US Regulator Warns on Crypto Retirement Fraud

Consumers should be wary of cryptocurrency retirement accounts claiming to be approved by the Internal Revenue Service, CFTC said
06 February 2018   511

The Commodity Futures Trading Commission (CFTC) released a new circular dated Feb. 2, stating consumers should be wary of cryptocurrency retirement accounts claiming to be approved by the Internal Revenue Service. CFTC is warning investors to be cautious of sales pitches touting “IRS approved” or “IRA approved” virtual currency retirement accounts.

Taxpayers tend to focus on retirement savings more at tax time in order to increase deductions or maximize savings. As a result, some businesses may attempt to lure customers into buying highly volatile cryptocurrencies using false claims or by painting virtual currencies as less risky because they can be used for retirement saving.

 

CFTC statement

CFTC also said that custodians and trustees of self-directed IRAs may have limited duties to investors and generally will not evaluate the quality or legitimacy of an investment or its promoters.

We have recently reported that the Senate Banking Committee will hold a hearing entitled “Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission” examining the implications of cryptocurrency.

Former SpaceX Engineer to Launch Crypto Exchange

Earlier CEO of LXDX Joshua Greenwald worked as the engineer on automation and propulsion systems at SpaceX
18 September 2018   92

The supplier of exchange technologies and services LXDX launches a new trading platform for digital assets. This is reported by the publication LeapRate with reference to the company's CEO Joshua Greenwald.

He said that the new platform will make institutional trade instruments available to a wide range of crypto traders.

Our immediate focus is on cryptocurrency and enabling every investor to utilize the exclusive tools, like smart order routing, that only institutions previously could access. When we built top tier infrastructure for traditional markets, our team solved many of the same problems facing cryptocurrency exchanges today. We are excited to bring a higher caliber of technology to cryptocurrency investors everywhere.
 

Joshua Greenwald

CEO, LXDX

The site will fully meet the requirements of KYC / AML.

Earlier Joshua Greenwald worked as the engineer on automation and propulsion systems at SpaceX. His startup received support from large investors, one of which was the venture fund Dymon Asia. In September, LXDX moved to Malta.