The Texas State Securities Board announced on Wednesday that it had completed the second regulatory crackdown on cryptocurrency services. The regulator’s Enforcement Division required two allegedly fake crypto firms to cease their activities.
Bogus Crypto Firms Mislead Investors
The Austin-based securities board accused PK Crypto Investment and Cyp Miner of presenting false and misleading information to attract investors who are looking for high-risk returns.
Specifically, PK Crypto claimed that it was a US-registered asset-management investment firm. However, the entity wasn’t registered either with the Texas regulator or the Securities and Exchange Commission (SEC). Another misleading claim is that PK Crypto has its securities listed on an over the counter (OTC) market with the ticker GBTC. In reality, this ticker is used by…