TEXAS Securities Board has started an investigative sweep of suspect cryptocurrency offerings after the price of Bitcoin nearly tripled in the past three months. This is the Enforcement Division’s second regulatory sweep of cryptocurrency investment offerings. The first started in December 2017, also in response to a sharp increase in the price of Bitcoin and other cryptocurrencies. The first sweep resulted in 10 emergency injunctive actions against promoters illegally or fraudulently offering securities tied to cryptocurrencies in Texas. To date, the State Securities Board has taken emergency action against 61 parties in 22 administrative cases involving investments tied to cryptocurrencies. In June, the Boards Commissioner entered three emergency cease and desist orders against promoters of fraudulent cryptocurrency-related investments who are soliciting Texas residents through Facebook “work from home” forums. The parties named in the orders recruited potential investors through advertisements on public Facebook groups for Texans working from home or interested in doing so. People who respond to the Facebook ads were directed to contact the investment promoters through WhatsApp.
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