- Luxembourg based cryptocurrency exchange named Crypto Bull has been under the radar of CSSF (Commission de Surveillance du Secteur Financier).
- on 31st January, CSSF claimed that crypto exchange, Crypto Bull is not regulated or doesn’t have any licences under any jurisdiction to carry out the processes.
In a whole new turn of events, a cryptocurrency exchange firm named Crypto Bull has been under the radar of CSSF (Commission de Surveillance du Secteur Financier). CSSF now has warned the users that the exchange is not regulated and is falsely acclaiming under that name.
Based out in Luxembourg, the finance regulating body brought out his notice on the 31st of January. The exchange firm Crypto Bull is not regulated or doesn’t have any licences under any jurisdiction to carry out the processes. Due to its unlicensed activities, it has been under the scanners of the regulation committee.
CryptoBull under Radar
The exchange registered at an incorrect headquarters address in Luxembourg. The Firm also accused of using banking and financial services which were not regulated by any regulatory body or by CSSF.
This is not the first time CSSF has encountered such false organizations claiming to do crypto-related and financial work. However Luxembourg to be the haven for money-related activities be it storing or trading and investing, there are more unregulated companies not falling under the CSSF jurisdiction, if they are under CSSF, they will be under the radar.
CSSF says there are not many crypto-related companies inside Luxembourg, but the few ones that are there are entirely regulated under CSSF. They have adopted the European Standards of Regulation for the crypto-related firms.
The rules are implemented from Fifth Money Laundering Directive (AMLD 5). The law mainly regulates crypto industries but also widely governs the issue of new tokens and introduction of a new cryptocurrency into the market. The digital assets traded in this region are also under the CSSF jurisdiction. All the false acclamation and money laundering activities will be seen under the AMLD 5 scope says the chief director of CSSF.