Florida Office of Financial Regulation Issues Warning About DeFi

time:2022-01-26 01:30 source:Internet

The Florida Office of Financial Regulation (OFR) has issued a warning to decentralized finance (DeFi)-based companies that provide lending, banking and investment services. OFR warns the public that it is important to do the necessary due diligence and understand what DeFi is before using any DeFi-based service to avoid falling victim to a scam. State regulators have warned that the DeFi investment market is still new and highly volatile, driven mostly by psychological factors rather than investment fundamentals. OFR defines DeFi as financial services provided by algorithms on the blockchain without the involvement of traditional financial services firms. As previously reported, DeFi is one of the fastest-growing areas in the crypto industry, with $92 billion worth of assets currently locked in peer-to-peer protocols, a 196 percent increase from last year. Scams, rug pulling, exploits, and fatal code bugs are among the biggest risks associated with using a DeFi platform.

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