State and provincial regulators in the United States and Canada launched “Operation Cryptosweep.” It is one of the largest enforcement action against fraudulent initial coin offerings (ICOs) and cryptocurrency-related investments.
More than 40 jurisdictions across North America participated in the Operation Cryptosweep, according to the North American Securities Administrators Association (NASAA).
Since the beginning of May, the Operation Cryptosweep resulted in almost 70 investigations and 35 pending or completed enforcement actions.
The widespread crackdown into fraudulent ICOs and cryptocurrencies comes after the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) filed a number of fraud cases against ICO and cryptocurrency operators.
In a statement, Joseph P. Borg, NASAA President and Director of the Alabama Securities Commission, said, “The persistently expanding exploitation of the crypto ecosystem by fraudsters is a significant threat to Main Street investors in the United States and Canada.”
