Texas Regulator Knocks NY Forex And Crypto Co. For Fraud

Law360 (August 7, 2019, 7:51 PM EDT) -- A New York-based cryptocurrency and foreign currency trading firm promising 900% returns within weeks was ordered to stop soliciting Texas customers, the Texas State Securities Board said in a Wednesday press release.

The cease-and-desist order against Forex and Bitcoin Trader is part of the TSSB's second round of enforcement crackdowns on cryptocurrency traders, which has now entered four emergency enforcement actions.

"Forex and Bitcoin Trader is claiming to be a licensed broker that is authorized to trade in derivatives, securities, and foreign currency, but according to the order the company is not registered with the Securities Commissioner as a dealer or...

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