California DFPI Targets Cryptocurrency Scammers: Issues Stop and Terminate Letters
According to reports, the California Department of Financial Protection and Innovation (DFPI) has announced the issuance of stop and terminate letters to five companies to protect
According to reports, the California Department of Financial Protection and Innovation (DFPI) has announced the issuance of stop and terminate letters to five companies to protect residents from cryptocurrency fraud. The latest targets of the institution are Maxpread Technologies, Harvest Keeper, Visque Capital, Coinbot, and QuantFund, each of which DFPI accuses of providing substandard securities and making false promises to investors. DFPI accuses these companies of exaggerating, claiming that using artificial intelligence for cryptocurrency transactions can generate high returns and layering in multi-level marketing strategies to lure unsuspecting victims.
California regulatory authorities prohibit companies from using artificial intelligence for cryptocurrency transactions
The California Department of Financial Protection and Innovation (DFPI) has announced the issuance of stop and terminate letters to five companies to protect residents from cryptocurrency fraud. The latest targets of the institution are Maxpread Technologies, Harvest Keeper, Visque Capital, Coinbot, and QuantFund, each of which DFPI accuses of providing substandard securities and making false promises to investors. DFPI accuses these companies of exaggerating, claiming that using artificial intelligence for cryptocurrency transactions can generate high returns and layering in multi-level marketing strategies to lure unsuspecting victims.
Introduction
Cryptocurrency scams are becoming widespread, and California DFPI has increased its efforts to protect residents from unscrupulous individuals and companies that make false promises to investors. The issuance of stop and terminate letters to companies such as Maxpread Technologies, Harvest Keeper, Visque Capital, Coinbot, and QuantFund is a step towards this objective.
What are Stop and Terminate Letters?
Stop and Terminate letters are official notices issued by the DFPI to companies or individuals suspected of breaking financial laws. DFPI issues these letters to compel those involved in illegal activities to stop unlawful practices and rectify violations.
Cryptocurrency Fraud in California
The cryptocurrency market is largely unregulated, and it has become a hotbed for fraudsters. Cryptocurrency scams are rampant in California, and the DFPI has taken steps to protect investors. In one case, BitConnect, a cryptocurrency exchange, was sued by the DFPI for $2.6 billion in damages for fraudulently marketing a digital token called BitConnect Coin (BCC). BitConnect scammed thousands of investors, and the lawsuit aimed to recover damages for the victims.
The Five Companies Accused of Fraud and Substandard Securities
Maxpread Technologies, Harvest Keeper, Visque Capital, Coinbot, and QuantFund are the latest targets of the DFPI. The DFPI accuses these companies of providing substandard securities and making false promises to investors. The companies are also accused of using artificial intelligence for cryptocurrency transactions to generate high returns and layering in multi-level marketing strategies to lure unsuspecting victims.
Deceptive Ads and False Promises
The DFPI claims that the companies use deceptive ads and make false promises to lure investors into investing in high yield cryptocurrency schemes. They promise high returns without warning investors of the inherent risks involved in such investments. The DFPI states that these ads and promises are misleading and could lead to the loss of hard-earned money.
Protecting the California investing public
DFPI’s goal is to protect the California investing public from investment fraud. The DFPI has taken several steps to protect investors, such as collaborating with other state departments and warning the public about the rise of cryptocurrency scams. The DFPI also urges investors to be cautious and carry out enough research before investing in a scheme.
Conclusion
Cryptocurrency scams continue to rise, and the DFPI is committed to protecting the California investing public. The issuance of stop and terminate letters to companies engaged in cryptocurrency fraud is part of the DFPI’s efforts to protect investors from unscrupulous scammers.
FAQs
1. What are Stop and Terminate Letters?
Stop and Terminate letters are official notices issued by the DFPI to companies or individuals suspected of breaking financial laws.
2. What are the five companies accused of cryptocurrency fraud?
Maxpread Technologies, Harvest Keeper, Visque Capital, Coinbot, and QuantFund are the five companies accused of cryptocurrency fraud.
