Austria’s Regulator Alerts Public to Unlicensed Cryptocurrency Broker

The Crypto Genius is not authorized to provide ‎‎investment services or ‎activities in the country.‎ ‎

The Financial Markets Authority (FMA), Austria’s ‎financial watchdog, today updated its warning list to ‎include The Crypto Genius, a provider of trading products ‎and services, for carrying out unlicensed financial ‎activities, according to a recent regulatory statement.‎

The FMA‎ has clarified that the ‎company in ‎question does not, in fact, have any valid license of any ‎kind, ‎stating that The Crypto Genius is not authorized to provide ‎‎investment services or activities in the country.‎

The financial watchdog today updated its warning list by ‎blacklisting the firm which facilitates trading in digital currencies, forex, ‎commodities, stocks, among other ‎asset classes.‎

This warning is yet another case in which Austrian‎ ‎authorities seem to have ‎stepped up their game and have ‎gone after illegal cryptocurrency brokers. ‎

Based on this, the FMA warns the public not to invest with‎ The Crypto Genius, and to be cautious of dealing with its ‎solicitations. The company is not registered as a legitimate ‎provider in Austria and is therefore not allowed to offer ‎financial services in the country.‎

The FMA is an integrated supervisory authority ‎established in 2002. It brings together the supervision of ‎all financial providers and functions in Austria under a ‎single roof. The regulator is focused on identifying and ‎blacklisting any individual or entity that is operating in ‎Austria without a license or authorization, where that is ‎required by law.‎

The FMA updates the public by means of warnings and ‎alerts when it believes that investors may be at risk. ‎Businesses and individuals are named on this list if they ‎are not registered to provide financial services in Austria ‎and/or had the FMA enforce action against them for ‎misconduct.‎

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