Texas State Securities Board Flags 15 Investment Entities Including One Unregistered Crypto Trader

The Texas State Securities Board (TSSB) has announced a series of enforcement actions against 15 online investment entities that illegally market cryptocurrency, binary options, and forex investments in Texas. Fake Social Media Accounts The regulator alleges that operators of the companies are using their social media skills as well as the internet to mask the fraudulent nature of their operations. The emergency enforcement order, therefore, stops the flagged companies from continuing to operate from the state of Texas until they get a license from the regulator. Meanwhile, in his comments…

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South African Bitcoin Investment Company Pushes Back Against Texas Scam Allegations

Mirror Trading International (MTI), a South African bitcoin investment company at the center of a cease and desist order issued by the Texas State Securities Board (TSSB), is pushing back allegations that it is running a Ponzi scheme or a scam. MTI CEO Johann Steynberg issued a statement assuaging MTI members that the organization is in discussion with the South Africa Financial Services Conduct Authority (FSCA). Steynberg, who was issued a cease and desist order alongside three other individuals who reside in the United States, also says he is in…

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Texas Regulator Spots Crypto Firm at Fraudulent COVID-19 Charity Claims

The Texas securities regulator has continued its crackdown on cryptocurrency scams, spotting an alleged fraudulent crypto firm that made fake claims about COVID-19 donations. On April 8, the Texas State Securities Board (TSSB) issued an emergency cease and desist order against Ultra Mining, alleging that the crypto mining firm is involved in diverse illicit activities including purportedly fraudulent claims to double investors’ money. As specified in an official TSSB notice, the Texas action was brought jointly with the Alabama Securities Commission to stop the ongoing illegal offering. According to the…

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