French crypto holders have fallen prey to a Bitcoin (BTC) scam. According to French news site Le Parisien, 700 crypto holders in France have lost up to €31 million (around $35 million) in BTC.

France’s stock market regulator Autorité des Marchés Financiers (AMF) said the scam has been active since the start of 2018, during the end of the cryptomarket’s bull run. The scam relied on fake ads for Bitcoin investment opportunities, and was ‘even more sophisticated’ than the wave of Forex and binary option scams that made French news earlier this year.

France is yet to implement stricter regulations on cryptocurrencies. However, in September of this year, Macron’s government introduced a regulatory framework for Initial Coin Offerings (ICOs), and according to recent reports is now looking to expand this framework to the cryptocurrency markets.

Crypto-Illiterate Victims

Le Parisen also publis…

This article appeared first on Cryptovest

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