Austria’s Financial Markets Authority Issues Public Warning Against The Crypto Genius

Announcements, News, Regulation | April 13, 2018 By:

Austria’s Financial Markets Authority (FMA) has included unlicensed cryptocurrency broker The Crypto Genius to its updated warning list.

In a statement, the FMA said that The Crypto Genius is not authorized to provide ‎‎investment services or activities in the country.‎ The regulator updated its warning list by ‎blacklisting The Crypto Genius.

The Crypto Genius claims to facilitate trading in cryptocurrencies, Forex, ‎commodities, and stocks, among other ‎asset classes.‎ The company’s website welcomes visitors with a bold promise that they can earn $5,900 daily with their free software. The sales video claims that the company has over 10,000 active users, including billionaire Mark Cuban. Three recent users also claimed that they made their first $5,900 within a day after signing up.

Austria’s ‎financial watchdog warned the public not to invest with‎ The Crypto Genius and to be cautious dealing with its ‎solicitations. It added that the firm is not registered as a legitimate ‎provider in Austria and is therefore not allowed to offer ‎financial services in the country.‎

Austria has been pledging to tighten rules on cryptocurrencies. In February, Austria’s Ministry of Finance announced plans to regulate bitcoin and other cryptocurrencies in the same framework as gold and derivatives. Finance minister Hartwig Löger outlined several measures the government plans to implement, including requiring cryptocurrency market participants to identify all trading parties and to disclose trades of €10,000 ($12,300 USD) or more to the FMA.