Bitcoin News and Finance Texas Issues Orders to Stop ‘Binance Assets’ and 2 Other Fraudulent Crypto Investment Platforms Skip to main content

Texas Issues Orders to Stop ‘Binance Assets’ and 2 Other Fraudulent Crypto Investment Platforms

Texas Issues Orders to Stop 'Binance Assets' and 2 Other Fraudulent Crypto Investment Platforms

The Texas securities commissioner has entered emergency cease and desist orders to stop three cryptocurrency investment platforms from duping investors in the state. One scheme operates under the name “Binance Assets.” The regulator has found that all three platforms are fraudulent.

Texas Seeks to Stop 3 Crypto Platforms Operating in the State

Texas Securities Commissioner Travis J. Iles entered a pair of emergency cease and desist orders Monday targeting three unregistered online cryptocurrency investment platforms. They are Delta Crypt Ltd. (also known as Binance Assets), Fxsmart Robots, and Digitaly Invest. The latter is not the same company as Digital Invest or Digitally Invest.

The commissioner’s order emphasizes that none of the platforms is registered to sell securities in Texas and their investment plans are not registered or permitted for sale in the state.

The Philippine Securities and Exchange Commission previously issued a public advisory order against Delta Crypt, which claims to be a legit U.K.-registered business. The Southeast Asian regulator warned that the company “was illegally offering securities paying ‘ridiculous’ returns,” urging the public “not to invest or stop investing in any scheme offered” by Delta Crypt, the Texas order describes, elaborating:

Following the issuance of the prior warning, Delta Crypt allegedly removed its website and instead of shutting down operations began a new online investment scheme – this time acting under the names Binance Assets, Binanceassets Ltd. and Bit Kind Ltd.

The company now advertises a variety of cryptocurrency investment plans. For example, the Gold Plan pays a guaranteed 30% return and the Diamond Plan pays a guaranteed 40% return.

The Texas commissioner’s order found the crypto offering by Delta Crypt to be “fraudulent and deceptive.” It accuses the company of “concealing important information about its principals, the warning from the Philippines government, and the risks associated with cryptocurrencies.” In addition, “Delta Crypt has been illegally soliciting sales agents, promising to pay commissions regardless of registration or licensure,” the order states.

The second order names Digitaly Invest and Fxsmart Robots, two investment schemes whose websites are almost identical. The two platforms similarly offer investment plans with guaranteed returns, including the Gold Plan, which pays a guaranteed 30% return, and the Diamond Plan, which pays a guaranteed 40% return. Both websites claim to offer cryptocurrency trading.

Noting that the claims made by the two platforms are found to be fraudulent, the Texas securities commissioner explained:

The parties are allegedly concealing important information – including the identity and qualifications of principals, material financial information, and the significant risks associated with the underlying products.

What do you think about Texas issuing orders to stop these fraudulent crypto schemes? Let us know in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory