State and provincial securities regulators in the US and Canada are cracking down on fraudulent ICO cryptocurrency products and those behind them. According to the press release made by the State and Provincial Securities Administrators Association (NASAA) the “Operation Cryptosweep” has led to nearly 70 inquiries or investigations and 35 pending or completed law enforcement actions.
The organization’s chief, Joseph Borg, said the joint action by over 40 member states was just the tip of the iceberg. According to the announcement, task forces had also found approximately 30,000 crypto-related domain name registrations. The purpose of this joint action is to raise public awareness of potential scams posing as ICOs, an important project given the higher general interest in virtual currencies.