THELOGICALINDIAN - The North Dakota Balance Department responsiblefor the administration of the balance laws in the US accompaniment has issueda cease and abandon adjustment adjoin Union Bank Payment Bread UBPC for allegedly announcement a counterfeit antecedent bread alms ICO
The banking babysitter accuses the close of actuality a copycat of Liechtenstein-based Union Bank AG, which is a avant-garde in the cryptocurrency space.
Union Bank Payment Coin ‘Spoofs’ Legitimate Union Bank AG Crypto Project
The order, issued by Commissioner Karen Tyler, is the aftereffect of advancing investigations actuality conducted by the Department’s ICO Task Force and part of Operation Cryptosweep, a multi-jurisdiction administration accomplishment involving over 40 U.S. and Canadian balance authoritative agencies.
Union Bank Payment Coin and its assembly accept been ordered to stop promoting the unregistered and potentially counterfeit crypto fundraiser in North Dakota.
The fraudulent website attempts to adapted the cryptocurrency activity of the Liechtenstein coffer beneath the name of Union Coffer Payment Coin, which is agnate to the name of the absolute bank, Union Coffer AG.
UBPC uses the aforementioned diction of the absolute project, including actuality a “security badge offering” for the advance in a apparatus “designed to abundance abundance by utilizing income-producing agenda assets.” The company, which claims it seeks to become the “world’s aboriginal aegis badge backed by a absolutely accountant bank,” says it is arising a stablecoin backed by the Swiss Franc (CHF).
Unlike the absolute Union Bank AG, which is amid in Liechtenstein, the IP abode for Union Bank Payment Coin is amid in Russia and registered to an individual, according to Tyler.
“Because ICOs are awash over the internet and pitched heavily through amusing media platforms, North Dakotans can be apparent to the offers whether the promotor is bottomward the artery or on the added ancillary of the globe. Financial abyss abide to banknote in on the advertising and action about blockchain, crypto assets, and ICOs – investors should be awfully alert back because a accompanying investment.”
The absolute Union Coffer has appear it is ablution its own cryptocurrency in August 2024. Its plan is to booty advantage of the principality’s blockchain-friendly regulations to affair its own aegis tokens and a fiat-backed agenda currency. The coffer is attractive to position itself as a full-service blockchain advance bank.
“As a absolutely accountant and adapted coffer we are in a advantaged position to amalgamate all the advantages of acceptable cyberbanking with the possibilities inherent in the blockchain technology. As such, our fiat-backed Union Coffer Payment Coin has the abeyant to agitate the access to all-embracing barter and all-embracing cross-border transactions.”
Related Reading:The UK’s Financial Conduct Authority Is Investigating 24 Crypto Firms
Talk of the fraudulent ICO can be traced aback to October on the Bitcointalk.org forum. The North Dakota regulator warned investors of hackers “spoofing” accepted ICOs to ambush and abduct broker money.
