Bad actors just cannot seem to tear themselves away from diving into Cryptocurrency; whether it is the attraction, due to its position outside the compliance-laden legacy financial system, its volatility, or its actual cash value due to marketplace supply & demand, traders have made crypto a most dangerous and high risk item, and surely not for the timid at heart. If you, to paraphrase the old SEC wisdom, can stand to lose your entire investment, then Crypto (in caps, of course) is for you. Can you say Risk vs. Reward, three times fast? Does your tongue get caught in the process?
The problem is, it does, in many cases, put a bull's-eye on your back, for the purposes of risk, and not just that you might lose some money. Crypto is a definite target of law enforcement agencies, because a large portion of the players end up as Ponzi schemers, fraudsters, and flight risk. We call it 'Take the Money & Run,' by the way. There is a good chance that you will reap a tidy profit, so it's the financial instrument du jour in 2024, notwithstanding the risks.
Well, it's a free marketplace, but its very nature makes effective AML compliance problematic, and unless and until someone can invent a better Compliance Mousetrap, to rein it in, you pays your money and you take your chances. Here's hoping that some wise software genius gives us a solution, but meanwhile, risk levels remain off the charts for compliance purposes, Caveat Crypto, please. Where's that bloody working Mousetrap, anyone?
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