AUB warns against dealing in crypto-assets – ‘Cryptocurrencies lack security’ – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

AUB warns against dealing in crypto-assets – ‘Cryptocurrencies lack security’ – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

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KUWAIT CITY, Nov 28: As part of its support for the second edition of the financial and banking awareness campaign “Let’s Be Aware”, Ahli United Bank (AUB) warns against dealing in crypto-assets, including Bitcoin, Ethereum, Dogecoin, etc., especially that these currencies are untraceable and are not real, which make them pose a danger to their traders because they are not subject to regulation or supervision by any authority.

Thus, these cryptocurrencies lack security and do not receive the government support provided to official currencies issued by majorities of central banks. These crypto-assets pose a threat to the global financial system, particularly that dealing in them may be carried out through illegal / bogus wallets or organizations, which could lead and direct individuals’ funds beyond the guarantees of official trading guideline. Moreover, these crypto-assets can be used in money laundering, terrorist financing and other related criminal activities that cannot be traced as they are done under fictitious names over the internet.