California Regulator Issued Cease And Desist Orders Against 11 Crypto Businesses

The California Department of Financial Protection and Innovation charged almost a dozen cryptocurrency and decentralized finance firms for functioning as Ponzi schemes and breaching state securities laws.
California Regulator Issued Cease And Desist Orders Against 11 Crypto Businesses

The regulator issued cease and desist orders against 11 businesses, according to a news statement released on Tuesday. The action comes a day after a California regulator filed a cease and desist order against crypto lender Nexo, as part of a slew of legal measures brought against the firm by other states.

The department said:

“The entities in today’s actions are classic examples of high yield investment programs. These schemes often target the latest investment vehicle of opportunity and have previously targeted oil and gas investments, cannabis investments and others.”

California Regulator Issued Cease And Desist Orders Against 11 Crypto Businesses

Cryptos OTC Trading Platform Limited, Elevate Pass LLC, GreenCorp Investment LLC, and Metafiyielders Pty Ltd were handed cease and desist orders by the department. Pegasus, Polinur ME Limited, Remabit, Sity Trade, and Sytrex Trade are among those targeted. Vexam Limited and World Over the Counter Limited were also handed orders by the department.

The 11 crypto businesses are all accused of issuing and selling unqualified securities, and 10 of them are also accused of making major misrepresentations and omissions to investors.

According to the agency, nine businesses sought cash from investors to reportedly trade crypto assets on their behalf, while one claimed to be a metaverse software developer and another claimed to be a decentralized banking platform.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

California Regulator Issued Cease And Desist Orders Against 11 Crypto Businesses

The California Department of Financial Protection and Innovation charged almost a dozen cryptocurrency and decentralized finance firms for functioning as Ponzi schemes and breaching state securities laws.
California Regulator Issued Cease And Desist Orders Against 11 Crypto Businesses

The regulator issued cease and desist orders against 11 businesses, according to a news statement released on Tuesday. The action comes a day after a California regulator filed a cease and desist order against crypto lender Nexo, as part of a slew of legal measures brought against the firm by other states.

The department said:

“The entities in today’s actions are classic examples of high yield investment programs. These schemes often target the latest investment vehicle of opportunity and have previously targeted oil and gas investments, cannabis investments and others.”

California Regulator Issued Cease And Desist Orders Against 11 Crypto Businesses

Cryptos OTC Trading Platform Limited, Elevate Pass LLC, GreenCorp Investment LLC, and Metafiyielders Pty Ltd were handed cease and desist orders by the department. Pegasus, Polinur ME Limited, Remabit, Sity Trade, and Sytrex Trade are among those targeted. Vexam Limited and World Over the Counter Limited were also handed orders by the department.

The 11 crypto businesses are all accused of issuing and selling unqualified securities, and 10 of them are also accused of making major misrepresentations and omissions to investors.

According to the agency, nine businesses sought cash from investors to reportedly trade crypto assets on their behalf, while one claimed to be a metaverse software developer and another claimed to be a decentralized banking platform.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

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