Sunday, November 23, 2014
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Alienware Alpha PC Gaming Console Now Shipping
Samsung Files ITC Complaint Against Nvidia
Europe To Ask Google Unlink Its Commercial And Search Services
Streaming TV Service Aereo Files for Bankruptcy
Square Launches Cash Register Service
Call of Duty: Advanced Warfare is the Biggest Entertainment Launch of 2014
Intel-Micron 3D NAND To Have 32 Layers, 256Gb Per Die
Intel To Release Chromecast-like Thumb-sized PCs
Active Discussions
cdrw trouble
CDR for car Sat Nav
DVD/DL for Optiarc 7191S at 8X
Copied dvd's say blank in computer only
Made video, won't play back easily
New Features In Firefox 33
updated tests for dvd and cd burners
How to generate lots of different CDs quickly
 Home > News > General Computing > FINRA I...
Last 7 Days News : SU MO TU WE TH FR SA All News

Wednesday, March 12, 2014
FINRA Issues Alert On Bitcoin Risks


The Financial Industry Regulatory Authority (FINRA) has issued an alert to caution investors that buying and using digital currency such as Bitcoin carry risks.

FINRA says that speculative trading in bitcoins carries significant risks adding that there is also a risk of fraud related to companies claiming to offer Bitcoin payment platforms and other Bitcoin-related products and services.

FINRA's Investor Alert adds to a chorus of Bitcoin-related warnings from other regulators. The threat of Bitcoin-related fraud is a real danger for investors looking to make a quick profit from Bitcoin. For example, on February 19, 2014, the SEC suspended trading in the securities of Imogo Mobile Technologies Corp, which had announced testing of a new mobile platform for Bitcoin a few weeks earlier.

"Speculators drawn to Bitcoin trading should understand that Bitcoin prices have fluctuated widely, and wildly, almost from the currency's inception," said Gerri Walsh, FINRA's Senior Vice President for Investor Education. "Investors looking to get in on the ground floor of a Bitcoin-related company should realize that fraudsters may see the latest digital currency trend as a chance to steal their money through old-fashioned fraud."

Recent events made is clear that platforms that buy and sell bitcoins can be hacked. In addition, unlike banks and credit unions that provide certain guarantees of safety to depositors, there are no such safeguards provided to bitcoins residing in so-called "digital wallets."

FINRA also pointed to the use of Bitcoin in money laundering and drug payments.

FINRA noted the closure of Japan-based Mt Gox, once the largest Bitcoin exchange which said it had been robbed of nearly half a billion dollars' worth of the digital currency, most of it clients' money.

Mt Gox filed for bankruptcy protection in Japan at the beginning of this month and in the United States on Monday.




Previous
Next
US-CERT Urges XP users to Retire The OS        All News        Twitter Crashes Due To Software Glitch
US-CERT Urges XP users to Retire The OS     General Computing News      Twitter Crashes Due To Software Glitch

Get RSS feed Easy Print E-Mail this Message

Related News
BitPay and PayPal Announce Bitcoin Integration
DISH To Start Accepting Bitcoin
Japanese Court Rejects Mt Gox Bankruptcy Protection Application
MtGox Allows Users To Check Their Wallets
Bitcoin Bank Closes After Hackers' Attack
Bitcoin Exchange Mt. Gox Files For Bankruptcy
Bing Now Offers Bitcoin Conversion To Real Money
European Bank Authority Warns Consumers on Bitcoin
China Banks Not Allowed to Use Bitcoin

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2014 - All rights reserved -
Privacy policy - Contact Us .