In order to protect investors and maintain confidence in the securities market, while avoiding unreasonable burdens on the marketplace, the Colorado department of regulatory agencies has added 4 More ICO’s to the list of 14 banned ICO projects in Colorado state.
The new cease and desist order was signed on 20th Nov by Gerald Rome, the U.S. state’s securities commissioner. The ICO projects are: Global Pay Net, Cred (doing business as Credits LLC), CrowdShare Mining and CyberSmart Coin Invest.
The Colorado watchdog accused these projects of going against the rule of the agency, stating that they supplied incorrect informations about the team on their website, made false promises so as to gain interesting from the public, manipulated the sale of their native tokens on their website, so many accusations too many to be mentioned.
In a short speech, Rome said
Our investigations show that there are fraudsters who will simply create a fake ICO to steal investors’ money, or spoof a legitimate ICO to trick investors into wrongfully paying them.
In this month alone, the securities watchdog has passed cease and desist orders on eight ICO projects, the former are Bitcoin Investments, PinkDate, Prisma and Clear Shop Vision. That’s not all, in this week alone we have seen so many regulatory agencies doing all the best they can to protect the rights of its citizen in the crypto space.
The Italian securities regulators just issued a cease and desist order on a foreign currency broker, Richmond Investing, on the 20th of Nov, and at the same time warns its citizen not to engage in any business with 3 crypto projects suspected to be not genuine.
Another cease and desist order was issued to a supposedly fraudulent Russia based ICO believed to have impersonated a Liechtenstein based bank. This order was signed by the North Dakota’s securities watchdog on Monday this week.