Regulators in the U.S. and Canada have started joint struggle against the cryptocurrency scammers

A group of securities regulators of Canada and the United States announced the launch of the program «international harassment» of cryptocurrency scams.

A plan called «Operation Cryptosweep» was released at an event organized by the North American Association of securities administrators (NASAA). For the first time, it reported the edition of the Washington Post, and then he was detailed in reports of the Department of Commerce and insurance tn (TDCI) and the securities Committee of the state of Texas (TSSB).

According to statements, within Cryptosweep with the beginning of the month was considered «almost 70 statements and investigations, as well as initiated 35 enforcement actions.» It is reported that the continue for additional investigation, though it’s unclear when it will be implemented any related interventions.

The initiative started in April when the task force consisting of members of NASAA, adopted a decision «about running a coordinated series of investigations against ICO and related cryptocurrency investment products,» the report says TDCI. Initial placement of tokens (ICO) or the sale of tokens has become the main focus of investigation. Reportedly, officials have identified hundreds of these proposals for further investigation.

NASAA representatives have not yet given any comments regarding the new project. However, other participants of operation has told about large-scale efforts aimed at the eradication of fraud in the industry. They cited the example of a recent fake projects that are used to promote personality are popular media figures, such as actress Jennifer aniston (Jennifer aniston).

«The initiative announced today is just the tip of the iceberg,» said assistant Commissioner TDCI Frank Borger-Gilligan (Frank Borger-Gilligan).

Joseph Rotunda (Joseph Rotunda), the Director of the division on control of observance of rules TSSB, of the same opinion. He said:

«The investment market in cryptocurrencies is saturated with scams and as part of our work we were able to detect only the tip of the iceberg».

Lately, regulators are increasingly making efforts in an attempt to protect cryptocurrency investors from fraud. Recently, the SEC has created
the website with the «fraudulent ICO» for the education of investors, which presumably was made as part of previously announced plans
to combat fraud in the industry of cryptocurrency. The initiatives of regulators is justified. Recently was published the next data about investors who suffer because of unreliable projects. In particular, we are talking about the Australians who lost about $2 million due to the cryptocurrency fraud.

Not only the regulators are trying to deal with scammers. At the beginning of last month, the startup Savedroid played
the fraudulent private ICO — the website of the German company suddenly stopped working and were replaced by one picture — «Aannd It’s Gone» scene from the show South Park, which became a meme. However, the next day the website started working again and on the main page there was a statement of the project Director, who explained the reasons for failure, as many thought, the joke of investors.

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