(Rejected) Brazil’s Overwhelming Crypto Sham Worries Congressman

The rampant crypto fraud in Brazil has made one of the Congressmen concerned. Notably, this issue has risen at an alarming rate, and many Brazilians have become victims. 

Congressman Aureo Ribeiro is seeking to avail of a Parliamentary Inquiry Commission that will be instrumental in investigating the overwhelming crypto scams reigning supreme in Brazil. He views regulation as one of the incredible ways of tackling this challenge. 

According to CryptoGlobe, Ribeiro has asked for various crypto companies, such as Atlas Quantum, Zero10, Trade Group, to be investigated. Specifically, Atlas is to be scrutinized because of some unclear financial issues that came up in September. 

It has been stipulated:

“Increasing interest in cryptocurrency transactions has been accompanied by a proliferation of fraud. The lack of regulation and vigilance combined with high levels of abstraction, anonymity, cross-border operations, and other peculiarities inherent to the crypto market shows potential risks to users and investors.”

Ribeiro is determined to oust this menace in Brazil because he has termed crypto-based pyramid schemes in the nation as an epidemic. 

As reported by Blockchain.News in August, The Thai Securities and Exchange Commission (SEC) unraveled a crypto scam whereby potential investors were coerced into functioning with overseas companies. Crypto scams have, therefore, been prevailing across the globe, and amicable solutions are necessitated for them to be stemmed.