PRESS RELEASE: FxBitGlobe Faces Texas Securities Commissioner Ire

PRESS RELEASE: FxBitGlobe Faces Texas Securities Commissioner Ire
April 11, 2019
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Texas Securities Commissioner, Travis Iles, has issued an emergency cease and desist order against FxBitGlobe. The authorities have also advised the company to stop its international offering of FX investments and cryptocurrency.

The latest action by the American authorities demonstrated their continuous efforts to curb any cryptocurrency-associated frauds. The regulatory authority charged the company of using a phony address. On top of it, the firm claimed to have registered as an investment adviser and broker-dealer.

Emergency powers used

The commissioner has invoked the Emergency Cease and Desist Order after sensing fraudulent methods of attracting investors. The company claimed that it is trading in insurance investments, digital coins, binary options, and foreign currency. FxBitGlobe has a presence in Malaysia, China, Germany, the United Kingdom and Houston in the United States.

The accused firm is allegedly providing investments in products related to digital coins, insurance, forex , and binary options. In return, the company has promised to give a monthly return between 25% and 70%. However, this is subject to the initial investment size. On the other hand, the company has failed to reveal anything as to how it plans to get such returns.

Additionally, the cryptocurrency firm has told potential investors that they have described the risks connected with the investments through a filing with the SEC. However, the order indicated that there are no such filings with the SEC. Similarly, the company has not registered with either the Financial Industry Regulatory Authority or the SEC .

The company doesn’t have an office at the given address

The commissioner disclosed that the address provided by FxBitGlobe in Houston does not exist. The company is also accused of hiring unregistered sales agents with a promise of offering a maximum of 5 % of the principal amount of fresh clients. The company has been given 31 days to respond to the order.

In November 2018, the Securities Commissioner of the State of Texas had issued an Emergency Cease & Desist Order against Mark Steven Royer and My Crypto Mine. According to the order, the C&D order indicated that My Crypto Mine is issuing investments instruments, which are not registered. Similarly, the residents have also not registered themselves either as agents or dealers with Securities Commissioner.

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