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Florida’s Office of Financial Regulation Issues Warning About DeFi
The U.S. state regulatory body emphasized the DeFi investment market is still new, highly volatile and driven mostly by psychological factors.
Florida’s Office of Financial Regulation (OFR) has issued a warning about decentralized finance (DeFi) based companies that offer lending, banking and investment services.
- The OFR is cautioning the public that before using any DeFi-based service, it is important to do the necessary due diligence and understand what DeFi is in order to avoid becoming the victim of a scam.
- The state regulatory body warns the DeFi investment market is still new, highly volatile and driven mostly by psychological factors rather than investment fundamentals.
- DeFi is one of the fastest-growing sectors of the crypto industry, with $92 billion worth of assets currently locked in peer-to-peer powered protocols – up 196% over the last year, as reported by CoinDesk.
- Scams, rug pulls, exploits and fatal code errors are among the biggest risks associated with using DeFi platforms.
- The OFR defines DeFi as financial services provided by an algorithm on a blockchain, without the involvement of a traditional financial services company.
- “Before getting involved with a company or product in the DeFi market, take reasonable steps to understand the risks of this emerging blockchain-based technology and market,” OFR Commissioner Russell Weigel said in a statement.
Read more: How to Stay Safe in DeFi: Red Flags and Risks You Need to Know
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Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
