North Dakota Securities Regulator Issues 3 ICO Cease and Desists: Crystal Token, Life Cross Coin and Advertiza


North Dakota Securities Regulator Issues Cease and Desist Orders Against 3 ICOs

Initial Coin Offerings (ICOs) continue to be on the target of the U. S. watchdogs as the North Dakota Securities Department has issued three cease and desist orders against ICOs for being unregistered and potential scams, which would make them illegal in the state.

Karen Tyler, from the state’s watchdog, has alleged that Crystal Token, Advertiza Holdings and Cross Coin have all used fraudulent statements on their websites and that all of them have claims of excessively high returns without any proof of how to achieve them.

According to the firm, none of these firms is registered with the Securities and Exchange Commission (SEC) to offer securities in the state and Advertiza was falsely claiming to do it, while Cross Coin used a Berlin IP address that was already linked to ransomware, identity fraud issues and trojans.

She believes that all of these companies are examples of criminal cases that use the promise of ICOs to lure investors and steal their money, they use all the buzzwords and the hype surrounding the market to take the money of gullible investors.

The department has also taken action against ICOs in the state last month when it issues cease and desist orders against three other companies: BitConnect, Magma Foundation and the Pension Rewards Platform.

As the regulators are getting more concerned with scammers, actions are occurring more on a federal level, too, and agencies like the SEC have been announcing to sue ICO projects for falsely claiming to have their approval when they do not have, along with pump and dump schemes made by some crypto companies.

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