European Banking Authority urges for a pan European regulation of the crypto market

European Banking Authority urges for a pan European regulation of the crypto market

- in News, Regulation
125
1

The European Banking Authority urged the European Commission to take the necessary steps towards drafting pan European rules regulating the crypto currency sector, because the currently existing mishmash of national rules in some EU countries, and the lack of such in others, provides a fertile ground for money laundering and scam schemes.

The conclusions of the European Banking Authority (EBA) are based on a year long study and are cited by the Financial Times.

EBA oversees the implementation of the EU law regulating the banking sector throughout the Union. According to the Authority the European Commission should prepare a cost-benefit analysis about extending regulation over the crypto sector.

“Typically crypto-assets fall outside the scope of EU financial services regulation. Moreover, divergent approaches to the regulation of these activities are emerging across the EU. These factors give rise to potential issues, including regarding consumer protection, operational resilience, and the level playing field.”, EBA notes.

In October the Financial Action Task Force – an international body where the European Commission participates, warned that preventing crypto assets from being used to launder money is a key priority and that all countries should start supervising the so called crypto exchanges, as well as all those who provide financial services for initial coin offerings.

Top Forex Brokers

Broker Country Rating Min. Deposit Website
UK, Cyprus, Australia 4.98/5 $5 Click for a special offerWebsite
US 4.95/5 $50 Click for a special offerWebsite
Australia 4.90/5 $100 Click for a special offerWebsite
UK, Australia 4.85/5 $50 Click for a special offerWebsite

1 Comment

  1. The European Banking Authority should urge the European Commission to do something now to regulate the cryptocurrency sector because a large number of people are losing their money through a scam. The absence of rules regulating the cryptocurrency sector has provided a fertile ground for scam schemes.

    I am a victim of authorised push payment scams tricked by fraudster traders into authorising a payment made to another account through their trading platform. They claimed to be trading in binary option and cryptocurrencies. I was seduced by the online-traders who promised a money back guarantee and unprecedented returns by trading in the dazzling volatile stock market movement in cryptocurrency.

    Details of payment made to the fraudulent traders:
    1. Marketrading.co – $11,563.00 (www.marketrading.co)
    2. Easytrade.biz – €2,250.00 (www.easytrade.biz)

    Many like me are misled by this advertisement the scammers used to manipulate readers. It is a convincing article but fake news endorsement by the BCC Dragon Den TV show. See link below:
    http://traderuk.dailynews.ovh/?chm_sub7=bbc%20dragons%20den.

    Once you complete the online form, it takes about one to two minutes for them to call you.
    I received several calls and emails telling me how much I am losing for not investing. However, in August 2018 I saw the BCC Dragons’ Den advert again and later fill my details in the form. I received the call to make the minimum payment of $250. The guy introduced himself as Toby who spoke to me about working from home and making money at my convenient time, and they are being regulated by FCA (false). And later, Richard Brown rang me a few days after and introduced himself as my financial adviser and broker that he will guide me in the online trading. He advises me that I should go for Gold membership ($10,000) to enjoy more benefits. He told me the money will be in my account and can be withdrawn at any time even if I don’t want to trade. He spoke about Amazon and Apple shares. Apple was about to launch a new iPhone mid-September 2018, and the share price will rise after launch, but I must invest in the shares before launch. And I can withdraw my investment thereafter.
    All effort to withdraw my capital prove abortive, they stopped responding to emails and call back. These unregulated investment firm has caused me so much misery, distress and feel like committing suicide. They are not registered and regulated by FCA or any other regulated body. They are set up purposely to scam people of their money.
    The only correct information available about these traders is their bank account that receives the bank transfer fund. The location (probably Cyprus) and the identity of the proprietors are not known.

    Please, I need help to recover my money. What is the solution?

    Thank you.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like

Dutch regulators propose a license regime for crypto exchanges

The Dutch central bank – the De Nederlandsche