“Earn Bitcoins handsomely”? Austrian Prosecutors go after OPTIOMENT

Maria Nikolova

The Austrian Financial Market Authority refers the case of OPTIOMENT to the prosecutors in Vienna.

Authorities worldwide are getting harsher against cryptocurrencies and scams associated with activities related to Bitcoin and its likes. The latest example comes from Austria, where, earlier today, the Austrian Financial Market Authority (FMA) confirmed action is being taken against the OPTIOMENT project.

In an announcement on its website, the FMA says that after receiving multiple complaints relating to OPTIOMENT, it has decided to refer the case to the Public Prosecutor’s Office in Vienna. It is up to the prosecutors to examine the complaints now.

OPTIOMENT, which has been promoted widely online, as “a premier global Bitcoin investment project”, has also been blasted for being a Ponzi scheme.

The website of the entity, which is now inactive, claimed that “By sharing the OPTIOMENT project with your friends, you will earn Bitcoins handsomely. Our unilevel commission plan will pay you 7% for the 1st level, 4% for the 2nd level, 3% for the 3rd level referrals and more!”.

The misleading claims on OPTIOMENT’s website.

The website said that Optioment is a private Costa Rica-based Bitcoin fund, with its team consisting of “well-educated and seasoned professionals with deep knowledge of Arbitrage Trading and markets”. Misleading claims on the website concerned artificially high gains and safety of deposits.

The actions of the Austrian authorities come as concerns over crypto scams are on the rise. The UK Financial Conduct Authority (FCA) has earlier this week issued another warning to the public about the risks associated in investing in cryptocurrencies.

A recently held workshop organized by Europol, INTERPOL and the Basel Institute on Governance has seen the agencies agree on accelerating their efforts to combat the misuse of cryptocurrencies by criminals and terrorist financiers to launder money and support other criminal activities.

In particular, the participants agreed to:

  • Increase information sharing in the field of money laundering and digital currencies through the use of channels such as Europol, INTERPOL, the Egmont Group and FIU.net.
  • Regulate digital currency exchangers and wallet providers under current anti-money laundering and counter-terrorism financing legislation in line with obligations already pending with the financial sector.
  • Adopt a clear definition of concepts such as cryptocurrencies, digital currency exchanger, wallet provider and mixer for them to be included in the EU legal framework.

In addition, the enforcement agencies voiced their intentions to take action against digital currency mixers/tumblers. The latter are designed to anonymise transactions, which burdens the work of law enforcement agencies to detect and trace suspicious transactions.

Read this next

Market News

Stock Market Analysis: Is NVDA Losing Its Leadership?

Since the beginning of the week, the S&P 500 Index (US500) has seen a modest increase of about 0.58%, whereas NVDA’s share price has experienced a decline of approximately 3.8%. This recent divergence raises concerns among Nvidia stock investors — could it signify a loss of NVDA’s market leadership?

Industry News

ESG: Australian regulator wins first greenwashing court case against Vanguard

Vanguard admitted that a notable portion of the securities within both the Index and the Fund did not undergo the promised ESG scrutiny.

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

““The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Reviews

IUX Broker Review

IUX, recently rebranded from IUX Markets, stands as a multi-asset Forex broker recognized for its regulatory compliance across various jurisdictions.

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

Digital Assets

Coinbase scores minor victory vs SEC, but lawsuit to proceed

A federal judge in Manhattan, U.S. District Judge Katherine Polk Failla, ruled on Wednesday that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Coinbase can largely proceed.

<