Colorado Authority Investigates 3 Cryptocurrency Firms Behind Unregistered ICOs

Colorado’s Department of Regulatory Agencies (DORA) has revealed plans to asses three crypto-based firms offering “unregistered Initial Coin Offerings” in the state as part of an ongoing investigation into a practice being used by fraudulent companies to defraud members of the public.

The investigation is being carried out by members of the Division of Securities, part of the Department of Regulatory Agencies (DORA), an “ICO Task Force” convened by the Commissioner in May.

The announcement from DORA reads in part:

“The companies that received the orders are Bionic Coin, Sybrelabs Ltd. (also known as Cryptoarb), and Global Pay Net (also known as Glpn Coin and Gpn Token). Previous orders were submitted to Bitcoin Investments Ltd. (also doing business as Db Capital), Estatex, Bitconnect Ltd., and Magma Foundation (also doing business as Magma Coin).”

Commissioner Rome signed the “orders to show cause” recently which is a notice sent to business to defend their…