Maryland State Joins In Operation Cryptosweep

Cryptoinformers || AUGUST 14, 2019

The Attorney General of Maryland announced that the state is joining in Operation Cryptosweep.

In  press release published on Aug. 14, Frosh revealed that the Maryland Securities Division is participating in the operation. The division has begun enforcement actions against a Bitcoin trading platform luring potential investors with purported 150% returns through passive investments.

Frosh noted that investors should be cautious about investments that promise quick profits with low risk, further saying:

“Cryptocurrency investments are risky. Investors should be extra cautious when dealing with promoters who claim their offering does not have to be registered with securities regulators. Quick returns of 150% are as rare as Bigfoot. Make sure to do independent research on the product before you invest. Be aware of the risks, and contact the Maryland Securities Division with any concerns before parting with your hard-earned money.”

Operation Cryptosweep is a joint initiative of state and provincial securities regulators in the United States and Canada, wherein they launched probes into potentially fraudulent or non compliant crypto investment programs. The initiative targeting suspicious crypto investment products is reportedly the largest such coordinated investigation by state and provincial officials.

The operation is a collective effort between state and provincial securities regulators in the United States and Canada. In August 2018, NASAA commented that Operation Cryptosweep had already conducted over 200 ICO investigations in the months since it launched.

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