Deceptive Cryptocurrency Schemes
Deceptive Cryptocurrency Schemes: U.S. & International Business Fraud
The crackdown on bitcoin/crypto/digital currency and securities fraud by federal agencies reinforces the increasing enforcement actions by global authorities to combat crimes within the investment and trading industry.
Virtual currency is a digital asset or digital representation of value that can be electronically traded and exchanged online. Virtual currency is not backed or insured by a central bank and its value may or may not be tied to or secured by a fixed asset. Cryptocurrency is a subset of virtual currency that utilizes Blockchain technology.
In the United States, any person who owns or controls a money transmitting business shall register the business with the Secretary of the Treasury. In certain instances, a cryptocurrency exchange—which is an electronic forum that facilitates the purchase, sale, and exchange of cryptocurrencies—constitutes a money transmitting business.
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Teresa Abney