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Texas Takes Action Against Cryptocurrency Mining Company Promising 200% Profit

November 8, 2018 |

Texas Takes Action Against Cryptocurrency Mining Company Promising 200 Percent Profit

The Texas State Securities Board has issued an emergency cease and desist order to an Australia-based cryptocurrency mining company and its affiliates. According to the order, the company represents that investments in its mining contracts are “guaranteed to 200% profit.”

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Cease and Desist Order

Texas Takes Action Against Cryptocurrency Mining Company Promising 200 Percent ProfitThe Texas State Securities Board on Tuesday issued an emergency cease and desist order to Sydney-based Aws Mining Pty. Ltd. and nine other respondents affiliated with the company. The entities named are Automated Web Services Mining (Aws Mining), Mycoindeal, Aws Elite, and West Texas Oilfield Cloud Miners Club.

Sydney-based Mycoindeal provides wallet services for investments issued by Aws Mining. Aws Elite is a multi-level marketing organization for Aws Mining based in Pennsylvania. West Texas Oilfield Cloud Miners Club, an affiliate of Aws Elite, is a Texas-based sales agent for Aws Mining.

The order states:

The investments in the cryptocurrency mining program are ‘securities’ … Respondents are engaging in fraud in connection with the offer for sale of securities … [and] are making offers containing statements that are materially misleading or otherwise likely to deceive the public.

Texas Takes Action Against Cryptocurrency Mining Company Promising 200 Percent ProfitThe board elaborated that respondents are violating the Securities Act since neither they nor their securities are registered with the state’s Securities Commissioner.

They are, therefore, ordered to cease and desist from offering for sale any security in Texas until the securities and all parties involved are properly registered or exempt from registration.

200 Percent Return Guaranteed

According to the order, Aws Mining’s website claims that the company is mining cryptocurrency through farms located in Guangzhou, China; Ingushetia, Russia; Ciudad del Este, Paraguay; Anhui, China; and Hebei, China.

Texas Takes Action Against Cryptocurrency Mining Company Promising 200 Percent ProfitThe order describes that the companies and their executives “are issuing investments in cryptocurrency mining referred to as crypto mining power contracts, and they are representing [that] the crypto mining power contracts are ‘guaranteed to 200% profit’ and that each crypto mining power contract ‘is guaranteed to 200% return on purchase price.’”

In addition, the companies are using a multi-level marketing network of sales agents to sell these mining contracts and recruit new agents on social media. The board emphasized:

They are also telling potential investors the crypto mining power contracts pay a ‘200% passive return on every investment.’

Furthermore, the order noted that “Although potential investors are led to believe they will receive a 200% return on principle invested in crypto mining power contracts,” Aws Mining “is now disclaiming the guarantee of profitability and instead representing that investors assume the risks associated with the investment.”

The board subsequently concluded that the companies and individuals named in the order “are engaging in other illegal, fraudulent, deceptive, and/or misleading practices in connection with the offer of crypto mining power contracts to Texas residents.”

What do you think of Texas taking action against Aws Mining? Let us know in the comments section below.


Images courtesy of Shutterstock and Texas State Securities Board.


Need to calculate your bitcoin holdings? Check our tools section.

The post Texas Takes Action Against Cryptocurrency Mining Company Promising 200% Profit appeared first on Bitcoin News.

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Operation Cryptosweep: 200+ Crypto Cases in North America, 46 Enforcement Actions

August 29, 2018 |

Operation Cryptosweep: 200+ Crypto Cases in North America, 46 Enforcement Actions

North American regulators have revealed that more than 200 cryptocurrency-related cases are being actively investigated, with 46 enforcement actions taken. The coordinated efforts by over 40 jurisdictions in the U.S. and Canada are part of Operation Cryptosweep, aimed at cracking down on unregistered and fraudulent crypto-related investment products.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

200+ Cases, 46 Enforcement Actions

Operation Cryptosweep: 200+ Crypto Cases in North America, 46 Enforcement ActionsThe North American Securities Administrators Association (NASAA) announced Tuesday that “more than 200 active investigations of initial coin offerings (ICOs) and cryptocurrency-related investment products are currently underway by state and provincial securities regulators in the United States and Canada.”

These investigations are part of the association’s ongoing coordinated regulatory initiative called Operation Cryptosweep, which was launched in May. At that time, the NASAA revealed that its “members from more than 40 jurisdictions throughout North America participated” in this effort, which resulted in at least 70 investigations. According to Tuesday’s announcement:

Since its launch in May, this ongoing coordinated regulatory focus has resulted in 46 enforcement actions involving ICOs or cryptocurrency-related investment products.

NASAA is a voluntary association whose members are securities administrators from states, provinces, and territories in the 50 U.S. states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada, and Mexico.

ICO Teams Told to Seek Legal Counsel

The president of the association and Alabama Securities Commission Director, Joseph P. Borg, commented:

While not every ICO or cryptocurrency-related investment is a fraud, it is important for individuals and firms selling these products to be mindful that they are not doing so in a vacuum; state and provincial laws or regulations may apply, especially securities laws.

Operation Cryptosweep: 200+ Crypto Cases in North America, 46 Enforcement ActionsBorg then advised sponsors of these products to seek “the advice of knowledgeable legal counsel to ensure they do not run afoul of the law,” emphasizing compliance before offering or marketing these products to investors. He also noted that products that qualify as securities must be registered with the appropriate regulatory bodies unless exempted from registration.

“The registration process provides some protection for investors by subjecting the offering to regulatory review. But even registered offerings can be fraudulent. Investors therefore should perform their own thorough due diligence before investing in any ICO or cryptocurrency-related product,” the NASAA reiterated.

Borg concluded that investors need to:

Be cautious when dealing with promoters who claim their ICO offering is exempt from securities registration but do not ask about your income, net worth or level of investing sophistication…Do your homework and contact your state or provincial securities regulator with any concerns before parting with your hard-earned money – afterwards may be too late.

What do you think of Operation Cryptosweep? Let us know in the comments section below.


Images courtesy of Shutterstock and NASAA.


Need to calculate your bitcoin holdings? Check our tools section.

The post Operation Cryptosweep: 200+ Crypto Cases in North America, 46 Enforcement Actions appeared first on Bitcoin News.

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