Cease and Desist – Page 2

Civil Lawsuit Against Craig Wright Wants High Court to Rule Against His Bitcoin White Paper Claims

The Crypto Open Patent Alliance (COPA), a bitcoin industry working group focused on patent laws, has filed a civil lawsuit in the UK against Craig Wright. For many years now Wright has insisted he is Satoshi Nakamoto, but has yet to prove so to the greater crypto community. COPA is looking to get the UK […]

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South African Regulator Pressures Bitcoin Investment Company, Urges Clients to Request Refunds

South African Regulator Pressures Bitcoin Investment Company, Urges Clients to Request Refunds An embattled bitcoin investment company, Mirror Trading International (MTI)’s troubles took another twist August 18 after the South African regulator, Financial Sector Conduct Authority (FSCA) said that it is investigating the investment company. MTI’s latest conflict with the regulator follows the cease and desist order issued against it by the Texas States Securities Board (TSSB) […]

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Price of Paragon has Multiplied Over 5 Times Since SEC Cease-and-Desist

Through 2018, the United States Securities and Exchange Commission (SEC) became increasingly active in their regulation of the cryptocurrency space, particularly in regards to recent ICOs. This activity partially came in the form of Cease-and-Desists (C&D) delivered to a number of projects. Of these included Paragon. On November 16th, 2018, Paragon (PRG) received a C&D for their 2017 ICO which raised US$12 million in the sale of, in the eyes of the SEC, unregistered securities. Per the C&D, Paragon was required to pay a US$250,000 fine to the SEC and refund investors of the ICO. In response to the news,

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Two US States Issue Cease and Desist Orders Against Five ICO Issuers

The U.S. states of Colorado and North Dakota have independently issued cease and desist orders against companies promoting initial coin offerings in their states. Their tokens are potentially fraudulent securities offerings, according to the two states’ securities commissions. One scheme promises a return of 10 percent per month and claims to be pegged to the […]

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SEC Takes Action Against ‘First US Regulated Crypto Asset Fund’

The U.S. Securities and Exchange Commission (SEC) announced on Tuesday that it has taken action against two cryptocurrency firms. Both mark the “first-ever” action of their kind by the Commission. One is against the “first regulated crypto asset fund in the United States” and the other is against an “ICO Superstore.” Also read: 160 Crypto Exchanges […]

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SEC Fines and Permanently Bars Founder of Fraudulent Oil Exploration Token

The U.S. Securities and Exchange Commission (SEC) has taken action against an oil and gas exploration company and its founder who “perpetrated a fraudulent initial coin offering (ICO) to fund oil exploration and drilling in California.” The token sale failed to raise money but the tokens were issued as part of a bounty program, which […]

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Genesis Mining to Resume Services in the US After Fighting Cease and Desist

The past few months have been rather interesting for Genesis Mining. The popular cryptocurrency cloud mining provider was forced to halt all activities in South Carolina. That decision has now been reversed. As such, US customers will be able to access the company’s services once again in the coming weeks. A Victory for Genesis Mining […]

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SEC Rules Ether not a Security, Markets Explode

Whether or not Ether is sanctioned as a currency under US jurisdiction has been a major point of speculation and uncertainty since the SEC first began its more active stance on cryptocurrencies and ICOs. As the Ethereum platform represents one of the first major ICOs, the future of platform rested majorly on the SEC’s interpretation […]

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Five Firms Hit by ‘Crypto-Sweep’ in Alabama as Regulators Step up Operation

Five Firms Hit by ‘Crypto-Sweep’ in Alabama as Regulators Step up Operation Cease and desist letters have been sent to five crypto companies operating in Alabama, as part of the ongoing “Operation Crypto-Sweep.” The campaign, led by the North American Securities Administrators Association, is targeting ICO projects and blockchain startups suspected of fraudulent activities and violations of existing securities laws. Actions have been taken already by NASAA […]

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US State Issues Emergency Cease and Desist Orders to Two Crypto Investment Firms

US State Issues Emergency Cease and Desist Orders to Two Crypto Investment Firms A U.S. state has issued emergency cease and desist orders to two companies and related persons purportedly engaged in cryptocurrency investment schemes. The first company posted videos of three mining farms composed of online stock images, according to the order. Both companies made numerous materially misleading claims and violated U.S. securities laws. Also read: Yahoo! Japan […]

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