New Yorkers Affected By Cryptocurrency Crash Should Contact Attorney General’s Office ⋆ ZyCrypto

New Yorkers Affected By Cryptocurrency Crash Should Contact Attorney General’s Office ⋆ ZyCrypto

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In a press release dated August 1, 2022, New York Attorney General Letitia James issued an Investor Alert calling on New Yorkers who have been cheated or affected by the cryptocurrency crash to contact her office. .

A statement from the New York Attorney General reads: “Recent turbulence and significant losses in the cryptocurrency market are concerning,” said Attorney General James. “Investors were promised big returns on cryptocurrencies, but instead lost their hard-earned money. I urge any New Yorkers who believe they have been misled by crypto platforms to contact my office, and I encourage workers at crypto companies who may have witnessed misconduct to file a whistleblower complaint.

This isn’t the first time Attorney General Letitia James has reminded New Yorkers of the risks of investing in cryptocurrencies. She has also repeatedly called for regulation of the crypto industry.

In June 2022, the New York Attorney General issued an Investor Alert to New Yorkers regarding cryptocurrency investments. “Time and time again, investors lose billions from risky cryptocurrency investments. Even well-known virtual currencies from reputable trading platforms can still crash, and investors can lose billions in the blink of an eye. too often, cryptocurrency investments create more pain than gain for investors. more anxiety than fortune.

In March 2022, James issued a Taxpayer Advisory reminding crypto investors to accurately report and pay taxes on their virtual investments to avoid penalties. The statement read, “Crypto investors, just like working families and everyone else, have to pay taxes.”



James further stated that: “Cryptocurrencies may be new, but the law is clear: Investors must accurately report and pay taxes on their virtual investments. My office is committed to holding cryptocurrency tax evaders accountable. Pay taxation on crypto transactions is not optional, and investors who circumvent the law can face serious consequences. I encourage all crypto investors to follow the advice of the IRS and the Department of Taxation and of New York State Finance to make sure their returns are accurate Don’t escape the law, pay your taxes.

Earlier in October 2021, James ordered unregistered crypto lending platforms to cease operations in New York. James said: “Cryptocurrency platforms must obey the law, like everyone else, which is why we are now ordering two crypto companies to shut down and forcing three others to respond to questions immediately.”

James further stated that: “My office is responsible for ensuring that industry players do not take advantage of unsuspecting investors. We have already taken action against a number of crypto platforms and coins that have engaged in fraud or operated illegally in New York. Today’s actions build on that work and send the message that we will not hesitate to take any action necessary against any company that believes it is above the law.

As federal efforts continue for crypto regulation, some US states are already taking steps to ensure player compliance within the crypto space and continue to educate and advise the public on asset-related issues. cryptographic.


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