Travis J. Iles, the Texas Securities Commissioner has taken an emergency initiative to bring to an end the activities of a crypto-related scheme. A crypto investment promoter operating in Russia, Coins Miner Investment Limited was entered to cease and desist order by Travis J. Iles.
Coin Miner and Coinbase initiative
Coins Miner Investment Limited was caught soliciting capital from residents of Texas by acting as represented of a firm based in San Francisco, Coinbase which manages a platform online for selling , buying and storing virtual currency.
Some lady matched to Coins Miner called Ana Julia Lara, claims falsely to operate as a crypto trader at Coinbase. Ana has been sending potential investors her own picture with the Ripple?s president. Ripple is a crypto and transaction firm but the lady identified as Ana Julia is CoinTelegraph Media Group?s vice president. In addition Coins Miner has mismanaged a tape of a journalist from Fortune to enhance its offering.
The direction of the solicitation is towards potential promoters to a Coins Miner handled site, where the firm serves investments in platforms relating to crypto mining. On the website, Coins Miner creates a number of misrepresentations for trying to fix its investment offer seem real and legal.
The cease and desist order
The Order says that the firm claims it is located in the United Kingdom but it functions in the Russian city of Volgograd. The Commissioner states that Coins Miner investments are safeguarded under Texas regulations. However the offerings are not licensed for sale in Texas and neither Lara nor Coin Miner are licensed to sell securities.
On Tuesday, Texas Commissioner Travis J. Iles entered another separate emergency cease and desist order against DGBK Limited which is an offshore virtual bank which claims it has created hack-proof storage for digital currencies; together with Ultimate Assets LLC, a crypto and foreign exchange trader.
United States authorities have been firm their grip on frauds related to crypto. This year in August, the North American Securities Administrators Association (NASAA) has given an update on the ongoing efforts of state and provincial protections regulators in Canada and the United States to put an stop to crypto fraud.
In the past NASAA said that 200 and above active investigations of Initial Coin Offerings (ICOs) and crypto-related investment commodities are currently underway by regulators