Securities regulators in Texas have taken emergency measures to combat an allegedly fraudulent cryptocurrency scheme, which has been using the Binance brand to dupe unsuspecting investors into parting with their cash. The Texas State Securities Board has filed an emergency cease and desist order against the scheme, which it accuses of unlawfully misappropriating the Binance name and brand to trick investors into trusting their claims. The business in question claims to operate out of the United Kingdom, but has already attracted the ire of regulators in the Philippines. Delta Crypt has already been the subject of warnings from regulators, who claim the scheme has been “illegally offering securities paying ‘ridiculous’ returns.” Since the first warnings about the scheme were published, the firm has changed its name, as well as launching an online investment product without any of the necessary permissions or registrations. According to the Texas State Securities Board, the scheme has succeeded by making overly simplistic, and false, claims about the investment potential on offer. “The pitch is relatively simple — invest a little, gain a lot, and don’t worry about risk. In fact, the ‘Gold Plan’ pays a guaranteed 30% return, and the ‘Diamond Plan’ pays a guaranteed 40% return.” Finding the offer from Delta Crypt to be “fraudulent and deceptive,” the Texas State Securities Board said the firm had also concealed critical information from would-be investors, including that it had previously been the subject of regulatory intervention. The scheme had also failed to disclose the risks of investing in digital currencies, and had procured the services of unlicensed sales agents in promoting its investment schemes. The case is only the latest of its kind to involve fraudulent digital currency scams, and serves as yet another warning to investors to be aware of the risks of investing in digital currency investment programs promising wild returns. Follow CoinGeek’s Crypto Crime Cartel series, which delves into the stream of groups-from BitMEX to Binance, Bitcoin.com, Blockstream, ShapeShift, Coinbase, Ripple and Ethereum—who have co-opted the digital asset revolution and turned the industry into a minefield for naïve (and even experienced) players in the market.