New York Attorney General Letitia James issued a strong warning to the cryptocurrency industry and investors on Monday. She told them that if they do not “play by the rules” then they will be shut down. This came after bitcoin hit an all-time high in February.
"Too often, greedy industry players take unnecessary risks with investors' money, but, today, we're leveling the playing field and issuing alerts to both investors and industry members across the nation," James said.
She continued, "All investors should 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. We will not hesitate to take action against anyone who violates the law."
The AG added, "Two weeks ago, we filed a lawsuit to shut down Coinseed's fraudulent operation. Last week, we ended both Bitfinex and Tether's illegal activities in New York. And now, today, we're sending a clear message to the entire industry that you either play by the rules or we will shut you down."
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