Digital currency firms join SEC’s PAUSE list of companies using bogus info to lure investors

Digital currency firms join SEC’s PAUSE list of companies using bogus info to lure investors

The U.S. Securities and Exchange Commission (SEC) has updated its list of unregistered companies that have been using misleading information to solicit investors. Digital currency firms feature significantly on the list at a time when the agency is increasingly cracking down on the sector.

Known as the “Public Alert: Unregistered Soliciting Entities (PAUSE)” list, it features firms that claim to be registered and regulated in the United States. For each entity on the list, the SEC has determined that there is no U.S. securities firm with such a name.

In its latest move, the SEC has added 82 soliciting firms, 8 impersonators of genuine and regulated firms and one bogus regulator.

Jose Rodriguez, the deputy chief of the SEC’s Office of Market Intelligence commented, “This latest update to the PAUSE list reflects the Commission’s ongoing effort to protect retail investors. The PAUSE list provides valuable information to aid investors in making informed investment decisions.”

Some of the digital currency firms that were added to the list include Earn Bitcoin Zone, 24cryptoindex, Bit Crypto Signals Investment Ltd, Blockcryptomining, Cryptobravos, Crypto Invtwld, FXcryptotrade and Kings Crypto Space.

Once of these, FXcryptotrade, describes itself as the leading binary options, forex and Bitcoin investment platform in the industry. It further claims to have 10 years of experience and over 40,000 “happy customers.” It’s reportedly based in Pelham Pkwy S in New York.

Bitcoin Mining Signals, meanwhile, claims to have 30 years of experience, with over 1,200 financial consultants and $118 billion enrolled in advisory solutions. And while the SEC didn’t describe any of the firms as outright scams, this one in particular has some of the common red flags such as typos on its website. The profiles listed as their executives have no online presence as well. Bitcoin Mining Signals is purportedly based in Texas.

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