Crypto exchanges draw attention of regulators over brand promotions

Cryptocurrency exchanges, which are into brand endorsements in the midst of an uncertain future for the industry, have drawn the attention of regulators and tax authorities. According to regulatory sources, the brand promotion could mislead retail investors as the legality of cryptocurrency itself is under the scrutiny of the central government.  

“These exchanges are self-regulated and do not come under any regulator or authority. They trade in crypto variants including bitcoin with no legal sanctity. In the absence of a definition and framework, terming and selling it as a digital asset could be very risky for investors,” said a regulatory official. 

According