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- WRAL investigates
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The North Carolina Department of Justice is investigating cryptocurrency kiosk operators in the state, Attorney General Jeff Jackson confirmed to WRAL.
“Investigation underway as we speak,” he said.
This development came up during an interview over the state’s upcoming law changes surrounding crypto ATMs. A Johnston County woman had recently reached out to WRAL, sharing that she had lost her life savingscords out of Harnett County show a man recently lost more than $30,000 – which was described as ‘almost all’ of his savings – to a cryptocurrency machine
Attorney General Jackson, who expressed skepticism over the legitimacy of crypto ATM operations in the state, disclosed very little about <a href="https://xpertsstudio.com/what-you-can-still-recover/” title=”What You Can Still Recover”>what the DOJ may have discovered.
“We’re attacking this from every angle we can, going after the people who are perpetrating the fraud, but also going after an industry that is facilitating a ton of fraud. They [companies] know that these machines are being used primarily for fraud, not often, not occasionally, primarily. That’s what our investigation has turned up,” Attorney General Jackson said.
Consumer Reports: Crypto exchanges — and protections — explained
Crypto
is easier to buy than ever. The harder part may be deciding where to buy it.
For many consumers, that means choosing a crypto exchange, and plenty are
competing for your business. Consumer Reports evaluated five major exchanges to
see what consumers should know before picking one.
They’re
some of the biggest names consumers see when shopping for a tool to manage
their crypto assets: Binance.US, Coinbase, Crypto.com, Gemini, and Kraken.
Consumer Reports took a closer look at all of them.
Consumer
Reports found that all five platforms evaluated make it really easy to start
trading. What’s not nearly as easy is actually finding the information you need
before you need it. These are things like what you’re being charged, how those
fees are calculated, and what protections you have or don’t have.
Consumer
Reports also found none clearly disclosed during sign-up that crypto on an
exchange lacks the same federal protections as money in a bank. If the exchange
fails or is hacked, you could lose some or all of your investment.
Fraud
warnings also varied. Gemini required multiple fraud-risk acknowledgments.
Binance.US, Coinbase and Crypto.com used warnings that were easier to dismiss.
Kraken showed no warning during the transfer.
What
Consumer Reports would like to see is companies putting the information where
it counts, which is usually right before a consumer hits send. We need to tell
people in plain English that once crypto is gone, it is gone. And that scammers
are going after crypto users more than ever.
Privacy
was another concern. In CR’s evaluation, none of the exchanges limited the
amount of user data they collect. Coinbase was the only one Consumer Reports
found that offered an in-app option to delete or request access to their
personal data.
Consumer
Reports gave all five exchanges a chance to respond. Binance.US, Coinbase,
Crypto.com, and Kraken all pointed to security, privacy, education,
fraud-prevention tools, or transparency measures they say are already in place.
Gemini declined to comment on the record.
Before
you choose an exchange or even pick an app, ask four questions. What am I
really paying? How does it protect me from scams? What happens to my money if
the company goes under? And then, what is it doing with my data? Important
questions to help protect you and your money.
If
you want exposure to crypto without using a crypto exchange, Consumer Reports
says you can also consider a crypto ETF or index fund through a traditional
brokerage. Those investments come with stronger federal oversight and consumer
protections.
Source: www.wral.com