New York AG warns that if crypto firms don't 'play by the rules' they will get shut down
March 1, 2021, 1:14PM EST
1 min read
New York Attorney General (NYAG) issued a stern warning on Monday to crypto firms in the state: "you either play by the rules or we will shut you down.” She also warned investors that the crypto market carries "extreme risks."
In a statement, Attorney General Letitia James says she's committed to "leveling the playing field" for investors by cracking down "greedy industry players."
The statement reminds crypto firms that they are not exempt from state registrations since virtual currencies are considered commodities in New York. "The OAG reminds industry members that those parties who are obligated to register, but do not, are subject to both civil and criminal enforcement under the law."
James also advised investors to proceed with "extreme caution" when investing in virtual currencies. "Cryptocurrencies are high-risk, unstable investments that could result in devastating losses just as quickly as they can provide gains," she said.