The American regulatory body CFTC which monitors and controls derivate markets has had a long journey in safeguarding the interests of millions of American consumers. For several years, it has carefully prevented fraud and attacks on ignorant consumers especially in the new-age digital economy. They have employed a number of methods to shield Americans from being victimized by unlawful online activities and cyber crimes. They have now come out with a listicle and red-flagged some online entities who they have said are running operations from outside US without their green light. Included on the list are also some crypto entities.
CFTC Issues Warning To Vulnerable Consumers
In a bid to raise awareness, they have cautioned against these 34 non-native unofficial entities saying we live in an era where anyone can misuse someone’s digital presence to carry out illicit transactions. CFTC has sounded alarms that since they are not authenticated by them, should consumers choose to interact or transact with them, they are completely on their own. The American regulatory body does not extend its usual checks to these digital and crypto players. Crypto users conducting activities with them would be vulnerable as they are outside CFTC’s online umbrella of defense. They have noted that since these crypto players have an overseas presence, the consumers would also be prone to substantial threats in the international realm.
The crypto landscape in US has been facing a lot of confusion recently with American government calling for stricter monitoring and regulation of growing online concerns including cryptocurrency. CFTF’s mission however has remained unwavering as it plans to offer immunity to American consumers against looming threats from crypto players trying to take advantage of them. It is one of the few and main American authorities who has been tasked with overseeing and formulating rules to govern the crypto industry.