Massachusetts regulators are cracking down on efforts to prevent sales of digital tokens and currencies advertised on Twitter, Reddit, YouTube and other social media platforms from launching.
Secretary of State William Galvin issued an order requiring five companies to stop offering ICOs, which regulators say are unregistered securities offerings. The order also requires these five companies, namely Mattervest Inc, Pink Ribbon ICO, Across Platforms Inc, Sparkco Inc and 18 Moons, to return to their owners all funds raised through pre-sales.
William Galvin warns investors that these ICOs are often used by firms seeking to avoid investor protection requirements under federal and state laws.
“I encourage every Massachusetts resident who is considering investing in these new ICOs to make sure that the people they are giving their hard-earned money to are operating legally,” Galvin said.
According to http://www.bostonglobe.com
You May Also Like
Italian authorities protect investors from fraud
Italian authorities have taken measures to protect local investors by temporarily banning investments in two dubious crypto projects. In a special advisory, the National Commission for Social Affairs (CONSOB) identified a number of websites and Facebook pages where it has banned the sale of potentially counterfeit Bitsurge tokens and Green Energy certificates.
MailChimp blocks cryptocurrency ads
MailChimp, an American company and Internet service of the same name, one of the leaders in email marketing, has begun blocking advertising for cryptocurrencies and ICOs. MailChimp helps clients create automated, targeted emails and promotional campaigns to personalize their marketing. It is one of the top five email marketing platforms.
