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…