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North American regulators crack down on cryptocurrency frauds

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North American regulators crack down on cryptocurrency frauds

U.S. and Canadian state and provincial regulators have launched a series of enforcement actions against fraudulent initial coin offerings and other cryptocurrency investment products, the North American Securities Administrators Association, or NASAA, said.

NASAA members from more than 40 jurisdictions throughout the U.S. and Canada took part in Operation Cryptosweep, resulting in about 70 inquiries and investigations and 35 pending or completed enforcement actions since the beginning of the month. Additional enforcement actions may still be in the pipeline.

Joseph Borg, president of NASAA and director of the Alabama securities commission, said the "exploitation of the crypto ecosystem by fraudsters" is a major threat to Main Street investors in the two countries.

"Despite a series of public warnings from securities regulators at all levels of government, cryptocriminals need to know that state and provincial securities regulators are taking swift and effective action to protect investors from their schemes and scams," Borg said.