NJ Regulator Targets 2 ICOs As 'Cryptosweep' Continues

Law360 (August 7, 2019, 9:06 PM EDT) -- The New Jersey Bureau of Securities issued two cease-and-desist orders on Wednesday as part of a sweeping cryptocurrency crackdown, halting the initial coin offerings of a pair of purported blockchain companies that the regulator says have yet to identify their management, financials and physical addresses.

Among the latest actions in the ICO crackdown dubbed “Operation Cryptosweep,” the two orders against Zoptax LLC and Unocall say neither company registered the tokens they’ve been touting in white papers to investors in New Jersey and elsewhere, and neither has been forthcoming about essential aspects of their businesses.

The regulator alleges that Unocall, which claims to be...

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