In addition, Borg said regulators are taking swift and effective actions to protect investors from scams by cryptocriminals. The Operation Cryptosweep also involves warning investors about the risks associated with ICOs and cryptocurrency-related investment products.
Furthermore, Borg noted “Not every ICO or cryptocurrency-related investment is fraudulent.” However, they are encouraging investors to practice extreme caution when investing in ICOs or cryptocurrencies.
Shipchain received Cease and Desist order
Earlier this week, the South Carolina attorney general ordered Shipchain to stop conducting business transactions in the state. The company is accused of selling unregistered securities, which is a violation of the South Carolina Uniform Securities Act of 2005.
The state’s AG’s Cease and Desist order against Shipchain states:
“It is in the public interest, for the protection of investors, and consistent with the purposes of the Act that Respondent be ordered to cease and desist from engaging in the above enumerated practices, which constitute violations of the Act, and pay an appropriate civil penalty for its wrongdoing.”
