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Beware Bitcoin: U.S. brokerage regulator

12
Mar
2014

Bitcoin can expose people to significant losses, fraud and theft, and the lure of a potential quick profit should not blind investors to the virtual currencys significant risks, a brokerage industry watchdog warned on Tuesday. In an investor alert titled Bitcoin: More than a Bit Risky, the Financial Industry Regulatory Authority (FINRA) said recent events such as the bankruptcy of Bitcoin exchange operator Mt. Gox have spotlighted some of the currencys risks. Speculators drawn to bitcoin trading should understand that bitcoin prices have fluctuated widely, and wildly, said Gerri Walsh, FINRAs vice president for investor education. The market for the currency was rocked last month when Mt. Gox, once the worlds largest bitcoin exchange, ceased operations, and soon after filed for bankruptcy in Japan and the United States.

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