The securities regulator of the U.S. state of Alabama now issues a desist and cease order against cryptocurrency trading and 96 other cryptocurrency websites. The investment to the crypto schemes promises to the ginormous returns that are reported as to impose a few undisclosed fees along with the fictitious value of the accounts.
ASC or the Alabama Securities Commission now have issued a cease and a restriction order against the owner of Acoin Trading, Sir Philip Zuka, along with the other 96 fraudulent crypto trading platforms. As detailed by the regulator, the order is an outcome of the failure of Zuka in terms of registering his investment products and also a failure at registering as an investment adviser.
Zuka is under continued violation of the security laws of Alabama who promised greater returns on investment, reporting the fictitious value of the accounts, and imposing some undisclosed fees to the investor of Alabama. It is further explained by the regulator that an investor had discovered about Acoin Trading online and was interested in the way the program claimed on making investors eight times their original investment in a matter of a week
Interested in participating in this demo, the investor invested about $10000 worth of bitcoin, deposited into a wallet offered by Acoin. Furthermore, when the investor wished to withdraw his money, Zuka demanded a few additional payments prior to the withdrawal of the fund and ceased all communications with Zuka along with his trading platform.
This is how the regulator noted that the loss of the entire investment made by the Alabama resident. The owner of Acoin Trading was a Namecheap Inc. user under the name of Sirzuka or Sir Philip Zuka, as reported by the order. As per the order details, Sirzuka, through Namecheap Inc, created 281 websites, out of which only 127 of them function, and 96 operated in a similar fashion as Acoin Trading.