US Regulators Intensified Efforts to Clampdown Cryptocurrency Scams as they Launches Operation Crypto-Sweep
Securities regulators across the US and Canada wreaked havoc on unscrupulous cryptocurrency investment products today. As they intensified their effort to clampdown cryptocurrency scams.
Their latest move is the launching of operation crypto-sweep against cryptocurrency scams. More than seventy investigations were unveiled today by more than 40 U.S. state and Canadian provincial securities regulators. And more are expected in the coming days
The coordinated effort, first reported by The Washington Post, focuses on a cryptocurrency fundraising process known as initial coin offerings, as well as other “investment schemes.” This is the largest coordinated cryptocurrency crackdown to date by state and provincial officials of its kind.
“Despite a series of public warnings from securities regulators at all levels of government, cryptocriminals need to know that state and provincial securities regulators are taking swift and effective action to protect investors from their schemes and scams,” said Joseph P. Borg, NASAA president and director of the Alabama Securities Commission, in a press release.
The Texas regulator also took action against Wind Wide Coin, which used pictures of celebrities including Jennifer Aniston and Prince Charles to advertise its cryptocurrency.
“Promoters also know that anyone can be anyone and say anything about anything on the internet,” Rotunda said. “Not surprisingly, they are also manipulating photographs, media, testimonials and other online information to deceive the public into believing their claims.”
The task force will be coordinated by the NASAA along with state and provincial regulators. The state agencies are aiming unregistered securities offerings that promise lucrative returns without adequately informing investors of the risks, as well as suspicious cases of ICOs.
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