Luxembourg’s Regulator Warns on False Regulation of Crypto Bull

The regulator of Luxembourg’s financial markets, the Commission de Surveillance du Secteur Financier (CSSF), has warned that a firm claiming to be authorized under the name Crypto Bull is in fact not licensed to carry out business from within its jurisdiction.

According to the public advisory dated January 31, the CSSF warns about this crypto business, which operates under the website https://crypto-bull.io and claims to be supervised by the CSSF in Luxembourg.

The announcement also reveals that the aforementioned entity has published false data about its alleged headquarters at 2, place de Paris, 2314 Luxembourg. The regulator further states that Crypto Bull not been granted the required authorization to offer banking and financial services in or from Luxembourg and is therefore not supervised by the CSSF.

This is not the first time that the CSSF has encountered websites falsely claiming to have something to do with Luxembourg. The local authorities pride themselves on the status of the country as a banking safe haven, and any company which declares itself as being registered or licensed by the CSSF is sure to be on the radar very quickly.

There are no specific cryptocurrency regulations in Luxembourg, but the country adopts European restrictions around similar products. The rules come within the implementation of the Fifth Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term Directive (AMD 5), which provides a broad definition of crypto assets and qualifying it as “financial instruments.” Such a broad definition of financial instruments goes beyond Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term to cover many related-assets, including security tokens.

Under AMLD5, crypto exchanges and custodian wallet providers will be brought within the scope of EU anti-money laundering rules for the first time. The law imposes registration and customer due to diligence requirements that force operators to disclose their traders’ identities and report suspicious activity.

Some crypto providers had no choice but to cease operations as Europe is gradually tightening the rules for the crypto space.