Nevertheless, Bitcoin suffered a severe correction in late February and plummeted to $45,000 before surging back to $48,528 level. The recent corrections in the cryptocurrency markets alarmed government officials and watchdogs.
Consequently, Mrs. James told people involved in cryptocurrencies to register with the Office of Attorney General’s Investor Protection Bureau. James added that parties who ignore the registration will be subject to civil and criminal enforcement.
Letitia James filed lawsuits against crypto exchanges
Last month, the Attorney General filed a lawsuit against the crypto trading platform Coinseed. She alleged the exchange of operating illegally as an unregistered broker-dealer in the last 3 years. Additionally, the attorney general office settled with Tether and Bitfinex exchanges. Both firms will pay a total of $18.5 million for allegedly covering up $850 million of losses.
“We will not hesitate to take action against anyone who violates the law,” she said.
“Too often, greedy industry players take unnecessary risks with investors’ money. Today, we’re leveling the playing field and issuing alerts to both investors and industry members across the nation,” James added.
