NASAA has Something Damaging to Say About Cryptocurrencies

NASAA has Something Damaging to Say About Cryptocurrencies

The North American Securities Administrators Association (NASAA) has listed cryptocurrencies as one of its perceived risky investments for 2020.

NASAA is one of the oldest global investor security community. The group has published its official list of investments or businesses to avoid next year.

For this listing to be possible, the group gathered information from different securities agencies across different countries including the US, Canada, and Mexico.

NASAA’s Top Risky Investments
The list was revealed a few days ago and includes the top 5 businesses or investments that might be possible perils for investors in 2020. The listing is based on previous investor complaints and ongoing surveys.

The top 5 investments declared unsafe by NASAA include cryptocurrency-related investments, Ponzi schemes, promissory notes, and social media investment schemes.

The President of NASAA, Christopher Gerold argued that no investment can give guarantees on returns, adding that any business promising a risk-free investment with huge returns is a sham and should be avoided for one’s safety.

He also advised investors to ‘know’ exactly what it is they’re investing in or who they’re giving their money to, noting that they should not be swayed by fake promises of “get-rich-quick” schemes that claim to be risk-free.

NASAA has also been vigorously scrutinizing activities on the crypto markets in a bid to ensure protection for investors. In 2018, the group initiated its “Operation Cryptosweep” enterprise, which involves about 200 active surveys on crypto activities as well as ICOs. Just recently, the group cautioned Main Street investors on the rising dangers attributed to crypto investments and ICOs.

In other reports, it was observed that the losses accrued from crypto-related scams have been on a steady rise over the past year. In 2018, the number of losses was recorded at $1.7 billion and has spiked dramatically to $4.5 billion in 2019.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.