Four Cryptocurrency Websites Blacklisted By French Financial Regulators For Providing Unauthorized Offerings

AMF—the Financial Markets Regulator, which also happens to be the agency in charge of regulating the stock market in France has announced that it is officially blacklisting four websites dealing with cryptocurrencies. The reason provided by the authorities was that the sites were involved in offering investment options that had not been authorized.

In a statement released on Friday, 14th December 2018, the AMF stated that it had noted that there were a total of nine companies which were operating without all the required documentation. The said companies have not obtained approval from the regulators to authorize them to operate in the country.

The four cryptocurrency firms were also in the list released by the AMF. While releasing the statement, the regulator cautioned investors against investing in firms that they were not well acquainted. The regulator went on to state that it had recently noticed that there was an upsurge in the overall number of projects that were yet to get official approval.

It was also observed that new actors appeared every once in a while, hence the need to exercise caution to ensure that one is not duped into investing into a company that has not been adequately vetted.

The list of blacklisted companies includes websites such as live-crypto.com.net, elos-patrimoine.com, infoconso.info, and iminage.com. According to the information availed on the elos-patrimoine.com website, the site claimed to provide cryptocurrency investments that were entirely free of all kinds of risk.

It also promised to provide its investors with professional support that was based on their many years of participating in different investment options. The company sought to introduce its operations to the public by claiming that it had been operating all over Europe for many years and was backed with fifteen years of experience.

The elos-patrimoine.com website went further on to state that it would guarantee all its investors a monthly return of between three and five percent of their total investments. Some of the other sites that were blacklisted by the French Stock Markets Regulator included four companies operating in the wine industry.

Another company claimed to facilitate investments in the diamond market segment. It is important to note that the AMF operates as an independent institution that is meant to protect the interests of the public.

Its role is to ensure that it maintains order in the financial markets while ensuring that investors are not taken advantage of by scammers and unscrupulous businesses. Last month (November 2018), the AMF took part in a mutual initiative with the country’s central bank that was meant to sensitize and warn the general populace about the various risks that are involved in investing in the cryptocurrency universe.

The message spread to the public was that the digital assets tend to be very speculative, hence the need to be exercise caution before making any investment. The agency had earlier on in the month released another report informing the public that the ICO segment in the country was quite small compared to that of the global market.

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