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The risks with cryptocurrencies. Take proper caution

Switzerland's financial watchdog FINMA has closed down what it said was the provider of a fake cryptocurrency and is investigating around a dozen other possible fraud cases, in the latest clamp-down on the risks involving virtual money.

The move by the FINMA watchdog comes on the heels of Chinese authorities' ordering Beijing-based cryptocurrency exchanges to stop trading and immediately notify users of their closure.

FINMA said it had three other companies on its warning list due to suspicious activity in cryptocurrencies, and was conducting 11 investigations into other possible fake virtual currencies

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