Are crypto exchanges illegal?

Crypto exchanges themselves aren’t illegal, but their activities are subject to regulations. Think of it like this: selling lemonade is legal, but if you’re running a massive lemonade empire, you’ll need permits and licenses. Similarly, if a cryptocurrency exchange acts like a stockbroker, selling securities (which are investments), it faces tougher rules. These rules vary by country and state.

Another important aspect is money transmission. If an exchange facilitates moving money between people, like a traditional money transfer service (Western Union, for example), it becomes a “Money Services Business” (MSB) under US federal law and needs specific licenses to operate legally. This is because such businesses can be used for illicit activities like money laundering.

So, the legality hinges on what the exchange is doing. A small exchange facilitating simple peer-to-peer trades might face fewer regulatory hurdles than a large exchange offering complex financial products and services. The regulatory landscape is constantly evolving, so it’s crucial for exchanges to stay compliant.

In short, the legality isn’t a simple “yes” or “no”. It depends on how the exchange operates and which regulations apply based on its location and activities.

How much illegal activity is financed through cryptocurrencies?

While the exact figure remains elusive, recent research employing advanced blockchain analytics suggests a significant portion of illicit finance leverages cryptocurrencies. We’re talking approximately $76 billion annually, a staggering number representing roughly 46% of all Bitcoin transactions. This isn’t just about drug trafficking or ransomware; we’re seeing sophisticated money laundering schemes, tax evasion on a massive scale, and the funding of various illicit activities utilizing the pseudonymous nature of Bitcoin and other cryptocurrencies.

However, it’s crucial to understand the limitations. This $76 billion estimate, derived from innovative blockchain tracing methods, still relies on identifying patterns and connecting the dots. The true figure could be higher – a significant portion of illicit activity likely remains hidden, cleverly obfuscated through mixers and other privacy-enhancing tools. Moreover, this figure focuses largely on Bitcoin; other cryptocurrencies likely contribute, though quantifying their involvement is currently more challenging due to factors like varying transaction volumes and on-chain transparency.

The ongoing development of regulatory frameworks and advanced blockchain analytical tools is crucial in combating this. This isn’t a technological failure; it’s a challenge of adapting to a new financial landscape. The inherent transparency of the blockchain, ironically, is its greatest strength and vulnerability, allowing for both the detection and the concealment of illicit activity. The battle is far from over, and constant innovation on both sides – law enforcement and those seeking to exploit the system – will shape the future of cryptocurrency and its role in finance.

Which crypto exchanges to avoid?

Avoid these exchanges like the plague: webelon.org, Capiturly.io, and Ceypro investments. They’re all fraudulent trading platforms employing classic “pig butchering” scams. These platforms lure victims with promises of high returns, often impersonating legitimate entities like Tesla and Elon Musk (as seen with webelon.org). They initially pay out small amounts to build trust before eventually disappearing with your entire investment. Remember, legitimate exchanges are transparent and regulated. Never invest in a platform without thorough due diligence. Research the exchange’s history, look for regulatory licenses, and check independent reviews before risking your funds. The promise of unrealistically high returns is a major red flag. Always be wary of unsolicited investment opportunities, especially those involving crypto giveaways or airdrops from unknown sources. These are often scams designed to steal your crypto.

Key takeaway: If it sounds too good to be true, it probably is. Protect your assets by sticking to reputable, established exchanges.

Is cryptocurrency used for illegal activity?

While cryptocurrency is often associated with illicit activities, the reality is more nuanced. Studies show that a relatively small percentage of transactions are actually involved in illegal dealings. For example, in 2025, only 0.15% of known cryptocurrency transactions were linked to illicit activities such as cybercrime, money laundering, and terrorist financing, totaling approximately $14 billion.

However, this small percentage still represents a significant sum. The FBI’s 2025 estimate of $4.8 billion in crypto fraud losses for American investors alone underscores the considerable financial impact of these crimes. This highlights the need for robust regulatory frameworks and increased awareness among investors.

It’s crucial to understand that the anonymity often associated with cryptocurrency makes it attractive to criminals. However, this perceived anonymity is often a misconception. Blockchain technology, while pseudonymous, leaves a traceable record of transactions. Law enforcement agencies are increasingly utilizing advanced blockchain analytics tools to track and identify individuals involved in illicit cryptocurrency transactions.

