Financial Commission Unveils Warning List for Blockchain Firms

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The Financial Commission (FinaCom PLC) today launched a new tool to help cryptocurrency investors check if an investment opportunity is a scam. Dubbed ‘Blockchain Warning List,’ the new service provides information about the potentially damaging behavior of certain digital asset providers.

The most recent entries in this list includes crypto exchanges and wallets suspected of conducting illegal activities depending on reports and complaints filed by their customers.

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Inclusion in the list does not necessarily mean, however, that the company is operating a fraudulent scheme.

“The launch of the new Warning List follows from recommendations made by Financial Commission’s Blockchain Expert Committee (BEC) during its recent meeting, aimed to improve the current free dispute resolution service for digital asset investors provided by the organization’s Blockchain Association,” the self regulator further states.

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Crypto is now a high-priority for FinaCom

In addition to providing dispute resolution and certification services to the participants of the forex and derivatives markets, the Financial Commission extended its coverage to the crypto community and blockchain startups seeking to launch initial coin offerings (ICOs).

FinaCom has revealed its plans approach cryptocurrency exchanges and ICOs with increased scrutiny, designating the industry as a high-priority one for the agency.

To facilitate the ICO certification process, the self-regulatory compliance specialist established a dedicated panel to certificate and evaluate the merits of prospective token offerings. Taking guidance from its existing Dispute Resolution Committee, the ICC panel consists of fintech experts from various sectors.

The Financial Commission also announced last year that it would begin accepting the cryptocurrencies Bitcoin and Ethereum as payment for its regulatory services.

The FinaCom stressed that other forms of cryptocurrency-related investment products fall under its oversight and that digital asset investors can expect to see more improvements to the free dispute resolution service over the next month, according to the circular.