New York Attorney General Letitia James is advising members of the crypto industry and investors to stay vigilant against participating in or becoming a victim of illegal activities.
According to the New York Attorney General’s office, James issued an alert to crypto investors today warning them to exercise “extreme caution when investing in virtual currencies.” She referred to cryptocurrencies as “high-risk, unstable investments that could result in devastating losses.”
James’ message included a warning to industry players that the AG would come down hard on firms skirting the law. She said that her office had “ended both Bitfinex and Tether’s illegal activities” in New York, a reference to the companies agreeing to pay the state $18.5 million in damages last week. As part of the settlement, the AG’s office will require Bitfinex and Tether to provide extensive reports on its finances and stop serving customers in New York.