• The UK Treasury is considering a cold-calling ban that could have implications for the crypto sector.
• A recent consultation paper has invited public input into potential impacts of the proposed ban.
• Samples of successful scams using cold calling, including one involving cryptocurrencies, were presented in the paper.
UK Treasury Considers Cold Calling Ban
The UK Treasury has announced plans to introduce a complete ban on businesses making cold calls in relation to consumer financial services. This move was made as part of the government’s Fraud Strategy introduced earlier this year with the aim of curbing fraudulent activities.
Inviting Public Input
The treasury has recently released a consultation paper inviting public input regarding potential impacts of such a ban and stakeholders are encouraged to provide their perspectives and supporting evidence on this matter. Several case studies were highlighted in the paper which depicted instances where scammers used cold calling to deceive investors – one example even pertained to cryptocurrencies.
Cold Call Crypto Scam
One particular case study detailed how an anonymous individual was fooled by a scammer making use of cold calling techniques. Though details surrounding this incident remain limited, it serves as an example of how these kinds of frauds can take place even within the cryptocurrency industry and should not be taken lightly.
Possible Impacts on Crypto Sector?
Though it remains uncertain what effects such a ban might have on businesses operating in the crypto sector, it does present an opportunity for them to provide their views and opinions on this matter during this period of consultation. It is also worth noting that if approved, any new rules would likely include exceptions for emergency or customer service cases – allowing companies some leeway when dealing with customers via phone or other means outside traditional communication channels like email or chat applications.
Public Consultation Ends August 31
A response from His Majesty’s Treasury is expected within six weeks from now – ending on August 31 – after which time they will make their decision whether or not to go ahead with introducing such measures into law. In any case, it is important for everyone involved in crypto trading and investments to remain vigilant against all forms of scams regardless if they involve cold calling or not