Alabama Securities Regulator Shuts Down 97 Fraudulent Cryptocurrency Trading ...
The securities regulator of the U.S. state of Alabama has issued a cease and desist order against Acoin Trading and 96 other cryptocurrency websites. The crypto investment schemes promise “excessive returns,” report “fictitious account values,” and impose “undisclosed fees.” US State Regulator Orders 97 Crypto Trading Websites to Shut Down Alabama Securities Commission announced Thursday that it has issued a cease and desist order against 97 cryptocurrency trading websites. The announcement states: The Alabama Securities Commission (ASC) issued a....
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BlockFi continues rejecting securities regulators’ allegations that its Interest Accounts are unregistered securities. The state of Alabama has become the second state in the United States to raise concerns over BlockFi, a major cryptocurrency lending platform.The Alabama Securities Commission (ASC) has issued a show-cause order to New Jersey-based company BlockFi, ASC director Joseph Borg officially announced on Wednesday.Already facing a cease and desist order from the New Jersey Bureau of Securities, BlockFi now has 28 days to provide cause why the platform should not be forced to cease....
Fresh off the heels of Blockfi’s issues with the New Jersey Bureau of Securities, the company is now having problems in the state of Alabama. The director of the Alabama Securities Commission (ASC), Joseph Borg, explained on July 21 that he issued a show cause to the firm. Borg wants Blockfi to explain why the ASC should not copy New Jersey’s cease and desist as Alabama regulators also seem to believe they might be selling unregistered securities. Blockfi has received another order from the Texas State Securities (TSS) Board for the same reason. Alabama....
New York, California, Texas - home to high-tech incubators and venture capital firms, these are states you expect to issue statements regarding a disruptive technology like digital currency. Alabama? Perhaps not. But, if you were surprised by the Alabama Securities Commission's recent warning about Mt. Gox and the dangers of digital currency investments, its director Joe Borg suggests you shouldn't be. The motorcycle-driving, mustachioed regulator boasts about bringing more securities violators to trial, executing more foreign extraditions and obtaining more prison time for financial....
Alabama state regulator Joseph Borg will reportedly issue a warning/consumer alert on digital currency (the most popular of which being bitcoin) Tuesday. The alert will advise both consumers and investors who have issues cashing out of bitcoin or troubles withdrawing to stop trading, at least until the problems they're experiencing get sorted out. Borg has served for 20 years on the Alabama Securities Commission, and is presently the administrator, and is known for forming the task force that brought down Jordan Belfort's Stratton Oakmont investment firm (a story chronicled in the 2013....
The state's financial regulator join its counterparts in New Jersey and Alabama in taking action against the crypto lending platform. The Texas State Securities Board has filed for a cease and desist order against crypto lending firm BlockFi for not offering a security licensed at the state or federal level.According to a Thursday filing, the state regulator will be holding a hearing related to allegations BlockFi is illegally funding its crypto lending operations and proprietary trading through the sale of unregistered securities. Should the judge accept that the platform’s accounts....