New Jersey Regulator Bans Two ICO Projects

The New Jersey Securities Bureau announced the issuance of restraining orders for two ICO projects, Zoptax and UNOcall.

Canadian and US regulators, coordinated by the North American Association of Securities Administrators (NASAA), with the assistance of New Jersey, have issued restraining orders for the ICO Zoptax and UNOcall projects.

As part of the Operation Cryptosweep initiative, the New Jersey Securities Bureau revealed that both ICOs were responsible for fraudulent securities offerings. Zoptax tried to raise between $ 500,000 and $ 3.4 million through the sale of its Zoptax Coins tokens, while UNOcall offered to invest in the tokens issued by it, promising daily interest income in the range from 0.18% to 0.88%.

A statement by New Jersey Attorney General Gurbir S. Grewal states that market rules apply to all businesses, regardless of the industry they operate in:

“The Securities Bureau is ready to ensure compliance with our laws on the protection of investors in cases related to the initial placement of tokens and investment schemes in cryptocurrency. As innovations in the online investment market related to cryptocurrency continue, industry participants must understand that all these laws apply to them. ”

Since January 2019, as part of the Operation Cryptosweep, 85 cases, 330 requests and investigations, as well as eight enforcement actions, including the issuance of prohibitions against Zoptax and UNOcall, have been initiated.

Recall that in April the Texas Securities Board banned the operation of the cryptocurrency trading platform FxBitGlobe, which misled local investors, and in February, four companies stopped selling tokens at the request of the same regulator.