The percentage of illicit activity relative to the overall volume of cryptocurrency transactions is declining. This suggests that efforts to improve tracking and regulation are proving somewhat effective. Furthermore, the development of privacy-enhancing technologies within the cryptocurrency space, while posing challenges for law enforcement, also allows for legitimate users to protect their privacy without facilitating illegal activities.

The fight against cryptocurrency-related crime is ongoing. Ongoing improvements in blockchain analysis, stronger KYC/AML regulations, and greater collaboration between law enforcement agencies and cryptocurrency exchanges are crucial in minimizing the use of cryptocurrencies for illegal purposes.

Can you use Bitcoin to pay for things?

Yes, but it’s more nuanced than simply saying “yes.” Bitcoin’s use as a payment method depends heavily on merchant adoption and transaction fees. While you can acquire Bitcoin using fiat currency on exchanges like Coinbase or Kraken, and manage it with wallets such as Electrum or BlueWallet, the actual use for payments varies wildly.

Volatility is a key consideration. Bitcoin’s price fluctuates significantly, meaning the value of your payment can change dramatically between the time you send it and the merchant receives it. This risk is borne mostly by the merchant, hence the hesitancy of many to adopt it.

Transaction fees can also be substantial, especially during periods of network congestion. This makes small transactions impractical. Furthermore, the irreversibility of transactions is a double-edged sword; while secure, it also means errors are hard to correct.

While some online retailers and a small but growing number of physical stores accept Bitcoin, it’s far from ubiquitous. Adoption is hampered by regulatory uncertainty in many jurisdictions and the technical complexities involved in processing crypto payments. Think of it as a niche payment method with potential, but not a mainstream alternative to traditional payment systems just yet.

Lightning Network offers a scaling solution to reduce transaction fees and increase speed, but its adoption is still relatively limited.

Can police trace crypto transactions?

While cryptocurrency transactions are recorded on a public blockchain, saying law enforcement can easily trace them is an oversimplification. It’s more accurate to say they can be traced, but the difficulty and success rate vary significantly depending on several factors.

Anonymity Tools: Mixers, tumblers, and privacy coins like Monero significantly obfuscate transaction origins and destinations, making tracing extremely challenging, if not impossible.

Exchange KYC/AML Compliance: Law enforcement’s success often hinges on accessing data from cryptocurrency exchanges. KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations require exchanges to collect user information, which can be invaluable for tracing transactions back to individuals. However, exchanges operating in jurisdictions with weak regulations or those operating illicitly present major obstacles.

Transaction Graph Analysis: Tracing involves analyzing the blockchain’s transaction graph, identifying clusters of addresses potentially belonging to the same entity. This is computationally intensive and requires specialized tools and expertise. Sophisticated techniques are needed to unravel complex layering and mixing strategies.

On-Chain vs. Off-Chain Activities: The transparency is limited to on-chain activity. Many transactions involve off-chain elements, like peer-to-peer transfers or transactions through decentralized exchanges (DEXs), which significantly complicate tracing efforts.

Jurisdictional Issues: International cooperation is critical for successful investigations involving cross-border transactions, but achieving this can be hampered by varying legal frameworks and enforcement capabilities across different countries.

Technological advancements: Both law enforcement and criminals continuously develop new technologies and techniques. The cat and mouse game between improved tracing methods and enhanced privacy-enhancing tools constantly evolves, making any claim of effortless traceability inaccurate.

How can you tell if someone is a crypto scammer?

Identifying crypto scams requires a skeptical approach. Don’t trust unsolicited messages promising quick riches; they’re almost always a red flag. Thorough due diligence is paramount.

Deep Dive into the Project:

• Team Verification: Investigate the team behind the project. Are their identities verifiable? Do they have relevant experience? Look for LinkedIn profiles, past projects, and any public information to confirm their legitimacy. Anonymity is a massive warning sign.
• Whitepaper Scrutiny: A well-written whitepaper is crucial. It should detail the project’s goals, technology, tokenomics, and roadmap. Look for inconsistencies, unrealistic promises, and a lack of technical depth. If it’s poorly written or vague, proceed with extreme caution.
• Community Analysis: Explore the project’s online presence. Check for active and engaged communities on platforms like Telegram and Discord. Be wary of overly enthusiastic or artificially inflated community engagement.
• Code Audit: Reputable projects often undergo independent code audits to identify vulnerabilities. The availability and results of these audits are crucial indicators of transparency and security.

