Category: Cease and Desist

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New Hampshire Regulator Orders Cease and Desist Against Finstate Investment for Crypto Fraud

August 19, 2024

The New Hampshire Bureau of Securities Regulation has issued a cease and desist order against Finstate Investment LLC, accusing it of defrauding investors via a fraudulent cryptocurrency investment website. Finstate allegedly misrepresented account activity and offered illegal guarantees against losses. A retired New Hampshire resident, persuaded via Facebook to invest $3,526 in cryptocurrency with Finstate,…
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Crypto Friendly Evolve Bank Under Scrutiny: Cease and Desist Order Issued 

June 15, 2024

The Federal Reserve and Arkansas State Bank Department have mandated sweeping reforms at Evolve Bank & Trust following significant compliance breaches. The order highlights issues in anti-money laundering efforts and consumer protection, especially in its dealings with fintech companies and prominent crypto players like FTX. Compliance Concerns Trigger Regulatory Action Against Evolve Bank Evolve Bank…
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Alabama Securities Regulator Issues Show Cause Order to Coinbase, Joined by 9 Other States, Over Unregistered Securities

June 6, 2023

After Coinbase was sued by the U.S. Securities and Exchange Commission (SEC), the Alabama Securities Commission (ASC) filed a show cause order against Coinbase and directed the company to show cause on why the firm should not cease and desist from selling unregistered securities in the state. Furthermore, the ASC order discloses that the enforcement…
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Multiple US state regulators allege AI trading DApp is a Ponzi scheme

April 5, 2023

The scheme allegedly claimed it could generate returns of up to 2.2% a day by leveraging AI to trade more often and with higher profits than a person could. Securities regulators from Montana, Texas, and Alabama have jointly filed enforcement actions against cryptocurrency trading platform YieldTrust.ai, alleging it is “perpetrating a Ponzi scheme.” According to…
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Nexo agrees to $45M settlement with SEC and NASAA over earn product

January 19, 2023

The crypto lender didn’t categorically admit or deny the findings from the SEC’s investigation despite agreeing to the settlement. Crypto lender Nexo Capital has agreed to pay $45 million in penalties to the United States Securities Exchange Commission (SEC) and The North American Securities Administrators Association (NASAA) for allegedly failing to register the offer and…
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More Than a Half Dozen US Securities Regulators File Actions Against Crypto Lender Nexo

September 27, 2022

Crypto lender Nexo is having issues with state authorities from California, New York, Washington, Kentucky, Vermont, South Carolina, and Maryland. The enforcement actions from multiple state securities regulators detail that Nexo’s Earn Interest Product (EIP) may be in violation of securities laws. Nexo Targeted by Several Securities Regulators Over the Crypto Lender’s Earn Interest Product…
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Silver Supply Crunch Predictions, FDIC Issues Cease and Desist Order to FTX US, and More — Bitcoin.com News Week in Review

August 28, 2022

Morgan Report founder David Morgan foresees a supply crunch for silver, and says that in ten years’ time, it will be one of the best investments of the decade. One analyst, however, says if the precious metal falls below $18, it’s “very possible that we could see silver get absolutely smoked.” In other news this…
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Kenyan Central Bank Orders Financial Institutions to Stop Dealing With Two Nigerian Fintechs

August 1, 2022

In a letter addressed to the CEOs of financial institutions, the Central Bank of Kenya (CBK) has said financial institutions operating in the country must cease and desist from dealing with two Nigerian fintechs, Flutterwave and Chipper Cash. The letter reiterates the CBK governor Patrick Njoroge and the Asset Recovery Agency (ARA)’s assertions that the…
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Alabama Securities Regulator Shuts Down 97 Fraudulent Cryptocurrency Trading Websites

November 21, 2021

The securities regulator of the U.S. state of Alabama has issued a cease and desist order against Acoin Trading and 96 other cryptocurrency websites. The crypto investment schemes promise “excessive returns,” report “fictitious account values,” and impose “undisclosed fees.” US State Regulator Orders 97 Crypto Trading Websites to Shut Down Alabama Securities Commission announced Thursday…
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