Texa financial regulator has ordered 15 cryptocurrency and foreign exchange scams to cease their operations immediately. The financial watchdog issued cease and desist orders to the firms, claiming they have been using the Internet to “advertise, hype and sell fraudulent digital currency investments.” In three separate notices, the Texas financial regulator ordered the 15 firms to cease and desist their operations in the U.S. state. In one of the orders, the Texas State Securities Board named ten firms that claimed to have been offering illegal digital currency investment products.
Alleged crypto scams solicited investments through social media platforms.
The financial regulator named James Blundell—the man it alleges, has been operating all ten scams. As per the TSSB, crypto scams operator solicited investments through different social media platforms. The ten alleged crypto scams named are Reliable Miners, MaxFX Internal Trade, Sure Trade Earnings, CryptoTradeFXWay, Proactive Expert Trading, Proactive ExpertTrade, AntPoolTop Mining, ReliableFX Internal Trade, ExpertTrades247, and BitcoinFX Options. In its second order, the financial regulator named Binary Trade Forex, FX Trades, and IQTrade, alleging they have been illegally offering forex, binary options, and digital currency investment plans.
TSSB alleges that Blundell lured investors with promises of huge returns.
Texas financial regulator alleges that Blundell lured investors with promises of huge returns. One of his companies promises a 1,400% return in just five days of trading. He has also been falsely claiming to be a licensed binary options trader in the U.S. State. Besides, they claimed he has been using a forged driver’s license, failed to register any of his ten firms with the TSSB, engaged in fraud, and concealed the risks associated with digital currencies. And the alleged crypto scam operators in the second-order promised between 30-120% return daily, with returns dependent on the investment amount. The FX Trade website additionally touts a “100% profit guarantee.”