North Dakota Securities Regulator Issues Cease and Desists Against 3 ICOs
North Dakota's securities watchdog takes action on ICO projects that are allegedly illegally operated in the state.
On Thursday, Karen Tyler, a commissioner for the Northern Dakota Securities Department, ordered the three companies to "order the unregistered potentially fraudulent securities in ICO form."
The regulator insisted that companies such as Crystal Token, Life Cross Coin, and Advertiser Holdings posted fraudulent statements on their websites with excessively high returns, inadequate disclosures and false statements of facts in the press release.
The agency said none of them were registered to provide securities to the state. In addition, Advertiza claims to have filed a false allegation with the SEC, and the Life Cross Coin website operates as "Berlin IP address related to ransomware, Trojans and identity fraud".
"Continued exploitation of the cryptocurrency ecosystem by financial criminals is a major threat to Main Street investors," Tyler added.
"In a formal way, financial criminals are investing in exaggerated excitement about block chains, cryptographic assets and ICO. Investors should be very careful when considering relevant investments."
This is not the first time this department has taken action on a company that promotes ICO in the state. Last month, he issued orders for BitConnect, the Magma Foundation, and the Pension Rewards Platform.
The SEC is taking federal action on the charges filed yesterday by the Securities and Exchange Commission (SEC) alleging that the ICO project and its operators have been unauthorized by the agency.
The SEC also asked the US District Court to enforce the subpoenas on Wednesday as part of an investigation into the pump and dump tactics associated with the $ 100 million ICO claim.
North Dakota Flag Image through Shutterstock
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