Crypto-scam complaints are exploding in France

Crypto News

The universe of crypto-currencies is infested with scams and scams of all kinds, and countless French have made the bitter experience this year, according to a new report from the AMF. The financial regulator claims to crumble under the crypto-scam claims (scam-related scam).

An emergence of crypto-scams

The AMF has just released a document that provides a global overview of the risks related to economic, financial and regulatory news in 2019.

In this new publication, the financial regulator has particularly alert investors against crypto-scams that have raged heavily since the beginning of the year. In recent months, complaints about crypto-active scams have increased significantly.

In its annual report unveiled last May, the AMF noted a 668% increase in requests for information from misleading advertising related to cryptocurrencies from 2016 to 2018.

“Nevertheless, among the requests made since September 2017 about crypto-assets, there are fewer and fewer requests for information and more and more complaints,” says the report.

A devouring love for crypto-currencies

An investigation by the Tokyo-based bitFlyer company published in April showed that the French are much more pessimistic than its European neighbors on the future of cryptocurrencies. While the majority of Europeans are convinced that this new form of asset will exist in 10 years, only 55% of French respondents have expressed the same opinion.

However, the AMF ensures that virtual currencies continue to gain ground in France and still attract new followers.

“Savers looking for returns continue to turn to real estate funds (exposed to the risk of a turnaround in this market), and to atypical products or digital assets (the latter two types of products are very risky when it’s not about pure scams), “says the AMF.

What do you think about cryptocurrency complaints that are increasing day by day? Give us your opinion in the comments section below.

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