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‘Bitstrade’ cryptocurrency-focused firm is “fraudulently” managing and selling securities.- New Jersey Attorney General
New Jersey Officials have put a stop to Digital currency Investment Firm from Operating In the State.
The lawmakers sent a
cease and desist letter to a firm called Bitstrade which claims to be a registered U.S. financial startup and offers digital asset banking services. Why?
Bitstrade was stopped because the Officials from New Jersey saw how the CryptoCurrency investment firm unlawfully provided investors unregistered securities in the form of a pool that claims to guarantee up to 10 percent returns which accrue daily.
Authorities from the Bureau of Securities and Attorney General’s office have found that “Bitstrade provides no basis to guarantee investment profit,” and “Bitstrade is not registered to sell securities in New Jersey.”
We want to make sure that investors tempted to cash in on the cryptocurrency rage aren’t being lured into sending funds to an anonymous internet entity without knowing where the funds are going or how they’ll be used.
New Jersey’s Attorney General Gurbir Grewal said,
“The Bureau’s action today reinforces our commitment to protecting investors as they navigate the uncharted and largely unregulated domain of cryptocurrency-related investments,”
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