The Texas State Securities Board (TSSB) has announced a series of enforcement actions against 15 online investment entities that illegally market cryptocurrency, binary options, and forex investments in Texas.
Fake Social Media Accounts
The regulator alleges that operators of the companies are using their social media skills as well as the internet to mask the fraudulent nature of their operations. The emergency enforcement order, therefore, stops the flagged companies from continuing to operate from the state of Texas until they get a license from the regulator.
Meanwhile, in his comments that accompany the cease and desist orders, TSSB Commissioner Travis J. Iles highlights key observations made by his organization when dealing with online trading investment companies. He says:
This series of actions clearly demonstrate the risk of dealing with trendy online investment platforms. Investors can’t afford to take everything at face value when transacting over the internet. They need to thoroughly…