3. How can investors protect themselves from cryptocurrency scams?
Investors can protect themselves from cryptocurrency scams by exercising caution, carrying out enough research before investing in a scheme, and being wary of promises of high returns without warning investors of the inherent risks involved in such investments.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/17757/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
What currency is str
<img src='https://img.doulai.com/pic/enpic.php?k=str What currency is ' alt='str What currency is ' alt='images} What currency is str? According to cryptoslab, the payment system StrikingBlock (STR) powered by blockchain networks is a digital asset and smart contract platform. Users can interact with any Ethereum based token through their account. It will not be affected when using the products developed by the company According to the data of CoinMarketCap, there are about 700 different currencies in circulation so far, including Bitcoin, Ripple Coin, Litecoin and XRP. In addition, there are many other types of applications that support this new technology. For example, Ripple also plans to expand its products into multiple areas of a wider ecosystem.
-
A Complete Guide to Investing in Cryptocurrencies: 12:00-21:00
12:00-21:00 Keywords: V God, Dog Coin, SEC, CryptoPunks
Overview of important developments on the evening of April 2
Cryptocurrency is the new buzzword in the world of investment. -
Credit Suisse CEO: Minimal Credit Risk Exposure for Silicon Valley Banks; Staff Reduction Ahead
According to the report, the CEO of Credit Suisse said that the credit risk exposure of banks in Silicon Valley was not large. The CEO of Credit Suisse said that the bank would cut 8% of its staff. Credit Suisse CEO: Silicon Valley Bank’s credit risk exposure is not large Analysis based on this information:In a recent report, the CEO of Credit Suisse has made two significant statements regarding the bank’s operations – one about the credit risk exposure of banks in Silicon Valley, and another about staff reduction. According to the CEO, the credit risk exposure of banks in Silicon Valley was not large. Credit risk is the risk of default or loss on a loan when a borrower fails to make payments, and it is an essential factor that banks must consider when lending money to businesses and individuals. As Silicon Valley is home to many start-ups and technology companies that rely on funding from banks, it is…
-
Chris Burniske’s Message Eases Ethereum Holders’ Concerns About Shanghai Activation
According to reports, Chris Burniske, a former Ark Invest encryption director, posted a message on social media aimed at alleviating Ethereum holders’ concerns about the impact of Shanghai’s activation on the token economy. The Ethereum community believes that the upgraded market in Shanghai will release a large amount of ETH, which will affect prices. However, Chris Burniske said that the Shanghai upgrade will help Ethereum pledge “de risk”, because at this stage, ETH pledge is still in its infancy, with only 15% of ETH pledged. After the Shanghai upgrade, it is expected that more ETHs will be locked. The amount of ETH locked in pledge contracts may increase by 100-300% in the coming quarters, so there will be no panic selling. Former Ark Invest Encryption Director: It is expected that more ETHs will be locked after the upgrade in Shanghai Analysis based on this information:In an effort to calm Ethereum holders’ concerns about the impact of Shanghai’s activation on the…
-
Tatum Launches Accelerator Plan to Bridge the Gap between Traditional and Web3 Accelerators
It is reported that Tatum, a company that provides developers with the framework for building blockchain applications, has launched an accelerator plan in coop…
-
The Sui Foundation will send an email notification to the whitelist winners within 24 hours
On April 21st, according to the official community of Sui, the trading platform has started receiving the whitelist qualification list (starting from ByBit), and the Sui Foundation
-
What does RMB recharge mean (USD exchange rate for RMB recharge)
What does RMB recharge mean? In foreign countries, payment is made through Alipay or WeChat. Using RMB payment can achieve digital currency transactions for international settlement, but due to the lack of unified national credit support in China, specialized security companies are needed to ensure this function Generally speaking, paying in RMB is a way to complete cross-border remittances directly in cash, which means that people transfer money to overseas accounts for consumption. If a domestic user deposits with an overseas bank, they can exchange RMB based on their bank balance. Of course, you can also choose to purchase Bitcoin, Ethereum and other digital assets by using third-party credit cards and debit cards USDT exchange rate for RMB rechargeAccording to Coinelegraph, according to data from the USDT exchange platform, the USDT exchange rate for RMB recharge on February 18, 2019 from 0:00 to 12:00 (22:01 Beijing time) is: 1 overseas user account 1 USDT=1 AUD; Domestic account with a minimum…
