The complaint from the agency states that the cryptocurrency service Quantum Financial Institute claimed to be registered as an investment advisor, but in reality, it did not have a license. The organization advertised a multi-level investment system and courses where students were provided information about bitcoin giveaways and 'profitable crypto trading strategies.'
Pinnacle advertised cryptocurrency swaps and claimed to have a good reputation with American regulators, asserts the SEC. The service THEVGPRO positioned itself as a bitcoin-backed fund and claimed to have received approval from the agency. In reality, its registration number was not approved, stated the regulator. The SEC accused all these organizations of deceiving investors and falsifying documents.
Among other defendants is the platform RBH Infinity Exchange, which announced the issuance of three tokens 'on the themes of health and intellectual property,' which currently have no value. The Commission accused the platform of violating the Investment Advisers Act of 1940 and is seeking administrative fines.
The SEC stated that it faced difficulties when trying to contact the violators. Many phone numbers of the specified services are disconnected or belong to other companies, and postal letters were returned as undelivered. The firm Apexium Securities claimed to operate from Colorado but used IP addresses from Hong Kong, and the Web3 University office in Colorado Springs turned out to be non-existent, claims the regulator.
Recently, the American regulator proposed new rules for regulating crypto assets, which would allow token issuers to raise funds in the United States without registration under the Securities Act. It is proposed to give issuers the opportunity to raise up to $75 million from investors every 12 months, provided they submit financial reports.
end-content
