Texas State Securities Board: regulator has issued an emergency cease and desist order against crypto and foreign currency trading platform FxBitGlobe

An official notice from Texas State Securities Board, dated April 9, shows that the regulator has issued an emergency cease and desist order against cryptocurrency and foreign currency trading platform FxBitGlobe.

According to the order, the firm, which markets itself as an investment company, reportedly published forged government documents, used a fake address and falsely claimed to be a registered broker-dealer.

The document points out that the service offers multiple investment plan tiers — with the highest tier accepting $50,000 or more — payable in fiat money and cryptocurrency.

The investment tiers allegedly grant investors access to various “service plans,” each of which promise them corresponding greater daily profits and weekly payouts. The largest tier promising the highest returns guarantees investors a monthly return of 70% alongside a 40% to 45% capital insurance, the document notes.

Also read: DLT provider Digital Asset is collaborating with the ISDA to develop a new tool that can support the use of smart contracts for derivatives trading

Source: https://cointelegraph.com/news/texas-regulator-issues-cease-and-desist-order-to-crypto-investment-firm-fxbitglobe