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US and Canadian Regulators Take Part in “Operation Cryptosweep”

The North American Securities Administrators Association (NASAA) as well as Canadian provincial regulators have begun "Operation Cryptosweep". The operation is an aggressive crackdown on phony ICOs as well as fraudulent cryptocurrency and investment firms.

Starting in April of this year the NASAA began to organize a special task force made up of US and Canadian securities regulators that included law enforcement. The object of the task force is to take on a series of coordinated investigations into cryptocurrency-related investment products.

The NASAA says they have members from more than 40 jurisdictions throughout the US and Canada that have taken part in what they're calling "Operation Cryptosweep". The investigation has has netted 35 enforcement actions related to Initial Coin Offerings (ICOs) since May 1st of this year.

Joseph P. Borg who serves as the NASAA President and Director of the Alabama Securities Commission said in part,

“The persistently expanding exploitation of the crypto ecosystem by fraudsters is a significant threat to Main Street investors in the United States and Canada, and NASAA members are committed to combating this threat. Despite a series of public warnings from securities regulators at all levels of government, cryptocriminals need to know that state and provincial securities regulators are taking swift and effective action to protect investors from their schemes and scams.”

The NASAA is the oldest international investor protection organization. The group, working alongside state securities officials, helps to protect consumers who make investments into securities or pay for investment advice. It contains 67 administrators from the US and its territories,Canada and Mexico.

Go here to see the NASAA’s page that tells what a potential investor needs to look out for when researching reputable ICOs.

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Jack Taylor is a freelance journalist who has contributed to many award winning media outlets on a wide range of topics regarding trending technologies, cryptocurrency, blockchain & digital privacy.
Tennessee