European Watchdogs Warn Users: Crypto-Assets Are Highly Risky and Speculative

The European Supervisory Authorities – the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA), the European Insurance and Occupational Pensions Authority (EIOPA) – issued a warning to investors about cryptocurrencies, deeming the asset class as “highly risky and speculative” in nature.
The ESAs Ask Consumers to Make Informed Decisions
The warning comes amidst increasing consumer activity and interest in crypto-assets, as well as the aggressive promotion and associated products to the public, including through social media.
The ESA stated that cryptocurrencies are not suited as an investment or a means of payment or exchange for most retail consumers. It said investors face the possibility of losing all their money upon purchasing these assets while urging consumers to be alert to the risks of misleading advertisements and get-rich schemes.
“The ESAs also warn consumers that they should be aware of the lack of recourse or protection availabl

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