Acoin Trading has been shut down by the Alabama Securities Regulator. Crypto investment schemes promise "excessive returns", report "fictitious account values", and impose "undisclosed fees."
US State Regulator Closes 97 Cryptocurrency Trading Sites
The Alabama Securities Commission stated Thursday that it had issued a cease and desist notice against 97 cryptocurrency trading websites. It says in the ad:
The Alabama Securities Commission issued a cease and desist order for Sir Philip Zuka (owner of Acoin Trading) and other fraudulent crypto trading platforms.
"The order is the result of Zuka not registering his investment products and not registering as an investment advisor," the regulator detailed, adding:
Zuka has violated Alabama securities laws. Zuka promised excessive returns, reported a fictitious account value, and imposed undisclosed fees on an Alabama investor.
According to the regulator, an Alabama investor discovered Acoin Trading online. He was interested in how he could return investors 8 times their original investment in a matter of weeks.
"Accordingly, the investor participated in a demonstration and invested approximately $ 10,000 worth of bitcoin, which was deposited into a wallet provided on the Acoin Trading website," the ASC noted.
Zuka demanded additional money from him to allow him to withdraw the funds. The scam was quickly obvious to him and he filed a complaint with the ASC. Then Zuka stopped communicating with Zuka.
The regulator stated that the Alabama resident lost the investment.
According to the order, the owner of Acoin Trading, Sir Philip Zuka or Sirzuka was a user of Namecheap Inc. Here are the details of the order.
'Sirzuka' created 281 websites through Namecheap Inc.Of the 281 websites, 127 work and 96 work the same way as Acoin Trading. These IP addresses were created in Nigeria, Europe, and the United States.
Let us know your thoughts on the Alabama Securities Regulator's decision to shut down 97 bitcoin trading websites. Please comment below.
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