The BCRA is Investigating Companies that Trade with Crypto Assets

The BCRA is investigating companies that take deposits and offer returns on transactions with crypto assets and cryptocurrencies which are not consistent with reasonable parameters of financial transactions, and warns depositors about the risk of investing through these platforms that have no underlying assets to assess the risk of the investment.

The BCRA—through the SEFyC—has carried out inspections in several provinces, and has started the corresponding investigations, issuing cease and desist orders against these practices. It will also initiate administrative and court proceedings to protect the public.

The BCRA and the National Securities Commission (Comisión Nacional de Valores, CNV) have issued a document providing information on, and warning depositors about, the potential risks and implications of crypto assets. They also urge caution to mitigate a potential source of vulnerability for users and investors.

This time, advertising campaigns have been reported in some provinces, such as La Rioja and Catamarca, aimed at attracting investors with a non-transparent asset management scheme. The BCRA has ordered the companies that offer their services through web platforms not to carry out financial intermediation, and it is analyzing whether it is appropriate to file a criminal complaint due to the presumption of fraud similar to Ponzi schemes.

December 20, 2021.