RATE Group | ASC issues emergency cease-desist order for cryptocurrency exchange – News – Gadsden Tim…
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ASC issues emergency cease-desist order for cryptocurrency exchange – News – Gadsden Tim…

03 Oct ASC issues emergency cease-desist order for cryptocurrency exchange – News – Gadsden Tim…

Posted at 23:30h in Cryptocurrency News by

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The Alabama Securities Commission issued an emergency cease and desist order against a binary option and cryptocurrency exchange selling illegal investment contracts in binary options, Forex and cryptocurrency trades to Alabama residents.

ASC Director Joseph P. Borg said the commission took this action in the public interest to protect Alabama investors. The suspected business Fxcryptofair and the account manager going by the name Barbara Lawson have been ordered to immediately cease and desist from sales of any securities in Alabama.

Commission staff received a registration and interstate commerce inquiry from the National Futures Association on Sept. 13. Representatives of the NFA were seeking the registration status of FXCF after receiving a complaint at their office. According to the NFA inquiry, the original complainant had invested funds with Lawson and had not received their stated monthly returns, according to a ASC press release.

The trades outlined by Lawson to…

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