Leverage Public Information:

• Online Searches: Use search engines to look for the cryptocurrency, its team members, or related projects along with terms like “scam,” “fraud,” or “rug pull.” Pay close attention to results from reputable news sources and forums.
• Social Media Monitoring: Check social media platforms for negative reviews, complaints, or warnings about the project. Look for patterns in negative sentiment.
• Government Warnings: Stay informed about any warnings or alerts issued by regulatory bodies in your jurisdiction regarding fraudulent cryptocurrency schemes.

Remember: If something sounds too good to be true, it probably is. High returns often come with high risks, and many crypto scams prey on greed and inexperience. Never invest more than you can afford to lose.

Can you go to jail for using crypto?

Using crypto itself isn’t illegal, but using it for illegal activities definitely is. Think tax evasion, money laundering, or purchasing illicit goods – those are all serious offenses, and crypto’s anonymity can make tracing funds difficult, increasing the risk of prosecution. The government focuses on the *activity*, not the technology. For example, if you receive stolen crypto, even unknowingly, you could face charges related to receiving stolen property. The sheer volume of transactions on the blockchain acts as a record, making it easier to trace illicit activities. Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations increasingly target crypto exchanges, demanding user identification to curb illegal usage. Furthermore, Internal Revenue Service (IRS) scrutiny of crypto transactions is intensifying, focusing on proper reporting of gains and losses. Failing to report crypto income or engaging in tax fraud involving cryptocurrency carries significant penalties, including jail time.

Sophisticated techniques, like using mixers or decentralized exchanges (DEXs) to obfuscate transactions, might seem to offer anonymity, but they often attract heightened regulatory scrutiny and could worsen your legal position if authorities find evidence connecting you to illicit activities. Always prioritize compliance with relevant laws and regulations to mitigate legal risks associated with crypto. The potential rewards of crypto trading are significant, but the legal pitfalls are real and substantial.

Is it legal to buy things with Bitcoin?

The legality of using Bitcoin for purchases is complex and jurisdiction-specific, lacking uniform global regulation. While Bitcoin’s use for commerce is widespread, its legal status varies considerably.

Many developed nations, including the U.S., Canada, and the U.K., have taken a largely permissive approach, treating Bitcoin transactions similarly to cash transactions regarding taxation and consumer protection laws. However, this doesn’t imply complete regulatory absence; anti-money laundering (AML) and know-your-customer (KYC) regulations often apply to Bitcoin exchanges and businesses accepting Bitcoin payments. These regulations aim to prevent the use of Bitcoin for illicit activities.

Conversely, several countries, such as China and Saudi Arabia, have outright banned or severely restricted the use of Bitcoin for transactions. These bans often stem from concerns about financial stability, capital controls, and the potential for Bitcoin to facilitate illegal activities. The enforcement of these bans varies significantly.

Important considerations include the specific country’s regulatory landscape, the nature of the goods or services being purchased, and the amount of the transaction. Even in jurisdictions where Bitcoin is not explicitly illegal, businesses may choose not to accept it due to regulatory complexities, volatility concerns, or a lack of infrastructure. Furthermore, the tax implications of Bitcoin transactions can differ significantly depending on the jurisdiction and the individual’s circumstances.

Beyond national laws, the decentralized and pseudonymous nature of Bitcoin presents unique challenges for enforcement. While tracking Bitcoin transactions is possible through blockchain analysis, tracing the identity of the users remains complex and often requires international cooperation.

How to spot a fake crypto exchange?

Scammers often lure victims through social media and messaging apps. Here’s how to spot a fake crypto exchange:

Lack of Regulation: A legitimate exchange will be registered to trade relevant financial instruments (like forex, futures, or options, if applicable). Check your country’s regulatory bodies. If it trades crypto but isn’t registered as a Money Service Business (MSB) – a serious red flag! This registration shows compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations designed to protect investors.

Missing or Suspicious Address: A fake exchange might have a fake, misleading, or offshore address. Legitimate exchanges will usually have a clearly visible physical address. Be wary of exchanges that are overly vague about their location.

