September 21, 2023

Gary Gensler: The crypto industry is flooded with scammers

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1 min.

Gary Gensler: The crypto industry is flooded with scammers

The chairman of the US Securities and Exchange Commission (SEC) in an interview with Bloomberg said that the cryptocurrency market is “rife with scammers and traders.”

Gary Gensler believes that investors who start working with crypto assets should be warned about the lack of protection.

“You, as investors, do not get the full,fair and truthful disclosure, and platforms and intermediaries are doing things that we would never allow or think,” the official described the work of the exchanges.

He added that crypto exchanges “often trade against the investors themselves.”

“They have market makers who are on the other side of your trades,” the head of the SEC assured.

Gary Gensler recently stated that the SEC will spend $2.4 billion to fight crypto companies Meanwhile, the Blockchain Association urged Gensler to abandon litigation with crypto companies. Now the SEC is pursuing cases against the largest exchanges Binance and Coinbase, as well as Ripple. The head of the SEC, in response, said that he would continue to deal with these cases.