France: Every Fourth Financial Scam in 2021 Involved Crypto, Says Ombudsman

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France: Every Fourth Financial Scam in 2021 Involved Crypto, Says Ombudsman
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Cryptocurrencies accounted for one out of four financial frauds in France in 2021, a sharp rise from the 6% in 2020.

Marielle Cohen-Branche – the French financial ombudsman – revealed that approximately 25% of suspected monetary frauds in France last year involved cryptocurrency investment schemes. This is a sharp increase from 2020 when the figures stood at 6%.The increasing popularity of the digital asset sector leads to its imminent employment in fraudulent activities. In a recent

Cohen-Branche recommended that the safest option for clients who want to trade cryptocurrencies is to pick a local company that has already secured such a license from the AMF. She cautioned that those operating with foreign exchanges might be left without compensation in case a problem occurs.

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