LBN
  • Home
  • News
    • Altcoin News
    • Bitcoin News
    • Exchange News
    • Dogecoin News
    • Litecoin News
  • Charts
    • BTCUSD Chart
    • LTCUSD Chart
    • ETHUSD Chart
    • ETCUSD Chart
    • XMRUSD Chart
    • DASHUSD Chart
  • Education
    • Bitcoin Glossary
    • How to Trade Bitcoin
    • Why Use Bitcoin?
    • Bitcoin Wallet
    • How to Buy Bitcoin
    • How Can I Mine Bitcoin?
    • How Can I Buy Litecoin?
    • How Can I Mine Litecoin?
    • Current Bitcoin Regulation
  • Press Releases
    • View All Press Releases
    • Submit a Press Release
  • Advertise
No Result
View All Result
LBN
  • Home
  • News
    • Altcoin News
    • Bitcoin News
    • Exchange News
    • Dogecoin News
    • Litecoin News
  • Charts
    • BTCUSD Chart
    • LTCUSD Chart
    • ETHUSD Chart
    • ETCUSD Chart
    • XMRUSD Chart
    • DASHUSD Chart
  • Education
    • Bitcoin Glossary
    • How to Trade Bitcoin
    • Why Use Bitcoin?
    • Bitcoin Wallet
    • How to Buy Bitcoin
    • How Can I Mine Bitcoin?
    • How Can I Buy Litecoin?
    • How Can I Mine Litecoin?
    • Current Bitcoin Regulation
  • Press Releases
    • View All Press Releases
    • Submit a Press Release
  • Advertise
No Result
View All Result
LBN
No Result
View All Result
Decentralized Crypto Exchange IDEX Bans New York Users
Altcoin News

NY’s Letitia James: You Must Be Very Careful Investing in Crypto

by Nick Marinoff
March 2, 2021
in Altcoin News, Exchange News, News
Share
logo

Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000

Sign up

New York attorney general Letitia James has issued a statement to all residents of New York warning them that cryptocurrencies are risky, and that they should think twice before investing in them.

Letitia James Warns Against Crypto Usage

In the statement, she also takes aim at all cryptocurrency businesses, claiming that if they do not follow the rules set forth by New York and the rest of the country, they are likely to face serious monetary and legal consequences. This is no doubt a nod to the recent court battle James faced with the likes of Tether and Bitfinex; a case that was ultimately settled and has barred both companies from ever doing business in New York again.

James mentions:

Too often, greedy industry players take unnecessary risks with investors’ money, but today, we’re leveling the playing field and issuing alerts to both investors and industry members across the nation. All investors should proceed with extreme caution when investing in virtual currencies. Cryptocurrencies are high-risk, unstable investments that can result in devastating losses just as quickly as they can provide gains… We will not hesitate to take action against anyone who violates the law.

Cryptocurrencies, despite having legions of loyal fans and users across the board, continue to face scrutiny in recent months and years given how vulnerable to price fluctuations they can be. These swings have often caused several traders to lose most or all their crypto savings within specific periods, as we saw in the year 2018 when bitcoin fell apart.

In addition, the space is often fraught with fraud and other illicit activity that causes losses and poses serious threats to users.

James recently “won” her legal standing against both Tether and Bitfinex within the Big Apple. While the case reached a settlement and was never placed in a judge’s hands, both entities will be forced to pay as much as $18.5 million in legal fees and can no longer administer their services to residents of the state.

Both firms have been accused in the past of hiding losses that amount to a whopping $850 million. Furthermore, James has accused Tether of lying to investors about how much money it had in its reserve accounts and about the status of its stable currency, which is allegedly backed by USD. James has stated that at the time the suit began, Tether had no USD in its bank reserves and thus the stable currency it had established wasn’t so stable.

Tether Feels the Same Way

Neither Tether nor Bitfinex has admitted to any wrongdoing, though the former has issued a formal statement explaining:

We share the attorney general’s goal of increasing transparency. Contrary to online speculation, after two and a half years, there was no finding that Tether ever issued tethers without backing or to manipulate crypto prices.

Related Posts

Tron (TRX) Price
Altcoin News

Tron (TRX) Price Analysis: Bulls Eye Additional Gains

Tron price started a fresh increase above the $0.035 level against the US Dollar. TRX price is now trading...

by Aayush Jindal
September 27, 2023
Bitcoin Price
Bitcoin News

Bitcoin Price Analysis: BTC Dips Again But Holds Key Support

Bitcoin price started a fresh decline from the $27,500 zone against the US Dollar. The price is now trading...

by Aayush Jindal
September 27, 2023
Two Victims of Crypto Scams Lose More Than $30K
News

Police Save Elderly Woman from Crypto Scam

A woman nearly lost $16,000 after falling victim to a crypto scam. The money likely would have been gone...

by Nick Marinoff
September 26, 2023
Bit Deer Opens New Crypto Mining Firm in Bhutan
Bitcoin Mining

Bit Deer Opens New Crypto Mining Firm in Bhutan

Bit Deer Technologies Group is opening a new crypto mining facility in the Asian country of Bhutan. Bit Deer...

by Nick Marinoff
September 26, 2023

Top Casinos

Crypto Casinos
Crypto Casinos
Bonus Finder
Bonus Finder

Press Releases

  • Ibiza NXT 2023 – Heading toward a purpose-driven Web3 innovation journey

  • Alaya: The Pioneer of Artificial Intelligence Data

  • Zeebu Secures $25 Million in Presale Funding for World’s First On-chain Invoice Settlement...

  • Reef Labs $10M Accelerator Program COHORT 1 Begins, Paving the Way for Web3 Innovators

  • Registration for the Finance Magnates London Summit 2023 is officially open!

About us:

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies. We cover BTC news related to bitcoin…

Follow us:

  • This field is for validation purposes and should be left unchanged.

  • About
  • Partners
  • PR
  • Advertising
  • Privacy
  • T&C
  • Contact
  • Trading Software
  • Online Casinos Germany

© 2023 Live Bitcoin News. All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • Altcoin News
    • Bitcoin News
    • Exchange News
    • Dogecoin News
    • Litecoin News
  • Charts
    • BTCUSD Chart
    • LTCUSD Chart
    • ETHUSD Chart
    • ETCUSD Chart
    • XMRUSD Chart
    • DASHUSD Chart
  • Education
    • Bitcoin Glossary
    • How to Trade Bitcoin
    • Why Use Bitcoin?
    • Bitcoin Wallet
    • How to Buy Bitcoin
    • How Can I Mine Bitcoin?
    • How Can I Buy Litecoin?
    • How Can I Mine Litecoin?
    • Current Bitcoin Regulation
  • Press Releases
    • View All Press Releases
    • Submit a Press Release
  • Advertise

© 2023 Live Bitcoin News. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.
Go to mobile version