Wednesday, November 29, 2023

SEC Added Misleading Crypto Companies To Public Alert List

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SEC added misleading crypto companies to a public alert list which was a part of consumer complaints as we can see more today in our latest cryptocurrency news.

BTC Investments, BitPAYfxpro, and SuperBinance as well as other companies were the subject of consumer complaints as the SEC reported. The SEC added misleading crypto companies to its public alert list and in the press release, it made it clear that the list is only meant as a warning to investors and doesn’t imply the companies on the list violated the US Securities laws. The list was launched in 2007 and includes the likes of SuperBinance and more which took advantage of investors by confusing them with Binance or other popular crypto exchanges. There was even a Gemini M&A that impersonated the Goldman Sachs mergers and the acquisition deal-making app Gemini.

The recent additions that include “Bittrade Capitals”, “BitpayFXpro”, “274 Crypto Trade” were all cited for using the misleading information to solicit non-us-investors. Among the others on the list are Crypto Trading Hub, SuperFXTrading, Cryptobravos, Crypto-Forex Trading, Cryptoprofits, Cryptofxearners, and more. The firms wind up ont the list for providing inaccurate information about their affiliation, location, or registration as the SEC noted but even with companies such as Superbinance, the SEC is reluctant to acknowledge that it is looking to benefit from being confused with the biggest exchanges by volume.

Gensler Wants Both, cftc, sec, exchanges,
Gery Gensler

BitpayFXPro for example was confused with bitPay and the Atlanta-based BTC payments processor founded in 2011. rather than being listed as an impersonator, however, SEC called it an unlicensed soliciting entity. The SEC waffled on whether cryptos like BTC or ETH qualify as securities and the director of the SEC Division of Corporation Finance William Hinman, said that BTC and ETH were nto securities in 2017. more recently, SEC Chair Gary Gensler took the stance that most crypto assets traded on the market may be unregistered securities without requiring disclosures or market oversight.

The SEC definition of the established company can be quite murky since the FTX based parent company identified as registered with the SEC and it is not considered a genuine firm by the regulator as of the time of writing, the CIK paperwork acts as an account number which is the only filing with the SEC. The acting chief of the SEC office Jose M Rodriguez added:

“With the publication of the PAUSE list, the Commission continues to take action to protect retail investors.”

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