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UK FCA and German cops spot concerns over frauds in cryptocurrency binary options and CFDs

The regulation for cryptocurrency space is getting stringent across the globe in the recent past. We, recently, glimpsed on the US lawmakers and SEC’s approach to prevent crypto price manipulation and ETF approvals.

Well, but on the other hand, the growing number of instances of fraud in binary options and CFDs on Cryptocurrencies, FX and commodity spaces have glimmered the apprehensions among the investor class, that in turn, led the concerns of Germany’s Bundeskriminalamt (Federal Criminal Police Office). 

The German cops and the German Federal Financial Supervisory Authority (BaFin), has recently made a distinctive communication to the open public, raising caution about the fraudulent online investment schemes.

The authority and the police are precisely concerned about the actions of scammers that lure their victims via the offer of “simple and safe” trading in binary options and CFDs on cryptos. 

In such cases, the clarity about the trading mechanism wouldn’t be explained and quite often, investors are equipped with the fake accounts so that they are fabricated to trust that they are making luring incomes whereas, their money is actually routed overseas by the fraudsters. 

The German police alerted that not any financial services regulatory authorities in Germany recognize such fraudulent entities.

Elsewhere, today, the UK Financial Conduct Authority (FCA) has disseminated a breaking news for the retail trading industry. Within a short span of time since the initial proposal to prohibit CFDs trading on a momentary basis, the UK regulator is now proposing to make the measures permanent.

The UK FCA states in its announcement that the goal of its move is increased consumer protection. The UK regulator is also proposing to make the ban of binary options permanent.

Currency Strength Index: FxWirePro's hourly BTC spot index has shown -76 (which is bearish), while hourly USD spot index was at -20 (mildly bearish), while articulating at 11:54 GMT. For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex

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