AMF warns of scam crypto site

AMF, crypto, The Autorité des Marchés Financiers, AMF, investors, fraudulent, investment, Forex, Immediate ConnectThe Autorité des Marchés Financiers (AMF) has urged investors to be “extremely vigilant” of fraudulent investment offers in Forex offered by Immediate Connect.

The platform claimed to be “the ideal solution for those who want to get rich quickly” as investors could supposedly “earn a million euros in 12-15 weeks”.

The site quickly received recognition due to online advertisements, which used the names of prominent personalities and well-known news websites.

These promotional techniques have previously been used to advertise other trading scam sites on the AMF’s blacklists, according to the French regulator.

Following a collection of testimonies, the AMF found that interested investors were contacted by a supposed financial adviser who recommend they invest in foreign exchange.

Investors were then told to use the unauthorised trading platform to invest in crypto-assets, such as bitcoin, or in derivatives of crypto-assets. However, when investors attempted to collect their alleged gains, they were asked to first pay a “capital gains tax”.

According to the AMF, it has taken several measures to prohibit the activities of unauthorised companies like Immediate Connect.

The regulator has issued a warning to remind investors that the forex market should be avoided as it is unregulated, and the risks of a loss of capital exceeding the sum invested are very high.

The public has also been urged to be wary of unrealistic promises from trading websites that guarantee quick profits.

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