Texas Financial Regulators Crack Down on 15 Alleged Crypto Scams

With the myriad of altcoins being introduced these days, some investors have had trouble telling which ones are legitimate and which ones are bitcoin scams. In South Korea, law enforcement officials have begun investigations on alleged pump-and-dump schemes wherein demand and volumes are artificially boosted before the altcoin is out of existence. In addition, the Bank of Korea extended its support to local authorities that are investing bitcoin scams and related Ponzi schemes. There are approximately 700 altcoins in existence according to coinmarketcap.com but less than half of these have....

I was reading the news this afternoon and saw this article that caught my eye. It was notable due to it dealing with Bitcoin, and its use as an investment tool. Balanced Energy, a small oil company, run by Kirk Johnson was recently told by Texas State Regulators they are not to accept Bitcoin payments. They served them with an Emergency Cease and Desist order. Balanced Energy had announced in a pitch at the Texas Bitcoin Conference that they are the first company to accept Bitcoin for exploration investments. Texas State Regulators wasted no time in telling Balanced Energy that they could....

A key concern is that the firm hasn’t explicitly outlined what it will do with the stablecoin sale proceeds. State regulators from Texas and Vermont have filed a motion objecting to embattled crypto lender Celsius’ plans to sell off its stablecoin holdings. Separate motions from both regulators filed on Sept. 29 argue that there’s a risk the firm could use the capital to resume operating in violation of state laws. The filings come after a Sept. 15 notice from Celsius' legal team asking the United States Bankruptcy Court for the Southern District of New York for permission to sell its....

Switzerland’s largest bank, UBS, has advised investors to “stay clear” of cryptocurrencies and “build their portfolio around less risky assets.” The UBS analysts warned that “Regulators have demonstrated they can and will crack down on crypto.” UBS’ Crypto Advice and Warning The global wealth management team at UBS warned in a note published last week that regulators worldwide, particularly the U.S. and the U.K., will impose tougher cryptocurrency regulations. Citing that “China’s latest crackdown — extending to miners,....

Regulators from the state of Texas and the state’s attorney general are objecting to FTX purchasing Voyager Digital, as the state’s securities commissioner needs to “determine whether FTX US is complying with the law.” Texas State Securities Board, Department of Banking, and Attorney General File Objection Against FTX Buying Voyager Digital According to a bankruptcy court document filed on October 14, 2022, the Texas State Securities Board (SSB), the Texas Department of Banking, and the Texas attorney general are objecting to FTX’s solicitation of Voyager Digital. FTX, the exchange led by....