Unrealistic Returns: Promises of extremely high and guaranteed returns are a massive red flag. Crypto is inherently volatile; no legitimate exchange guarantees massive profits.

Poor Website Design and Security: A professional, reputable exchange will have a well-designed website with robust security measures like HTTPS (look for the padlock icon in your browser’s address bar). Poor grammar, spelling errors, and a generally unprofessional appearance are warning signs.

Anonymous Ownership: Legitimate exchanges usually disclose information about their ownership and management team. Lack of transparency is suspicious.

Limited or No Customer Support: Difficulty contacting customer support, or unresponsive support staff, points towards a scam. Look for multiple contact methods (email, phone, live chat).

Negative Reviews and Complaints: Check online forums and review sites. A large number of negative reviews or complaints should raise serious concerns.

High Minimum Deposits or Withdrawal Fees: Unusually high minimum deposits or withdrawal fees are designed to make it harder to recover your money.

Cloned Websites: Scammers often create fake websites that look almost identical to legitimate exchanges. Double-check the URL carefully.

Pressure Tactics: Legitimate exchanges won’t pressure you into making quick decisions. If you feel rushed or pressured, walk away.

Will a scammer want to meet you in person?

Romance scams are a highly sophisticated, multi-million dollar operation, often leveraging advanced psychological manipulation techniques. Think of it as a highly effective DeFi protocol, but instead of yielding returns, it yields your hard-earned assets. While they might *propose* a meeting, it’s a crucial red flag. This ‘IRL’ interaction is almost never genuine; it’s a carefully orchestrated stage in the scam. They’ll build trust, weave a compelling narrative, create an emotional dependency, and then, like a rug pull, demand funds – usually under a fabricated emergency or investment opportunity. These scammers are masters of emotional engineering, often mirroring your values and aspirations to build rapport. Their meticulous approach highlights the importance of strong due diligence – in relationships, just as in any investment strategy. Scrutinize their online presence. Inconsistencies, lack of verifiable information, and an inability or unwillingness to engage in video calls should raise major red flags. Consider it a high-risk, zero-reward investment; cut your losses and protect yourself from this sophisticated digital heist.

How can you tell a fake crypto exchange?

Spotting a fraudulent crypto exchange requires vigilance. Beyond the obvious red flags of social media scams and unsolicited messages, several key indicators point to a fake platform. Let’s delve into ten crucial signs:

Lack of Proper Registration: Legitimate exchanges are regulated. Check if the platform is registered to trade forex, futures, or options, as applicable within your jurisdiction. A lack of registration is a massive warning sign. Furthermore, if they handle cryptocurrencies, verify their registration as a Money Service Business (MSB). This registration demonstrates compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations, crucial for protecting users from illicit activities.

Anonymity and Lack of Transparency: A genuine exchange will have a verifiable physical address. Offshore locations aren’t automatically suspicious, but a complete lack of address or a clearly fake address should raise serious concerns. Transparency regarding ownership and operational details is paramount; lack thereof is a major red flag. Look for a detailed “About Us” section with verifiable information about the company and its team.

Unrealistic Returns and Guarantees: Promises of exceptionally high and guaranteed returns are a classic scam tactic. No legitimate investment, especially in the volatile crypto market, offers such assurances. Be wary of platforms pushing unrealistic profit potential.

Poor Website Design and Functionality: A poorly designed website with grammatical errors, broken links, or slow loading times suggests a lack of professionalism and investment, which is often indicative of a fraudulent operation. Look for professional-grade design and smooth functionality.

Negative Reviews and Complaints: Before investing, research the platform online. Check independent review sites and forums for user feedback. A high volume of negative reviews concerning withdrawals, security breaches, or lack of customer support is a significant cause for concern.

Lack of Customer Support: A responsive and helpful customer support team is essential. Difficulty contacting support or receiving delayed or unhelpful responses should raise immediate suspicion.

Unsecured Website: Always check for a secure HTTPS connection (indicated by a padlock icon in your browser’s address bar). An unsecured website means your personal data is vulnerable.

Unusual Withdrawal Procedures: Complicated or unnecessarily difficult withdrawal processes are often a tactic used to delay or prevent users from accessing their funds.

