Germany’s Top Financial Regulator Warns Against Initial Coin Offering (ICO) Risks

domainking131

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Germany's top financial regulator, the Federal Financial Supervisory Authority (BaFin) has issued a warning to investors bout the risk of investing in initial coin offerings (ICOs). This move makes BaFin the latest market watchdog to issue a warning on ICOs.

In its statement, BaFin warned investors about the various risks involved in ICOs and token sales.

Among the risks is the possibility of losing one’s entire investment. The agency also warned that the ICO as a funding model can “attract fraudsters” who may misrepresent their projects to prospective investors.

Part of the statement reads:
"Due to the lack of legal requirements and transparency rules, the consumer is left on their own when it comes to verifying the identity, reputability and credit standing of the token provider and understanding and assessing the investment on offer. It can also not be guaranteed that personal data will be protected in accordance with German standards."

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