US State Regulator Warns About Crypto Interest-Bearing Accounts Amid Market Downturn – Regulation Bitcoin News

“Some companies may materially overstate the degree to which their collateral practices protect their ability to pay investors the stated return,” the regulator said.The Arizona Corporation Commission issued an investor alert this week, warning about “digital asset financial services companies that offer interest-bearing crypto-asset accounts.”

However, due to the crypto market downturn, highlighted by the recent bankruptcy filings of Celsius Network and Voyager Digital, some companies are preventing account holders from withdrawing from and transferring between their accounts. Some companies may materially overstate the degree to which their collateral practices protect their ability to pay investors the stated return.

The regulator revealed that it is investigating whether other crypto-interest account providers are violating laws under its jurisdiction.

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