French Stock Market Regulator Issues Warning About Crypto-Related Firm

Published at: April 9, 2019

The Autorité des marchés financiers (AMF) has warned the public about a firm offering training courses and software for trading cryptocurrency and investing in forex markets, according to an announcement published on April 9.

The AMF — the stock market regulator in France — has issued a warning regarding the operation of Kuvera LLC(1)/Kuvera France, which allegedly promotes trading on “highly speculative products” and targets young people. Specifically, the company offers training courses and software solutions that would ostensibly help clients invest in forex and crypto markets.

Additionally, Kuvera offers subscribers compensation that automatically increases with the number of subscribers recruited. The AMF notes that the company is not authorized to operate in France.

The AMF has previously warned the public about suspicious projects in the cryptocurrency space. Last December, the agency blacklisted four crypto-related websites for unauthorized investment offerings. In the announcement, the AMF warned investors about the increasing number of unregistered investment projects, claiming that “new unauthorized actors appear regularly.”

In September of last year, the AMF announced it was blacklisting 21 new investment websites, including multiple crypto-related sites. The AMF characterized the additions as “unauthorized websites” that offer “atypical investments,” and directed users to its existing blacklist, which it notes is “not comprehensive.”

Last month, the head of the Finance Committee of France’s National Assembly, Eric Woerth, suggested a ban on anonymous cryptocurrencies, or so-called privacy coins. Apart from that, Woerth addressed possible problems associated with cryptocurrencies, including fraud, tax evasion, money laundering, and energy consumption.

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