California’s financial watchdog launched a “crackdown” against 11 digital currency-centric entities. Crypto Regulation
The California Department of Financial Protection and Innovation has cracked down on 11 cryptocurrency companies that are accused of violating California securities laws. Nine of the firms reportedly solicited funds from investors in order to trade cryptocurrencies on the customer’s behalf. One of the accused companies pitched an alleged metaverse software development scheme, and another firm claimed to be a “decentralized finance platform.
“The entities are all alleged to have used investor funds to pay purported profits to other investors, in the manner of a Ponzi scheme,” the DFPI’snotes. “Furthermore, each of the entities had a referral program that operated in the manner of a pyramid scheme. The entities promised to pay investors commissions if they recruited new investors, and additional commissions if the investors that they recruited, in turn, recruited new investors.”it sent to the crypto lender Nexo on Monday.
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