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New York Attorney General says cryptocurrencies are 'high-risk' and 'unstable', and urges caution when trading

Posted On: Apr 23, 2021   |   Posted By: Business Insider

New York Attorney General says cryptocurrencies are 'high-risk' and 'unstable', and urges caution when trading

Summary List Placement New York Attorney General Letitia James on Monday called cryptocurrencies "high-risk" and" unstable" investments in a rebuke of the rapidly evolving market, urging investors to exercise "extreme caution" when trading digital assets. The state's top law enforcement official further warned investors of "speculative bubbles".
"Too often, greedy industry players take unnecessary risks with investors' money," James said in an investors' alert. "All investors should proceed with extreme caution when investing in virtual currencies. Cryptocurrencies are high-risk, unstable investments that could result in devastating losses just as quickly as they can provide gains."
James also reminded brokers, dealers, and advisors, among others, of the possibility of facing " both civil and criminal liability " for unauthorized and unregistered business transactions.
"Many operators of virtual currency trading platforms are themselves heavily invested in virtual currencies, and trade on their own...

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