Regulators Strike Back: A New Cease and Desist Order

In a bold move reminiscent of a superhero film, the Texas State Securities Board (TSSB) has issued an emergency cease and desist order aimed at a suspicious entity misusing the well-known Binance name. It’s as if Texas regulators are saying, “Not on our watch!” This action underscores the ongoing efforts to protect Main Street investors from a rising tide of cryptocurrency scams, particularly in these pandemic-stricken times.

The Culprit: Delta Crypt and Its Sneaky Shenanigans

The target, once hiding behind the name Delta Crypt, has rebranded itself and is now flaunting various misleading titles including Binance Assets and Bit Kind Ltd. This UK-based business is like that bait-and-switch shop you thought you were going to for a great deal but ended up with a giant inflatable dinosaur instead. The TSSB noted that Delta Crypt had previously caught the attention of regulators in the Philippines, who had also issued warnings about its dubious investment practices that promised “ridiculous” returns.

The Pitch: Unbelievable Returns That Don’t Smell Right

Investing with Delta Crypt sounds like a catch, right? Think again! Their marketing strategy revolves around the age-old mantra of “invest a little, gain a lot.” Just like those late-night infomercials, they’re enticing with plans that guarantee a 30% return with their ‘Gold Plan’ and a whopping 40% return with the ‘Diamond Plan’. Anyone else finding these promises a little hard to believe?

Warning: The Dark Side of Crypto Investments

The TSSB report reveals some troubling details about the operation, noting that Delta Crypt has been skimming over important information that could help investors make informed decisions. They’re not just omitting details about previous regulatory warnings but also failing to discuss the inherent risks involved in cryptocurrency investments. The TSSB asserts that they’ve engaged in deceptive practices that could leave investors in a bind, scratching their heads rather than cashing in.

Regulatory Actions: Gritting Teeth Against Fraud

This latest crackdown is part of a broader initiative by the TSSB to hunt down the fraudulent actors in the crypto industry. With previous orders that led to hefty fines and even jail time, the message is clear: fraudsters beware! By setting up these defenses, the TSSB aims to build a stronger safety net for investors bewildered by the chaotic world of cryptocurrency.