CFTC Warns Investors Against “IRA Approved” Funds
Posted: Mon Feb 05, 2018 6:14 pm
Amid the cryptocurrency market risks and fraudulent activities, the US Commodity Futures Trading Commission (CFTC) has issued a warning notice to investors asking them to be cautious of any cryptocurrency-based retirement fund claiming to be “IRS approved” or “IRA approved.”
On a circular dated 2nd February, the CFTC warned investors to be cautious about the false pitches made by many cryptocurrency funds. An excerpt from the circular reads: “Taxpayers tend to focus on retirement savings more at tax time in order to increase deductions or maximize savings. As a result, some businesses may attempt to lure customers into buying highly volatile ... (read more)