Missing or Incomplete Legal Documents: Legitimate exchanges will provide clear and readily accessible terms of service, privacy policy, and other essential legal documents. The absence of such documents is a major red flag.

Cloned Websites and Phishing Scams: Be cautious of websites that mimic the appearance of reputable exchanges. Verify the URL carefully and look for signs of phishing attempts, such as suspicious email links or requests for sensitive information.

Which crypto exchanges don’t report to the IRS?

Let’s be clear: tax evasion isn’t a game. However, the IRS’s reach isn’t limitless. Several exchanges operate outside their direct purview. Decentralized exchanges (DEXs) like Uniswap and SushiSwap are prime examples. These platforms operate on blockchain technology, minimizing centralized control and, consequently, reporting requirements to the IRS. Transactions are recorded on the public ledger, but the IRS lacks the readily available user identification data they need for enforcement.

Then there are peer-to-peer (P2P) platforms. These are often unregulated marketplaces where individuals trade directly. Tracking these transactions is a significant challenge for the IRS, requiring extensive investigative work.

Further complicating matters are exchanges based outside the US. Unless they’re specifically required to comply with US regulations (which depends on various factors including their incorporation and the extent of their US customer base), their reporting obligations to the IRS are minimal. This doesn’t mean they’re automatically tax havens; you’re still responsible for reporting your income from these exchanges on your US tax return.

Finally, “no KYC” exchanges operate without Know Your Customer (KYC) procedures, which are designed to verify user identities. While offering a degree of anonymity, these exchanges are frequently associated with higher risk and should be approached with extreme caution. The lack of KYC makes it harder (though not impossible) for the IRS to track activity, but remember that the risks of using such platforms greatly outweigh any perceived benefit.

Crucially, even utilizing these platforms doesn’t guarantee tax avoidance. The IRS is increasingly sophisticated in its methods for tracking crypto transactions. Accurate record-keeping is paramount. If you are trading on any of these platforms, it is essential to maintain meticulous records of all your transactions for tax purposes. Don’t rely on the anonymity of the platform to shield you from your tax obligations.

How do you convert crypto to cash?

Converting crypto to fiat is straightforward, yet nuances exist depending on your needs and risk tolerance. Here’s a refined approach:

1. Reputable Exchanges: This remains the most common and often most efficient method. Choose established platforms with robust security and high trading volumes. Beware of hidden fees; compare them meticulously. Consider the tax implications specific to your jurisdiction – capital gains taxes are a significant factor.

2. Brokerage Accounts: Some brokerage firms now offer crypto trading alongside traditional stocks and bonds. This can streamline your portfolio management, but be mindful of potentially higher fees than dedicated crypto exchanges and understand their regulatory frameworks.

3. Peer-to-Peer (P2P) Trading: P2P platforms connect buyers and sellers directly. While potentially offering better rates, they carry elevated risk. Verify the counterpart’s legitimacy meticulously to avoid scams. Understand that regulatory protection is typically less robust than with licensed exchanges.

4. Bitcoin ATMs: Convenient for smaller transactions, but usually incur significantly higher fees than online methods. Security is a concern; choose well-maintained and reputable machines in high-traffic, well-lit areas.

5. Crypto-to-Crypto Trading: Convert to a stablecoin (like USDT or USDC) first to mitigate volatility before selling to fiat. This is a strategic approach to reduce losses during market fluctuations.

Critical Considerations: Security should always be paramount. Use strong passwords, two-factor authentication, and reputable wallets. Tax implications vary considerably depending on your location; consult with a qualified financial advisor or tax professional to understand your obligations.

Can you use Bitcoin to buy real things?

Yes, you can absolutely use Bitcoin to buy real things. Bitcoin, the original and still most dominant cryptocurrency, functions as a decentralized digital currency, allowing peer-to-peer transactions without intermediaries like banks.

Beyond simple purchases, Bitcoin offers several advantages:

• Global Accessibility: Send and receive Bitcoin anywhere with an internet connection, bypassing geographical restrictions and traditional banking limitations.
• Transparency and Security: All transactions are recorded on a public, immutable ledger (the blockchain), enhancing transparency and security. While not impervious to theft, best practices significantly mitigate risks.
• Lower Fees (Potentially): Compared to traditional international wire transfers, Bitcoin transactions can sometimes have lower fees, though this can fluctuate based on network congestion.
• Faster Transactions (Potentially): International transfers can be significantly faster than traditional banking systems, although confirmation times vary.

