Florida’s Office of Financial Regulation Issues Warning About DeFi

Florida’s Office of Financial Regulation Issues Warning About DeFi
Florida’s Office of Financial Regulation (OFR) has issued a warning about decentralized finance (DeFi) based companies that offer lending, banking and investment services.The OFR is cautioning the public that before using any DeFi-based service, it is important to do the necessary due diligence and understand what DeFi is in order to avoid becoming the victim of a scam.The state regulatory body warns the DeFi investment market is still new, highly volatile and driven mostly by psychological factors rather than investment fundamentals.DeFi is one of the fastest-growing sectors of the crypto industry, with $92 billion worth of assets currently locked in…