An international task force to investigate more than 200 projects in the cryptocurrency world
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Answer An international task force to investigate more than 200 projects in the cryptocurrency world
An international task force targeting abuses in private securities in the crypto and cryptocurrency industry has begun actively investigating more than 200 Initial Coin Offerings (ICOs) and some of their investment products.
The move follows the creation of the North American Ad Hoc Securities Association (NASAA), which has already made 47 effective decisions against ICOs and projects offering investment products in the USA or Canada.
“The agency is working to arrange regulatory resources to protect investors from financial harm that falls under the guise of fraudulent initial coin offerings (ICOs), and we aim to raise awareness among industry participants about their regulatory responsibilities,” said the NASAA president.Read:The founder of the crypto project “AriseCoin” arrested after embezzling more than 4 million dollars
He added, “We are fully aware that not every investment in ICOs is fraudulent, but it is important for individuals and businesses selling these coins to realize that their business falls under the jurisdiction of state and territory securities laws and regulations.” Therefore legal advice should be obtained by a legal advisor who is familiar with the regulations to ensure that they are not breaking the laws.
Joseph Rotunda, executive director of Securities at the Texas State Board, said the investigation had revealed a “staggering” amount of illegal activity in initial coin offering projects (ICOs), ranging from the use of deceptively well-known personalities to the use of video clips showing off-the-shelf products. Fake to defraud the Securities Commission.Read:Bitcoin Fear and Greed Index Returns to Neutral Zone for First Time in 17 Weeks
He added: “The work is still at an early stage, but state and local regulators will continue to conduct investigations on an ongoing basis, with the aim of enhancing confidence and security in investing in the digital and cryptocurrency market.”
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