ECCB Encourages Public to Exercise Due Diligence Before Investing in Crypto Assets

The Eastern Caribbean Central Bank (ECCB) is encouraging the public to exercise due diligence and to be mindful of the high level of risk crypto-assets present.

In a release issued on November 18, the ECCB said it is “aware of the recent collapse of FTX (registered as FTX Digital Markets Ltd) headquartered in The Bahamas, which was reported to be a significant player in the crypto space.”

The Securities Commission of The Bahamas has since suspended the registration of this entity and appointed provisional liquidators for FTX Digital Markets Ltd.

Regulatory action by the Securities Commission of The Bahamas is ongoing. This has not been the first significant fallout in the crypto space this year, the release said.

“In light of these unfortunate events, the ECCB encourages the public to exercise due diligence and to be mindful of the high level of risk crypto-assets present.  Crypto-assets are inherently volatile and speculative.  As such, consumers should be aware of the risk of the loss of their investment, fraud and cyber-attacks, especially in jurisdictions where the sector is unregulated.”

A list of regulated entities can be found on the websites of the national regulators in each of the ECCB member countries.

Websites of ECCU National Regulators

Anguilla – https://www.fsc.org.ai/

Antigua and Barbuda – https://www.fsrc.gov.ag/

Commonwealth of Dominica – https://fsu.gov.dm/

Grenada – https://www.garfin.gd/

Montserrat – https://www.fscmontserrat.org/

Saint Christopher and Nevis- (1) https://www.fsrc.kn/ (2) https://www.nevisfsrc.com/

Saint Lucia https://fsrastlucia.org/

Saint Vincent and the Grenadines – https://svgfsa.com/