By Ann Brown
New York Attorney General Letitia James is warning that cryptocurrencies are high-risk and unstable, and she has called for investors to use “extreme caution” when trading.
Investments in virtual assets are subject to speculative bubbles, James tweeted, saying the current speculative crypto bubble has the potential to lead to “devastating losses” if it bursts.
Because of an absence of central, comprehensively-regulated exchanges, James warned that people targeted by fraudsters may have no recourse or help from law enforcement in the state, Coin Telegraph reported.
She warned brokers, dealers and advisors of the possibility of facing “both civil and criminal liability” for unauthorized businesses and those trying to take illegal advantage of the current crypto craze.
“Many operators of virtual currency trading platforms are themselves heavily invested in virtual currencies, and trade on their own platforms without oversight,” James said in a press statement.
She tweeted, “There are extreme risks in investing in Click here to read entire article