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Wednesday

25 November 2020

U.S. regulators crackdown on 15 Bitcoin and forex scammers in “sweeping action”

U.S. regulators crackdown on 15 Bitcoin and forex scammers in “sweeping action”


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Texan regulators filed charges against 15 illicit investment platforms advertising false crypto, forex, and binary options investments, as per a Texas State Securities Board (TSSB)releaseshared with CryptoSlate.

The accused capitalized on his social media presence to position himself as a thought leader and successful trader in the cryptocurrency markets, as well as his dealings in binary options and forex trading.  He was even found to advertise an official “trading license” issued by Texas City to cement his claims.

In a second, separate legal order, three platforms — Binary Trade Forex, FX Trades and IQTrade — were named by the TSSB under false claims of operating from Valentine, Texas.  .

They were allegedly recruiting investors by illegally promoting investments in the forex, binary options, and cryptocurrency sectors for lucrative rates of return.  The order alleges they are fraudulently claiming these investments are guaranteed and using fake testimonials adds credibility to their schemes. .

The third order named “GenuisPlanFxPro,” a cryptocurrency, binary option, and forex investment platform that falsely claimed it operates from Austin, Texas.

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