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Bitstrade's "fraudulent" platform obtains order to cease and abstain from New Jersey regulators

Local regulators of the state of New Jersey announced that they had sent a stop order describing the case as "fraudulent".

A press release accompanying the "Emergency Ordinance" warns that Bitstrade was not authorized to offer securities in the state of New Jersey, and that It was "violating the law" by

The execution came courtesy of the New Jersey Attorney General, Gurbir S. Grewal, as well as his business division. Consumption, the Securities and Security Bureau and the Law Division.

The release states:

"… [T] The Bureau found that Bitstrade violated the Uniform Securities Act of the State by offering investors an unrecorded guarantee in the form of an investment pool that purportedly guarantees up to 10 percent of the returns that accrue daily on investor funds. Bitstrade is not registered to sell titles in New Jersey. "

With respect to the withholding of information, the order specifically refers to" failure to disclose material material facts to potential investors, including the names of its leaders, the address of his main office, information on the financial situation of Bitstrade, the risks of investment Bitstrade, and how Bitstrade invests the money investors, the Bu water found . "

after being self-proclaimed" cryptocurrency bank "AriseBank was ordered to stop operations in the state of Texas and stop serving its residents.

At the same time, US regulators at the national level in the form of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) continue to urge caution on IFAs and Similar offers in the cryptocurrency industry.

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At a hearing dedicated to the association On February 6, the presidents of both organizations pledged to "collaborate […] [19459007[] to the surveillance [cryptocurrency] of the markets for fraud and abuse . "

" What makes Bitstrade fraudulent? Cryptocurrency is virtually anonymous, so investors have no recourse to recover their losses " said Sharon Joyce, acting director of the Consumer Affairs Division, about the move to New Jersey