Romance Scam Tactics
The US Commodities Futures Trading Commission (CFTC) revealed on January 19 that it had filed a civil enforcement action against Debiex, a fraudulent cryptocurrency exchange platform. The CFTC alleges that Debiex used romance scam tactics to defraud five prospective investors of $2.3 million. The exchange's representatives deceived investors by creating fake websites that resembled legitimate trading platforms and employing money mules to further their scheme.
Relief Defendant Identified
The CFTC also identified Zhāng Chéng Yáng as a relief defendant in the case. It is suspected that Zhāng Chéng Yáng enabled Debiex's fraudulent activities at least once. The CFTC is committed to bringing justice for victims and holding accountable those who violate anti-fraud provisions.
Elaborate Scam Operation
Debiex carried out its elaborate scam from March 2022 until the present. The scheme involved creating fake websites, providing fake customer service, and using money mules to deceive victims. By employing these tactics, the masterminds behind Debiex were able to convince unsuspecting investors that the platform was a legitimate cryptocurrency exchange.
Protecting Investors
It is crucial for prospective investors to exercise caution and verify a company's registration with the CFTC before committing any funds. The CFTC urges individuals to avoid falling victim to similar scams by conducting thorough research and due diligence. By staying informed and vigilant, investors can protect themselves from fraudulent activities in the cryptocurrency market.
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Frequently Asked Questions
Should You Buy or Sell Gold?
Gold was a safe investment option for those who were in financial turmoil. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.
Gold prices have been on an upward trend over recent years, but they remain relatively low compared to other commodities such as oil and silver.
Some experts believe that this could change very soon. According to them, gold prices could soar if there is another financial crisis.
They also pointed out that gold is gaining popularity due to its perceived value, and potential return.
These are some important things to remember if your goal is to invest in gold.
- Consider first whether you will need the money to save for retirement. It is possible to save for retirement while still investing your gold savings. That said, gold does provide an additional layer of protection when you reach retirement age.
- Second, you need to be clear about what you are buying before you decide to buy gold. Each offer varying degrees of security and flexibility.
- Last but not least, gold doesn't provide the same level security as a savings account. It is possible to lose your gold coins.
Don't buy gold unless you have done your research. Protect your gold if you already have it.
Who is the owner of the gold in a gold IRA
The IRS considers gold owned by an individual to be “a type of money” and is subject taxation.
To take advantage of this tax-free status, you must own at least $10,000 worth of gold and have been storing it for at least five years.
Gold can be used to protect against inflation and price volatility. However, it is not a good idea to own gold if you don't intend to use it.
If you are planning to sell your gold someday, it is necessary that you report its value. This can affect the capital gains taxes that you owe when cashing in on investments.
A financial planner or accountant should be consulted to discuss your options.
How do you withdraw from an IRA that holds precious metals?
First decide if your IRA account allows you to withdraw funds. You should also ensure that you have enough money to cover any fees and penalties associated with withdrawing funds.
Consider opening a taxable brokerage instead of an IRA if it is possible to pay a penalty if your withdrawal is made before the deadline. This option is also available if you are willing to pay taxes on the amount you withdraw.
Next, figure out how much money will be taken out of your IRA. This calculation will depend on many factors including your age at the time of withdrawal, how long the account has been in your possession, and whether you plan to continue contributing towards your retirement plan.
Once you have an idea of the amount of your total savings you wish to convert into cash you will need to decide what type of IRA you want. Traditional IRAs permit you to withdraw your funds tax-free once you turn 59 1/2. Roth IRAs have income taxes upfront, but you can access the earnings later on without paying additional taxes.
After these calculations have been completed, you will need to open a brokerage bank account. To encourage customers to open accounts, brokers often offer signup bonuses and promotions. It is better to open an account with a debit than a creditcard in order to avoid any unnecessary fees.
You will need a safe place to store your coins when you are ready to withdraw from your precious metal IRA. Some storage facilities will accept bullion bars, others require you to buy individual coins. Before choosing one, consider the pros and disadvantages of each.
Bullion bars require less space, as they don't contain individual coins. But, each coin must be counted separately. However, you can easily track the value of individual coins by storing them in separate containers.
Some people prefer to keep their coins in a vault. Others prefer to place them in safe deposit boxes. No matter what method you use, it is important to keep your bullion safe so that you can reap its benefits for many more years.
What are the benefits to having a gold IRA
The best way to save money for retirement is to place it in an Individual Retirement Account. It will be tax-deferred up until the time you withdraw it. You have complete control over how much you take out each year. There are many types available. Some are more suitable for students who wish to save money for college. Others are made for investors seeking higher returns. Roth IRAs permit individuals to contribute after the age 59 1/2. Any earnings earned at retirement are subject to tax. However, once they begin withdrawing funds, these earnings are not taxed again. This account is a good option if you plan to retire early.
A gold IRA is similar to other IRAs because it allows you to invest money in various asset classes. Unlike a regular IRA which requires taxes to be paid on gains as you wait to withdraw them, a IRA with gold allows you to invest in multiple asset classes. People who prefer to save their money and invest it instead of spending it are well-suited for gold IRAs.
You can also enjoy automatic withdrawals, which is another benefit of owning your gold through an IRA. You won't have the hassle of making deposits each month. Direct debits could be set up to ensure you don't miss a single payment.
Gold is one of today's most safest investments. Because it isn't tied to any particular country its value tends be steady. Even in times of economic turmoil, gold prices tend not to fluctuate. This makes it a great investment option to protect your savings from inflation.
Statistics
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
bbb.org
irs.gov
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not exactly legal – WSJ
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
The History of Gold as an Asset
From the beginning of history, gold was a popular currency. It was popular because of its purity, divisibility. uniformity. scarcity and beauty. Aside from its inherent value, it could be traded internationally. Because there were no internationally recognized standards for measuring and weighing gold, the different weights of this metal could be used worldwide. For example, in England, one pound sterling was equal to 24 carats of silver; in France, one livre tournois was equal to 25 carats of gold; in Germany, one mark was equal to 28 carats of gold; etc.
In the 1860s, the United States began to issue American coins made from 90% copper, 10% Zinc, and 0.942 Fine Gold. This led to a decline in demand for foreign currencies, which caused their price to increase. The United States began minting large quantities gold coins at this time, which led to a drop in the price. The U.S. government needed to find a solution to their debt because there was too much money in circulation. To do this, they decided that some of their excess gold would be sold back to Europe.
Since most European countries were not confident in the U.S. dollar they began accepting gold as payment. However, many European nations stopped using gold to pay after World War I and started using paper currency instead. The gold price has gone up significantly in the years since. Even though the price fluctuates, gold is still one of best investments.
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By: Terence Zimwara
Title: The US CFTC Takes Legal Action Against Bogus Crypto Exchange Debiex
Sourced From: news.bitcoin.com/cftc-files-civil-enforcement-action-against-bogus-crypto-exchange-debiex/
Published Date: Sun, 21 Jan 2024 09:00:12 +0000
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