NYAG warned cryptocurrency industrialists to abide by the rules and regulations or face the issue of getting shut down. According to this expert, often investors try to participate in risky activities using the money of investors.
The attorney general released a warning statement regarding this matter. The aim is to warn both individuals and companies playing this field, amid Bitcoin‘s recent uprise, and continuous support from different sources. Names like Goldman Sachs and J.P Morgan have shown interest in this asset.
The attorney stated these assets possess high risks, and people can suffer from huge losses if appropriate care is not taken.
Although Bitcoin is a popular choice, Ethereum and Litecoin can also serve the purpose.
According to the attorney, members of this industry need to register themselves with the Office of the Attorney General’s Investor Protection Bureau to avoid criminal and civil charges. The attorney pressed charges against Coinseed, a cryptocurrency-based digital trading currency. The charges are working as an unregistered broker and collecting funds over $1 million from investors, without following the protocols.
The Attorney General again warned that the Office will not think twice before taking any decision. He also warned investors to stay safe while investing in these currencies.