Binance, the world’s largest cryptocurrency exchange, announced on May 12 that it would be suspending its Canadian operations. The move comes as a surprise to many, as Binance had only recently launched its Canadian exchange in September 2021.
Jeff Yew is a crypto pioneer and advocate. He is the co-founder and CEO of Monochrome Asset Management, a specialist investment management firm offering leading regulated access to crypto-assets. Yew is a respected figure in the crypto space, having been involved in the industry since its early days. He is a frequent speaker at industry events and has been quoted in publications such as The Wall Street Journal, The Financial Times, and The Australian Financial Review.
In December 2020, the Australian Senate’s Select Committee on Financial Technology and Regulatory Technology released its final report on the opportunities and challenges facing the country’s FinTech and RegTech industries. The report identified key changes that are needed to support innovation and growth in the financial services sector, including greater regulatory clarity and support for digital currencies. It also made a number of recommendations for regulatory and policy changes to support the growth of these industries in Australia. This article will detail the key changes and projected outcomes of the report, as well as provide references and quotes from the report itself.
Self-managed super funds (SMSFs) that invest in cryptocurrencies can be particularly vulnerable to scams and other fraudulent activities. To protect themselves, SMSF investors should consider the risks associated with cryptocurrencies, avoid relying on social media or cold calls, understand the risks of cryptocurrencies, work with a registered financial adviser, and take steps to ensure that their investments are secure. By taking these steps, SMSF investors can reduce the risk of falling victim to cryptocurrency scams and other fraudulent activities.
Cryptocurrency scams are a growing concern for investors, with billions of dollars lost to fraudulent schemes each year. However, by following the tips outlined in this article, investors can reduce their risk of falling victim to a cryptocurrency scam. It’s important to conduct thorough research, be wary of promises of high returns, check the credentials of the team behind the cryptocurrency, look for regulatory oversight, be cautious of unsolicited investment offers, watch out for pump and dump schemes, be cautious of malware and phishing scams, and use reputable wallets and exchanges. By taking these steps, investors can protect themselves and their investments from fraudulent schemes.
