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AMF+warns+public+about++cryptocurrency+firm+Kuvera

AMF warns public about cryptocurrency firm Kuvera

 

The Autorité des marchés financiers (AMF) recently published a press release warning  the public about Kuvera,  a firm offering training courses and software for trading cryptocurrency and investing in forex markets. 

The stock market regulator in France has issued a warning regarding the operation of Kuvera LLC(1)/Kuvera France. As per AMF, Kuvera promotes trading on risky products and targets young people.

Kuvera further promises subscribers compensation which increases with the number of subscribers. Furthermore, AMF notes that company has not been authorized to operate in France. 

AMF further reminds investors and individuals to follow these safety guidelines before making any investment:

  • No advertising materials should make you overlook the fact that high returns always involve high risk;
  • Learn as much as you can about the company or intermediary trying to sell you a product (authorization/certification, company history, location of head offices, etc.);
  • Only invest in a product you understand;
  • Ask yourself how, and by whom, the purchase price or selling price of the advertised product is set, and find out the precise terms and timeline for selling the product, especially in cases where the product invests in an asset class with low liquidity. 

Last December,  AMF blacklisted four crypto-related websites for selling  unauthorized investment offerings. The blacklists included crypto-related websites as iminage.com, elos-patrimoine.com, infoconso.info, and live-crypto.com.net.

 In the announcement, the AMF warned investors about the increasing number of unregistered investment projects. Also, in September of last year, the AMF blacklisted  21 new investment websites, including multiple crypto-related sites.Under the new rules, prior to any token issuances, a company must apply to the AMF for a license and provide the agency with detailed information pertaining to the offer and issuer.

Last month, the head of the Finance Committee of France’s National Assembly, Eric Woerth, suggested a ban on anonymous cryptocurrencies, or so-called privacy coins. He further addressed possible problems associated with cryptocurrencies, including fraud, tax evasion, money laundering, and energy consumption.

About AMF

The Autorité des marchés financiers (AMF) was established by the Financial Security Act of 1 August 2003. It falls under the European regulatory umbrella of the Markets in Financial Instruments Directive (MiFID). It was formed from the merger of the Commission des opérations de bourse (COB), the Conseil des marchés financiers (CMF) and the Conseil de discipline de la gestion financière (CDGF). It  is an independent public body with legal authority and financial autonomy with the duty of safeguarding investments in financial instruments, ensuring that investors receive material information and maintaining orderly financial markets.