According To The Ombudsman Cryptocurrencies Is Engaged In One Quarter Of All Economic Frauds Throughout France

Marielle Cohen-Branch also cautioned that there is a gap for complaints against unregistered crypto companies.

• According to a report released Wednesday, crypto investment schemes were engaged in one-quarter of suspected frauds investigated by the French financial ombudsman last year.

• The percentage, which is up from 6% in 2020, shows that the sector is displacing more traditional foreign exchange schemes as a source of referrals to public prosecutors, according to Marielle Cohen-research. Branche’s

• Crypto investors in France have also been cautioned that they will be unable to file complaints against providers who are not registered with the AMF, France’s national financial markets body.

• The ombudsman can only intervene if the professional actively sought the investor in France, according to the report, which also noted the creation of a new type of dispute relating to crypto-assets.

• Cryptocurrency providers who want to sell in France must register with the AMF, which oversees governance and anti-money laundering compliance.

• However, the ombudsman cautioned that French clients who seek out foreign crypto providers on their own initiative may be left without recourse if a problem arises.

• In cases when no criminal behaviour is suspected, Cohen-Branche, who works independently at AMF, is in charge of mediating conflicts between citizens and financial intermediaries such as brokers or investment managers.

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.