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Cryptoassets & Blockchain Legal News

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A warning issued on crypto retirement scams

February 5, 2018 by Ashley MAO

The Commodity Futures Trading Commission (CFTC) has warned consumers to be wary of cryptocurrency retirement accounts that claim to be approved by the Internal Revenue Service.

According to the commission, some businesses offering cryptocurrency retirement accounts may use false claims such as stating that their product had been endorsed by the Internal Revenue Service when attempting to lure customers into cryptocurrencies. “The IRS does not approve or review investments for IRAs,” stated the CFTC.

Th statement continued to say that the self-directed IRAs ‘custodians and trustees “may have limited duties to investors and generally will not evaluate the quality or legitimacy of an investment or its promoters.”

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Ashley MAO, Coinlaw

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Ashley MAO is a member of the Coinlaw team. Read more about our team.

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