-
Xugong Group and Conflux Launches “For Real” NFT Online Plan
On March 31, Xugong Group, the world\’s third largest construction machinery brand, and Conflux officially launched the NFT \”For Real\” online plan, and launched the NFT whitelist lo
-
BNY Mellon Hires Top Talent for Digital Asset Products Department
According to reports, BNY Mellon has hired Maxime de Guillebon, former CEO of Zodia Customer, as the head of digital asset products and appointed Rachel Willis, a former BlockFi em
-
What currency is emc2 (what’s wrong with emc currency)
What currency is emc2 According to official information, what currency is emc2? Emc2 is a token issued by blockchain gaming company GameFi platform Empower. Emc2 is a stability protocol based on smart contract and decentralization, which can be connected to Ethereum and other networks. This project adopts a new mechanism to improve transaction speed and reduce gas costs by using working capital in transactions; The emc2 token is completely owned and controlled by the community; In addition, according to the project team’s introduction, in addition to being used to pay gas fees, it can also be used as an investment tool for mining, pledging, and other operations, allowing investors to receive more incentives and returns; Moreover, emc2 also supports cross chain transfer functions (including ERC20 and EVM), which will enable developers to more easily deploy smart contracts and utilize their technology to solve problems What’s wrong with the emc coinThis afternoon, the emc coin suddenly experienced abnormal fluctuations, with its…
-
What does the depth of Ethereum mean
What does the depth of Ethereum mean? According to Longhash, what does the depth of Ethereum mean? Calculate and understand the price of a digital currency through mining. The computing power of Ethereum has increased by about 10 times in an hour. From this perspective, the price fluctuates greatly. If we divide it into three stages: the first stage is from 0 to January; The second stage starts on March 4th. Since Bitcoin blocks are constantly created, they need to be mined. Ethereum is a new system based on Proof of work. At this point, the difficulty is very high, so a large number of machines are required to operate, resulting in problems or loopholes; The third stage is to package the transaction into new blocks. In summary, it means making a judgment on the entire network What does Ethereum meanAccording to Bitcoin, Ethereum is one of the upgraded versions of Bitcoin. Simply put, it is a ‘big positive line’….
-
Why does the mining pool not display computing power (there is a large difference in computing power between mining pools)
Why doesn’t the mining pool display computing power? Why doesn’t the mining pool display computing power? In traditional Bitcoin trading, miners need to input their balance and block header information into the exchange’s account. However, due to the drastic price fluctuations of some currencies, many users are unable to obtain this data through mining software. Therefore, many mining pools have set up a computational power function to reduce the threshold for users, in order to avoid significant impact on the network When we see this number, a “Computational Power” tab will appear (default value is 0.004BTC), which will adjust according to a specific time point selected by the user and change the current hash rate algorithm based on each user’s operation. When you click this button, there will be a “computing power”. That is to say, if a miner uses another wallet, it can tell you that they have already purchased a Bitcoin. This means that if you only hold…
-
GMO Financial Holdings Acquires 10% Stake in AWR Capital: What Does It Mean For Cryptocurrency Investors?
According to reports, GMO Financial Holdings, an investor in cryptocurrency and foreign exchange margin trading, has acquired a 10% stake in multi strategy cryptocurrency hedge fun
-
Uniswap Reports The Surge and Fluctuations in the Value of the COLLAB Token
On February 24th, according to the information on the Uniswap page, the discord extension application plug-in Collab.Land Token (COLLAB) is now quoted at US $0…
-
Arbitrum Ethereum (ERC20) Chain Locks Over $4 Billion in Assets
According to reports, according to Dune Analytics data, the current value of locked assets on the Arbitrum Ethereum (ERC20) chain has exceeded $4 billion, reaching $4.04 billion at
-
The Impact of MiCA on Europe’s Leadership in Web3 Technology
It is reported that Patrick McHenry, chairman of the Financial Services Committee of the United States House of Representatives, said that the new encryption regulation MiCA of the