People are allowed to buy lottery tickets. They are also allowed to bet it all at a casino. Why shouldn't someone be able to put even a small amount of money in crypto?You can put money in crypto, though. Buy Bitcoin, buy Ethereum, there are plenty of ways to put your money in crypto.
Here New York is going after companies like Nexo that pretend like their risky crypto product is just like a bank account that happens to pay higher interest. Look how they advertise it on https://nexo.io/ -
ISO 27001:2013 Compliant. Impeccable risk assessment, data protection, and enhanced cybersecurity
$375 million insurance on all custodial assets
Earn daily interest on your crypto
Add or withdraw funds at any time
Personally, I find these to be misleading statements. You can't necessarily add or withdraw funds at any time because you depend on Nexo's solvency which is not guaranteed like it is for a bank account, their risk assessment in my opinion is not impeccable, et cetera.
If Nexo is going to pretend they are as risk-free as a bank account, then it seems reasonable for New York to regulate their statements like they regulate bank accounts.
You can put money in crypto, though. Buy Bitcoin, buy Ethereum, there are plenty of ways to put your money in crypto.
Here New York is going after companies like Nexo that pretend like their risky crypto product is just like a bank account that happens to pay higher interest. Look how they advertise it on https://nexo.io/ -
ISO 27001:2013 Compliant. Impeccable risk assessment, data protection, and enhanced cybersecurity
$375 million insurance on all custodial assets
Earn daily interest on your crypto
Add or withdraw funds at any time
Personally, I find these to be misleading statements. You can't necessarily add or withdraw funds at any time because you depend on Nexo's solvency which is not guaranteed like it is for a bank account, their risk assessment in my opinion is not impeccable, et cetera.
If Nexo is going to pretend they are as risk-free as a bank account, then it seems reasonable for New York to regulate their statements like they regulate bank accounts.