Cryptocurrency XECOIN regulation: CySEC warning for investors

Cyprus Securities and Exchange Commission (CySEC) has informed the investing public about the Cryptocurrency XECOIN regulation and issues investor warning about transacting in cryptocurrency XECOIN.

31 March, AtoZForex – Cyprus Securities and Exchange Commission (CySEC) has informed the investors and issued a warning about the Cryptocurrency named XECOIN that according to information available in Cyprus.

Cryptocurrency XECOIN regulation

In the notice, CySEC said that the Cryptocurrency XECOIN or cryptocoin is not a financial instrument. Hence, it does not fall within the scope of the Investment Services and Regulated Markets Laws of 2007 to 2016. Also, CySEC does not supervise the XECOIN cryptocurrency. Moreover, investors also note that currently there are no specific regulations for the protection of person transacting in Cryptocurrency XECOIN.

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Furthermore, CySEC also urged the investors to exercise extreme caution in products promising high returns. It is important that the investors should be aware before accepting such offers. Also, they should be aware of the risks associated with it, including realizable money loss.

Exchange C-CEX to remove XECOIN

The C-CEX exchange notifies the removal of XECOIN and more than other 40 altcoins listed on the platform. The company claims it needs more free server space to add new cryptocurrency. They selected XECOIN for deletion because of very low trading volume.

The company stated:

"The following currencies will removed on 04/04/2017 if your average trading volume for the last month has not exceeded 0.2 BTC / day (6 BTC for the last 30 days): 

Unobtanium , UtaCoin , VirtaCoin , Wrapper , Xecoin , ForeverCoin , XNCCoin , SafeTradeCoin , Isotope , Zblock , Zcrypt , SafeCoin . 

Please exchange, sell or withdraw these coins before the date of removal, after which the recovery of all remaining balances for these currencies will no longer be possible."

What do you think about the Cryptocurrency XECOIN regulation? Let us know in the comments section below.

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