Texas Securities Commission Commissioner Travis Iles today signed an order banning cryptocurrency exchange BTCRUSH from operating in the state after it was discovered that the London-based crypto marketplace posted fake videos on its website featuring three non-existent cryptocurrency mining farms.
The BTCRUSH website states that one of its mining farms, Hepaestus Farm, is located in a secret bunker dating back to World War II. “What could be more reliable than a bomb shelter?” - reads the company's advertising post.
In addition to the fake video of fake farms, BTCRUSH is not licensed to operate a securities trading business in Texas and the company is publishing inappropriate advertising, Travis Iles says.
On its website, BTCRUSH states that investors will earn 4.1% per day with the ability to turn $10,000 into $149,650 USA for the year.
At the same time, the company claims that it provides a 100% guarantee of these profits.
In addition, Travis Iles has banned another unregistered cryptocurrency company, Forex EA & Bitcoin Investment LLC, from operating in Texas.
The company promises investors that an investment of $5,000 will bring a guaranteed profit of $50,000 in 21 days, deliberately not disclosing investors their trading strategy and the risks associated with trading cryptocurrency, Iles said.
New York-based Forex EA & Bitcoin Investment also invites Texas residents to contact it by phone using the Houston area code 281.
Starting December 20, this is the ninth ban issued to cryptocurrency companies by Texas regulators.
According to https://www.forbes.com
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