Alabama Securities Regulator Shuts Down 97 Fraudulent Cryptocurrency Trading Websites – Regulation Bitcoin News

Acoin Trading has been shut down by Alabama’s securities regulator. The crypto investment schemes promise “excessive returns,” report “fictitious account values,” and impose “undisclosed fees.”

US State Regulator Shuts Down 97 Crypto Trading Sites

Alabama Securities Commission declared Thursday it had issued a cease and desist notice against 97 cryptocurrency trading website. It states in the announcement:

Alabama Securities Commission issued a cease & desist order for Sir Philip Zuka (owner of Acoin Trading) and other fraudulent crypto trading platforms.

“The order is a result of Zuka’s failure to register his investment products and failure to register as an investment adviser,” the regulator detailed, adding:

Zuka has violated Alabama securities laws. Zuka promised excessive returns, reported fictitious account value and imposed undisclosed fees on an Alabama investor.

According to the regulator, an investor from Alabama discovered Acoin Trading online. He was interested in how it could return investors 8 times their original investment within a matter of weeks.

“Consequently, the investor participated in a demo and invested approximately $10,000 of bitcoin, which was deposited into a wallet provided on the Acoin Trading website,” the ASC noted.

Zuka demanded additional money from him in order to allow him to withdraw the funds. The scam was obvious to him quickly and he filed a complaint at the ASC. Zuka then stopped communicating with Zuka.

The regulator stated that the investment was lost by the resident of Alabama.

According to the order the owner of Acoin Trading, Sir Philip Zuka or Sirzuka was a Namecheap Inc. user. Here are the details of the order

‘Sirzuka’ created 281 websites through Namecheap Inc. Of the 281 websites, 127 of them function and 96 of them operate in the same manner 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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