A fraudulent investment offer in crypto assets is at
the center of a warning issued by the Financial Markets Authority (FMA)
and the Paris Prosecutor’s Office. The French authorities said that the platform,
dubbed Immediate Connect, is using the internet and social media to advertise or spread false articles purported to be from well-known
personalities or reputable information sites.
Operating through multiple websites, this fraudulent
scheme allegedly mimics legitimate platforms, targeting those seeking lucrative
investment opportunities. The AMF discovered it in June, flagging its automated
trading offers as dubious and cautioning investors to exercise utmost vigilance.
According to a report by AMF, savers are being lured
by an article purportedly coming from a reputable media publication. After
filling out online forms, users are swiftly contacted by financial
advisors, coercing them to join unauthorized trading platforms for forex,
crypto-assets like Bitcoin , or derivatives.
Subsequently, the AMF has added several suspicious
sites to its blacklist. The regulator has identified several clone
versions operating as Immediate Connect. In a bid to combat this fraud, a court
proceeding on October 9 resulted in the blocking of various associated web
addresses, aiming to restrict their access within French territory.
The Paris Prosecutor’s Office warned against
engaging with unapproved entities, citing severe penalties for the provisions
of unauthorized investment services. This includes fines of up to €1,875,000
and imprisonment of up to three years for individuals involved in illegal
investment activities.
AMF’s Crackdown on Unauthorized Sites
During the third quarter, AMF and the Prudential Control and
Resolution Authority (ACPR) blacklisted 22 fraudulent websites
operating in the forex market. These websites
allegedly offered unauthorized forex investments and crypto-linked derivative
products.
Since the beginning of the year, the AMF and ACPR have
collectively added 43 unauthorized sites in the forex category and one site in
the crypto-asset derivatives category to their watchlists. To bolster investor
awareness, these lists of unauthorized sites are accessible to the
public via the Assurance Banque Épargne Info Service website and the AMF’s
official platforms.
Meanwhile, AMF and the Autorité de Régulation
Professionnelle de la Publicité (ARPP) jointly introduced a “Responsible Influence Certificate” in September. This certification, initially established
in 2021, targets financial influencers. It emphasizes responsible and informed
financial communication.
The certification module encompasses various
investment products, including equities, bonds, ETFs, funds, derivatives, and
services such as investment advice and portfolio management. Moreover, it
covers areas like crypto-assets and digital asset service providers.
A fraudulent investment offer in crypto assets is at
the center of a warning issued by the Financial Markets Authority (FMA)
and the Paris Prosecutor’s Office. The French authorities said that the platform,
dubbed Immediate Connect, is using the internet and social media to advertise or spread false articles purported to be from well-known
personalities or reputable information sites.
Operating through multiple websites, this fraudulent
scheme allegedly mimics legitimate platforms, targeting those seeking lucrative
investment opportunities. The AMF discovered it in June, flagging its automated
trading offers as dubious and cautioning investors to exercise utmost vigilance.
According to a report by AMF, savers are being lured
by an article purportedly coming from a reputable media publication. After
filling out online forms, users are swiftly contacted by financial
advisors, coercing them to join unauthorized trading platforms for forex,
crypto-assets like Bitcoin , or derivatives.
Subsequently, the AMF has added several suspicious
sites to its blacklist. The regulator has identified several clone
versions operating as Immediate Connect. In a bid to combat this fraud, a court
proceeding on October 9 resulted in the blocking of various associated web
addresses, aiming to restrict their access within French territory.
The Paris Prosecutor’s Office warned against
engaging with unapproved entities, citing severe penalties for the provisions
of unauthorized investment services. This includes fines of up to €1,875,000
and imprisonment of up to three years for individuals involved in illegal
investment activities.
AMF’s Crackdown on Unauthorized Sites
During the third quarter, AMF and the Prudential Control and
Resolution Authority (ACPR) blacklisted 22 fraudulent websites
operating in the forex market. These websites
allegedly offered unauthorized forex investments and crypto-linked derivative
products.
Since the beginning of the year, the AMF and ACPR have
collectively added 43 unauthorized sites in the forex category and one site in
the crypto-asset derivatives category to their watchlists. To bolster investor
awareness, these lists of unauthorized sites are accessible to the
public via the Assurance Banque Épargne Info Service website and the AMF’s
official platforms.
Meanwhile, AMF and the Autorité de Régulation
Professionnelle de la Publicité (ARPP) jointly introduced a “Responsible Influence Certificate” in September. This certification, initially established
in 2021, targets financial influencers. It emphasizes responsible and informed
financial communication.
The certification module encompasses various
investment products, including equities, bonds, ETFs, funds, derivatives, and
services such as investment advice and portfolio management. Moreover, it
covers areas like crypto-assets and digital asset service providers.
