Regulators Issue Warnings Over 'Fraudulent' Bitcoin Investment Scheme
Regulators in Belize and the Seychelles have sounded the alarm about a bitcoin investment scheme. Belize’s Office of the International Financial Services Commission has said that Xmaxbit, a website claiming to offer cryptocurrency investment and mining services, is not officially registered in the country. A registration document posted on its website is “a complete forgery”, according to the agency. The Belize government noted: “This entity is not licensed/regulated by the International Financial Services Commission or any other competent authority in Belize to conduct any type of trading....
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The Texas State Securities Board has entered an emergency cease and desist order against a shape-shifting, fraudulent cryptocurrency scheme using the Binance brand to lure investors. Texan regulators have, for some time now, viewed cryptocurrency investment schemes as a risk to Main Street investors, and have continued to issue public warnings against possible crypto-related scams during the COVID-19 pandemic. The latest move from the Texas State Securities Board, or TSSB, is action not words — an emergency cease and desist order against an entity misappropriating the Binance name.....
Top financial regulators in England and Japan have independently issued warnings on Binance for offering crypto exchange services to residents of the two countries without being registered with the regulators as required by law. Japanese Regulator’s Warning Japan’s top financial regulator, the Financial Services Agency (FSA), issued a warning notice to Binance Holdings Ltd. and CEO Changpeng Zhao on Friday. The notice states that Binance has been providing crypto exchange services to Japanese customers without registration. Under Japanese cryptocurrency regulation, companies....
Former BitConnect promoter Glenn Arcaro has pled guilty to his role in the saga, but the whereabouts of the firm’s founder Satish Kumbhani is unknown. Former director and promoter of the notorious Bitconnect Ponzi scheme, Glenn Arcaro, has pled guilty to fraud charges related to his role in the now-defunct crypto exchange and lending platformHe has been ordered to pay back $24 million to investors.In a parallel action in the long-running saga the United States Securities and Exchange Commission (SEC) has charged Bitconnect, its founder Satish Kumbhani, former director Arcaro, and Future....
Jose Angel Aman, charged with operating the fraudulent investment scheme, was sentenced to serve six years in federal prison and pay over $23 million in victim restitution by a federal court in Florida.
Regulators in Italy have moved to suspend the operations of several affiliates of OneCoin, the digital currency investment scheme widely accused of being fraudulent. Late last month, the Italian Antitrust Authority, a quasi-autonomous non-governmental organization that focuses on consumer protection, said that it had ordered the "precautionary suspension" of the efforts, led by three unnamed individuals. The Antitrust Authority is funded by Italy’s Ministry of Economic Development. The Antitrust Authority said that its investigation of OneCoin – which accelerated in December with....