Marielle Cohen-Branche – the French financial ombudsman – revealed that approximately 25% of suspected monetary frauds in France last year involved cryptocurrency investment schemes. This is a sharp increase from 2020 when the figures stood at 6%.
Crypto Scams in France on the Rise
The increasing popularity of the digital asset sector leads to its imminent employment in fraudulent activities. In a recent report, the French ombudsman – Marielle Cohen-Branche – disclosed that such schemes accounted for one-quarter of all monetary scams in France during 2021.
Firms that want to provide digital asset services in France need to register with the Autorité des Marchés Financiers (AMF). The agency is responsible for safeguarding the investments in the nation and checks for compliance with anti-money laundering procedures.
Cohen-Branche recommended that the safest option for clients who want to trade cryptocurrencies is to pick a local company that has already secured such a license from the AMF. She cautioned that those operating with foreign exchanges might be left without compensation in case a problem occurs.
“The ombudsman is only able to act if the professional has actively solicited the investor in France.”
It is worth noting that cryptocurrencies accounted for only 6% of all monetary scams in France in 2020. According to Cohen-Branche, the sharp rise indicates that the overall financial picture in the…