However, it’s important to understand the nuances:

• Volatility: Bitcoin’s value fluctuates significantly, impacting the real-world value of your purchase. Consider this inherent risk before making large purchases.
• Merchant Adoption: While growing, the number of merchants accepting Bitcoin directly is still less than traditional payment methods. Many use third-party payment processors to facilitate Bitcoin transactions.
• Security Concerns: Losing your private keys means losing access to your Bitcoin. Robust security measures are crucial.
• Regulation: The regulatory landscape surrounding Bitcoin varies significantly by jurisdiction, impacting usage and acceptance.

In short: Bitcoin’s utility extends beyond speculation; it’s a viable tool for purchasing goods and services, though informed understanding of its inherent risks and limitations is essential for responsible use.

Do people use crypto for transactions?

While the narrative pushes cryptocurrency as the future of payments, the reality paints a different picture. The data is clear: investment overwhelmingly dominates the use case. 7% of US adults dabbled in crypto in 2025, primarily for speculative purposes. A mere 1% leveraged it for actual purchases – a fraction too insignificant to be considered mainstream adoption. Another 1% used it for peer-to-peer transfers, highlighting its potential but failing to demonstrate widespread practical application. This low adoption rate for transactional purposes is largely due to volatility, transaction fees, regulatory uncertainty, and the lack of widespread merchant acceptance. Think about it: would you risk a significant price swing on a simple coffee purchase? The scalability issues of many cryptocurrencies also hinder their ability to process a high volume of transactions efficiently, further limiting their transactional viability. The current emphasis should be on addressing these fundamental limitations before expecting mass adoption as a transactional medium. The real gains are being made in the speculative market, not the transactional one, for now.

What are the fake crypto platforms?

Identifying fake crypto platforms requires vigilance. Many operate using sophisticated scams, preying on unsuspecting investors. The examples provided – webelon.org, Capiturly.io, and Ceypro investments – are just the tip of the iceberg. These platforms often employ similar tactics:

• Impersonation: Using names and logos similar to legitimate entities (like Tesla and Elon Musk in the case of webelon.org) to build false trust.
• Fraudulent Trading Platforms: These platforms often manipulate charts and offer unrealistically high returns, leading to significant losses.
• Pig Butchering Scam: A common tactic involving building a relationship with the victim, showering them with attention, and then gradually stealing their funds.
• Crypto Giveaway/Airdrop Scams: These promise free cryptocurrency in exchange for personal information or upfront fees, ultimately leading to financial loss.

Here’s what to look out for:

• Unrealistic Returns: If a platform promises exceptionally high returns with little to no risk, it’s likely a scam.
• High-Pressure Tactics: Legitimate platforms won’t pressure you into investing immediately.
• Lack of Transparency: Be wary of platforms that lack clear information about their operations, team, or regulatory compliance.
• Poor Website Design and Grammar: Legitimate platforms usually invest in professional website design.
• Unverified Testimonials: Check if testimonials are genuine and verifiable.
• Request for Personal Information: Be cautious about providing sensitive information to unverified platforms.

Always conduct thorough research before investing in any cryptocurrency platform. Check reviews from multiple independent sources and verify the platform’s legitimacy through official channels. Remember, if something sounds too good to be true, it probably is.

How do I know if my crypto exchange is safe?

Choosing a secure crypto exchange is paramount. Don’t just rely on marketing hype; dig deeper. Advanced encryption is table stakes – look for specifics like AES-256 or better. 2FA is mandatory; consider using a hardware security key for an extra layer of protection against SIM swapping and phishing attacks. Cold storage is crucial; a significant portion of assets should be offline, minimizing vulnerability to hacks. Transparency matters – reputable exchanges openly share details of their security audits and insurance coverage. Investigate their track record; have they experienced any significant breaches in the past? Also, examine their compliance with regulatory frameworks. Consider the jurisdiction they operate in; some jurisdictions have stronger consumer protection laws than others. Finally, pay close attention to their customer support – a responsive and helpful team is invaluable if problems arise. Remember, no exchange is completely invulnerable, but diligent research can significantly reduce your risk.