THELOGICALINDIAN - The US accompaniment of North Dakota has issued a cease and abandon adjustment adjoin a cryptocurrency operation assuming a absolutely accountant coffer in Liechtenstein This operation goes by the aforementioned name as the badge appear by the coffer Its website mirrors the banks website and its crypto advertisement was identical to the banks including a plan to affair a Swiss francbacked stablecoin
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Spoofing Bank’s Announcement
North Dakota Securities Commissioner Karen Tyler issued a cease and abandon adjustment on Monday adjoin Union Bank Payment Coin, aka Ubpc, as able-bodied as its officers, directors, agents, and employees. The adjustment states that they are announcement “unregistered and potentially counterfeit securities” in the anatomy of an antecedent bread alms (ICO) to North Dakota residents.
Union Coffer AG, a absolutely accountant coffer in Liechtenstein, announced on Aug. 17 that “it will be the world’s aboriginal absolutely accountant and adapted coffer to affair its own aegis tokens in alignment with Liechtenstein’s authoritative ascendancy Fma.” The coffer additionally apparent a plan to affair Union Coffer Payment Coin which, it claims, will be “a stablecoin that is absolutely backed by a authorization bill – e.g. the Swiss franc.”
North Dakota’s balance regulator elaborated:
The regulator added described, “Several elements of the Union Bank Payment Coin website are anon affected from the Union Bank AG website including the august elements, verbiage, administration advice and images.”
According to the balance department, Union Coffer Payment Bread declared that it is gluttonous to become the “world’s aboriginal aegis badge backed by a absolutely accountant bank.” In accession to claiming that the bread is a “security badge offering,” the aggregation represents that it is arising a “stable bread that is absolutely backed by a authorization bill – the Swiss franc,” the regulator detailed.
The area for Union Bank Payment Coin was registered on Aug. 29, 12 canicule afterwards Union Bank AG fabricated its badge announcement. The apprentice is Bohdan Kozachok, a web artist from Vasylkiv, Ukraine. No concrete address, area or country of the alignment is provided on its website, the regulator emphasized. Furthermore, the IP abode for Union Bank AG is amid in Liechtenstein, admitting the one for Union Bank Payment Coin is amid in Russia.
The commissioner’s adjustment additionally acclaimed that Union Bank Payment Coin’s website has “instructions on how to advance by purchasing the tokens, which mandates that investors buy the tokens” with BTC or ETH above-mentioned to bushing out an online allotment form.
Ongoing Crackdown
This latest ICO-related adjustment is the aftereffect of advancing investigations conducted by the department’s ICO assignment force, set up to analyze ICOs and cryptocurrency-related investments that affectation a accident to association of the state.
The accomplishment is allotment of Operation Cryptosweep, a accommodating multi-jurisdiction analysis and administration accomplishment involving over 40 U.S. and Canadian balance regulators. It has been investigating added than 200 crypto-related cases.
The balance administration additionally categorical some accepted red flags of counterfeit ICOs such as “plagiarized white affidavit absolute spelling and adaptation errors.” They may additionally comprise “fictitious controlling teams represented by banal internet photos, affected business addresses and buzz numbers, [and] affected celebrity endorsements.” Promises such as “no accident and aerial returns” and “false claims about balance law compliance” are additionally prevalent.
In September, the administration issued cease and abandon orders adjoin three companies for announcement unregistered ICOs in the state, followed by three more in October.
What do you anticipate of this ICO assuming to be accompanying to a bank? Let us apperceive in the comments area below.
Images address of Shutterstock, North Dakota Securities Department, and Union Bank AG.
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