Plus   Neg

Maryland Securities Division Joins Operation Cryptosweep


Maryland Securities Division is now participating in the nationwide coordinated cryptocurrency crackdown dubbed "Operation Cryptosweep." This was announced by the Maryland Attorney General Brian Frosh in a press release after the division initiated their first enforcement action against a Bitcoin trading platform.

The division has joined the other state and provincial securities regulators in the U.S. and Canada which are probably conducting one of the largest coordinated crackdowns on fraudulent Initial Coin Offerings (ICOs), cryptocurrency-related investment products, and the people behind them.

It has initiated an enforcement action against a Bitcoin trading platform, which led its investors to believe they could earn as much as 150 percent through passive investments, and a Maryland resident who sold investments in the trading platform.

Frosh noted that investors should be extra cautious when dealing with promoters who claim their offering does not have to be registered with securities regulators.

The crackdown on unregistered and fraudulent crypto-related investment products is conducted in coordination with the North American Securities Administrators Association (NASAA), with 45 jurisdictions, including Maryland Securities Division, participating from the U.S. and Canada.

Since January, the international crackdown has resulted in nearly 130 new inquiries and investigations and 35 completed enforcement actions involving ICOs or cryptocurrency-related investment products.

Since inception in April 2018, there have been approximately 330 inquiries or investigations by securities regulators from U.S. states and Canadian provinces, which has resulted in at least 85 pending or completed enforcement actions.

For comments and feedback contact: editorial@rttnews.com

Follow RTT