The Securities Board from Texas State (SSB) has issued approximately 16 orders against crypto investment suspected scams in 2018 according to the information from the 2018 Enforcement Report coming to our crypto news today.

Nearly 60 people or unregistered entities managed to sell unregistered securities according to the Securities Board by targeting people in Texas via various investment schemes. Some of the schemes include the not familiar BitConnect which was an investment racket which lost almost its entire market cap after information about its authenticity got out across the world. The report notes:

 “Promoters of cryptocurrency-related offerings are taking advantage of the anonymity of the internet to attract victims, weaponizing social media to connect with investors in Texas. In 2018, (the SSB) entered 16 administrative orders against promoters of suspect cryptocurrency investments who were using online advertisements, social media, and other solicitations to Collaborative Law Enforcement.”

Also, in the report, you can also see how the increasing partnership activities between the local law enforcement and the Texas regulator are highlighted mainly in tracking down the scammers and bringing them to justice.

The United States is on the run of cracking illegitimate offerings that involve securities and cryptocurrency and this is one of the reasons why the regulator, the Securities and Exchange Commission (SEC) have taken an offensive on scams despite the unbalanced regulatory landscape around cryptocurrency.

Last year between the months of April and May, the Texas regulator was able to locate more than 40 crypto schemes that were active within the state itself.

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