“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

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<