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Switzerland’s financial regulatory watchdog, the Financial Market Supervisory Authority (FINMA), has warned cryptocurrency investors to be wary of Alliance Capital, a firm claiming to offer clients cryptocurrency trading services, binary options, and other financial products, according to a Finance Magnates report on September 24, 2018.

Alliance Capital, a cryptocurrency startup that claims to be based in the heart of Crypto Valley, offering its prospective clients cryptocurrency services, has been added to the scam watch list of the Swiss financial regulatory watchdog, FINMA.According to Finance Magnates, the mode of operation of Alliance Capital appears shady, as most of the DLT-based virtual currency services it claims to offer are listed on third-party sites that are neither officially affiliated to nor subsidiaries of Alliance Capital. In essence, it’s thus likely that the people controlling Alliance Capital are also running these extensions.SImilar to the traditional finance industry where rogue actors are continually formulating ways to take advantage of gullible investors with their scam projects, crypto criminals have also taken advantage of the unregulated nature of the blockchain and virtual currency ecosystem to defraud unsuspecting investors.While Switzerland has been doing everything possible to attract bitcoin-related startups to the region, the financial institutions in the state have since become wary of such ventures in the area.

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