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Alabama Securities Regulator Shuts Down 97 Fraudulent Cryptocurrency Trading Websites

News Feed - 2021-11-21 07:11:22

Alabama Securities Regulator Shuts Down 97 Fraudulent Cryptocurrency Trading Websites


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 that it has issued a cease and desist order against 97 cryptocurrency trading websites. The announcement states: The Alabama Securities Commission (ASC) issued a cease and desist order against Sir Philip Zuka owner of Acoin Trading and 96 other fraudulent crypto trading platforms.


“The order is a result of Zuka’s failure to register his investment products and failure to register as an investment adviser,” the regulator detailed, adding: Zuka is in violation of Alabama securities laws for promising excessive returns, reporting fictitious account values and imposing undisclosed fees to an Alabama investor.


The regulator explained that an Alabama investor discovered Acoin Trading online and was intrigued how the program could make investors eight times the original investment in only a week.


“Consequently, the investor participated in a demo and invested approximately $10,000 of bitcoin, which was deposited into a wallet provided on the Acoin Trading website,” the ASC noted.


However, when he wanted to withdraw his money, Zuka demanded additional payment before any funds could be withdrawn. The investor soon realized the investment was a scam; he immediately filed a complaint with the ASC and stopped all communication with Zuka and his trading platform.


However, the regulator said that the Alabama resident lost the entire investment.


According to the order, the owner of Acoin Trading was a Namecheap Inc. user named Sir Philip Zuka, or Sirzuka. The order details: ‘Sirzuka’ created 281 websites through Namecheap Inc. Of the 281 websites, 127 of them function and 96 of them operate in the same manner as Acoin Trading. The IP addresses originated from Nigeria, Europe or the United States. Tags in this story 97 crypto trading websites, Alabama, alabama sec, Alabama Securities Commission, alabama securities regulator, ASC, Cease and Desist, fraudulent crypto trading platforms, fraudulent websites, zuka


What do you think about the Alabama securities regulator shutting down 97 crypto trading websites? Let us know in the comments section below. Opposed to Bitcoin Payments, Bank of Russia Says State Should Not Stimulate Spread of Cryptocurrencies REGULATION | 3 hours ago 10 Congress Members Ask Nancy Pelosi to Help Revise Crypto Provision in Infrastructure Law REGULATION | 7 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleOpposed to Bitcoin Payments, Bank of Russia Says State Should Not Stimulate Spread of Cryptocurrencies Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDCG Mining Subsidiary Foundry Launches Range of Services for 20 Crypto Staking Networks


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