{"id":36441,"date":"2022-11-27T23:40:42","date_gmt":"2022-11-27T23:40:42","guid":{"rendered":"http:\/\/egrowonline.com\/?p=36441"},"modified":"2022-11-27T23:40:42","modified_gmt":"2022-11-27T23:40:42","slug":"caution-urged-state-issues-cryptocurrency-advisory-to-investors-news","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=36441","title":{"rendered":"Caution Urged: State issues cryptocurrency advisory to investors | News"},"content":{"rendered":"


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Lincoln County residents and those across the state seeking investment opportunities are being cautioned about where they place their money.<\/p>\n

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The bankruptcy of FTX, which left approximately 1 million customers and investors facing total losses in the billions, should serve as a warning to anyone investing in cryptocurrency, the DFR said.<\/p>\n

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The Oregon Division of Financial Regulation (DFR) is urging Oregon investors to diversify investments and be informed of the risks in investing in largely unregulated products such as cryptocurrency.<\/p>\n

Some of these financial product offerings are registered and licensed with DFR as money transmitters or securities offerings. The division has investigated several cryptocurrency companies and continues to monitor the market.<\/p>\n

According to an online broad definition, a cryptocurrency is virtual or digital money that takes the form of tokens or coins.<\/p>\n

Cryptocurrencies are digital assets that have no government backing. They are typically purchased, used, stored, and traded electronically through digital currency exchanges. They can be traded for goods and services, transferred from one person to another, or held for investment purposes.<\/p>\n

\u201cIt is important to know the risks involved with cryptocurrency or any investment opportunities,\u201d DFR Administrator TK Keen said. \u201cNo investment opportunities are risk free, and you should always do your homework on where you are sending your money. This is especially true when cryptocurrency is involved.\u201d<\/p>\n

The bankruptcy of FTX, the third largest cryptocurrency exchange in the world, which left approximately 1 million customers and investors facing total losses in the billions, should serve as a warning to anyone investing in cryptocurrency.<\/p>\n

\u201cInvesting in cryptocurrency is extremely risky given what\u2019s going on right now,\u201d Keen said. \u201cIt\u2019s important to not invest more than you can afford to lose or put all of your assets in one bucket.\u201d<\/p>\n

Cryptocurrency accounts are not generally insured by the FDIC, which recently issued a fact sheet clarifying when an account is considered insured.<\/p>\n

DFR encourages Oregonians to follow these tips when it comes to digital currency and nonfungible tokens (NFTs), which are often linked to digital works of art, photos, or videos:<\/p>\n

Carefully research these types of investments.<\/strong> Many of these \u201cinvestment opportunities\u201d are speculative in nature. Before engaging in a transaction, make sure that you understand what you are purchasing, the value of the item purchased, the reason for the valuation, and how easy it is to sell the investment if you want to get out your money.<\/p>\n

Use a digital currency exchange that is licensed<\/strong> with the state to transmit cryptocurrency to someone else. Oregon law requires companies that transfer digital currency from one person to another to be licensed as money transmitters. Digital currency exchange companies that purchase or sell cryptocurrency from their own inventories are not required to be licensed.<\/p>\n

Do not spend money you need.<\/strong> The volatility of the digital currency and NFT markets means that you should not purchase cryptocurrency with money that is needed for essential purposes such as food, housing, and gas.<\/p>\n

In an earlier advisory in October, the DFR warned of several online scams that are couched as \u201ceducation\u201d and \u201cguidance\u201d to investors in what are actually steering schemes.<\/p>\n

\u201cThese schemes make numerous misrepresentations about the investment and its rate of return through TikTok and Discord, making it difficult to later track down these misrepresentations and the individuals involved,\u201d the DFR stated in a release. \u201cThe investment offerings are often targeted at people who have recently lost money on investments in cryptocurrency or stocks.\u201d<\/p>\n

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The Oregon Division of Financial Regulation (DFR) is warning investors to steer clear of onl\u2026<\/p>\n<\/p><\/div><\/div><\/div>\n<\/article>\n<\/div>\n

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The Oregon Division of Financial Regulation is warning Oregonians to use caution when invest\u2026<\/p>\n<\/p><\/div><\/div><\/div>\n<\/article>\n<\/div>\n

For more information about these platforms, or if you believe you may have been defrauded, contact the division\u2019s advocates at 866-814-9710 (toll-free).<\/em><\/p>\n<\/p><\/div>\n

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Lincoln County residents and those across the state seeking investment opportunities are being cautioned about where they place their money. The bankruptcy of FTX, which left approximately 1 million customers and investors facing total losses in the billions, should serve as a warning to anyone investing in cryptocurrency, the DFR said. Metro Creative Connection The […]<\/p>\n","protected":false},"author":1,"featured_media":36442,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[36],"tags":[1362,2048,52,102,1824,111,2813,12554],"class_list":["post-36441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-advisory","tag-caution","tag-cryptocurrency","tag-investors","tag-issues","tag-news","tag-state","tag-urged"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/11\/637d37a6ddb02.image_.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/36441","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36441"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/36441\/revisions"}],"predecessor-version":[{"id":36443,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/36441\/revisions\/36443"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/36442"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36441"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}