to use a middle man which is a bank or any custodial service to keep them for me (and earn using my assets whilst giving me some stupid interest) but it looks like people are too blind.
What's the point of joining crypto them if some of this custodial service are going to look up your assets as they wish?
What's the point of joining crypto them if some of this custodial service are going to look up your assets as they wish?
They're too late.
They should have given that warning even before the bull run. These crypto interest accounts have been there even before the most recent bull run and have been there all the time.
Now, we have started to see exchanges closing and halting withdrawals. It's good to have that warning today to warn the rest but many have been stuck already from those hugely affected exchanges by this bear.
They should have given that warning even before the bull run. These crypto interest accounts have been there even before the most recent bull run and have been there all the time.
Now, we have started to see exchanges closing and halting withdrawals. It's good to have that warning today to warn the rest but many have been stuck already from those hugely affected exchanges by this bear.
The regulator also said in its view that certain crypto interest account providers were providing unregistered securities, such as BlockFi and Voyager.
The California Department of Financial Protection and Innovation (DFPI) has warned consumers to “exercise extreme caution” when dealing with interest-bearing crypto-asset accounts.
The DFPI stated that it is investigating multiple crypto interest account providers to determine whether they are “violating laws under the Department’s jurisdiction.”
In a July 12 note, the DFPI emphasized that crypto-interest account providers “are not governed by the same rules and protections as banks and credit unions” and that some platforms are “preventing customers from withdrawing from and transferring between their accounts.”
“Consumers are encouraged to exercise extreme caution before responding to any solicitation offering investment or financial services,” the DFPI added.
(Source: Cointelegraph)
The California Department of Financial Protection and Innovation (DFPI) has warned consumers to “exercise extreme caution” when dealing with interest-bearing crypto-asset accounts.
The DFPI stated that it is investigating multiple crypto interest account providers to determine whether they are “violating laws under the Department’s jurisdiction.”
In a July 12 note, the DFPI emphasized that crypto-interest account providers “are not governed by the same rules and protections as banks and credit unions” and that some platforms are “preventing customers from withdrawing from and transferring between their accounts.”
“Consumers are encouraged to exercise extreme caution before responding to any solicitation offering investment or financial services,” the DFPI added.
(Source: Cointelegraph)
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