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Austrian regulator says cryptocurrency is associated with 60% of financial fraud cases
The Austrian Financial Market Authority (FMA) stated on Friday that crimes involving the use of cryptocurrencies have increased across the country. According to the report, more than 60% of all reported financial fraud cases involve crypto trading products. The agency calls for urgent and stricter supervision.
The FMA report stated that two-thirds of investment fraud reports submitted in 2020 are related to cryptocurrency and digital foreign exchange trading products. FMA also claims that these crypto scammers are using social media platforms such as Telegram and TikTok to find victims to carry out fraud.
Austrian regulators say crypto scams are the most reported forms of investment fraud in the country ahead of the usual suspects like stock or gold schemes. Authorities in the country are trying to firm up virtual currency regulations to combat the menace of such criminal activities while regulated trading in…
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