Texas Slams Cryptocurrency Mining Firms with Cease and Desist
Texas handed down a regulatory action recently against two Cryptocurrency Mining Firms. The Securities Commissioner for Texas sent EXY Crypto and AWS Mining PTY LTD. cease and desist letters for fraudulent activities.
Texas order number ENF-18-CDO-1771 against EXY Crypto named Morgan Nolan, Rafael Logan, and Melissa Spring as involved in the ordeal.
EXY Crypto allegedly offered investments in their cryptocurrency mining program. According to the Texas order, “the advertisements tout the security of the cryptocurrency investments and claim investors will earn at least a 10% return or more on a weekly basis”.
The investors were led to exycrypto.com, or urged to contact the above-mentioned individuals via email or WhatsApp.
Nolan reportedly told potential investors that EXY Crypto was “a properly licensed and regulated firm”, and also stated that he was from the U.K.
According to Logan, more than 12,000 investors throughout the past five years, as well as the safety and security of the investments were all a success.
Legal conclusions from the Texas order are misleading offers to the public, unregistered securities sales, and fraudulent practices associated with securities sales.
The order says the involved parties offered various bonuses and commissions to multilevel marketers for selling the mining contracts. They advertised “200% passive return on every investment”.