Texas Securities Board Issues Order Against 9 Suspicious Crypto Projects

Texas Securities Board Issues Order Against Suspicious Crypto Projects

In a bid to curb the rising incidences of fraud in the cryptocurrency sector, the Texas Securities Board (TBS) recently issued orders against nine suspected scamming projects. According to the half yearly report, most of these schemes are orchestrated on social media platforms and propagated through online marketing campaigns. Unfortunately, some prospective traders often fall victim to such scams.

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The administrative orders were issued by Travis Iles, a commissioner of the TBS. In an accompanying press release, the board backed the decision by Travis saying that the rate at which swindlers were misleading unknowing investors was alarming. As a result, TBS had to take action against such projects, which were capitalizing on the popularity of social media and online advertising to perform their criminal acts.

As expected, the orders require the affected crypto platforms to cease operations in the Texas state with immediate effect. The first casualty of this process was the Bitcoin earnings project that masquerade as a genuine lending platform. Another notable project that was affected is the Hong Kong-based R2B Coin blockchain startup, which led its investors into thinking that the R2B token will take the global crypto space by storm and overtake established cryptocurrencies such as Bitcoin.

Additionally, the TBS expose also included a digital currency and bhang trading offer, as well as the DavorCoin project. The latter was significantly suspicious than its counterparts, as it was offering crazy returns within a relatively short period. Precisely, the DavorCoin project promised to give investors over $100,000 in profits after only three months in exchange for an initial deposit of $30,000. Moreover, the board also issued a restrictive order against LeadInvest, an offshore enterprise that alleges to have close ties to senior officials of the US Department of Justice, including a Supreme Court justice and solicitor generals.

The crackdown against suspicious crypto startups started way back in May, with the TBS stopping the operations of BTCRUSH and Forex EA & Bitcoin Investment LLC. The two were barred due to their ludicrously high potential returns. While most companies wait for the TBS to issue orders against them, one enterprise has decided to temporarily cease operations until it satisfies the requirements set by the board. The company is known Investors in Crypto LLC.

According to Travis, the TBS will not relent until all non-compliant projects are halted. The commissioners added that it was the objective of the board to safeguard the investment of Texas residents, which is why they are actively pursuing possible scammers in the digital currency sector.

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