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The French securities regulator has added three digital currency scams to its blacklist. The three promise quick ‘risk-free’ riches, with one promising at least $2,500 a day.

Autorité des marchés financiers (AMF) recently updated its blacklist, adding dozens of firms that are either outright scams or aren’t registered to offer their services to French residents. The scams span several sectors, from investment in gold and sustainable energy to real estate and financial services.

Three of the blacklisted firms offer digital currency services. The first, Crypto VIP Club claims to generate at least $2,500 a day for its investors. In a detailed video on its website, the firm claims to be founded by British investment banker Andrew King. However, as revealed on an options trading resources website, the image used for the alleged founder is a stock photo.

The website also has several other red flags that are common with scams, including claims of being featured on top publications including Forbes, Financial Times and CNN.

The second scam, Bitcoin France, shares some of the red flags, including the guaranteed profits and being reportedly covered by top publications. This scam requires new members to pay at least $250 in registration fees. For such a small investment, it promises investors up to $1,000 in daily profits. Other outrageous claims include, “On average, our members work 20 minutes a day or less,” and “Some members made their first million in just 61 days.”

The third alleged scam to be blacklisted by the AMF is Circuit BTC.

In neighboring Italy, the country’s securities regulator issued a public warning on five firms it claims have been offering their services illegally. One of the firms, IMC Trade reportedly offers cryptocurrency trading, allowing its users to trade digital currency contract for difference (CFDs). On its website, the company claims to be registered in Marshall Islands.

BlizFX, yet another platform that was blacklisted, also offers digital currency trading alongside stocks, forex and commodities.

The Commissione Nazionale per le Società e la Borsa (Consob) urged investors to be cautious, stating, “Consob draws investors’ attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviours, essential to safeguard their savings.”

With its latest action, the Italian regulator has now blacklisted 284 companies. As CoinGeek reported, the watchdog has been the most active in Europe in shutting down unregistered platforms.

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