{"id":12427,"date":"2021-10-18T21:56:19","date_gmt":"2021-10-18T20:56:19","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=12427"},"modified":"2021-10-18T21:56:28","modified_gmt":"2021-10-18T20:56:28","slug":"nyag-directs-2-crypto-firms-to-shut-down-while-investigating-3-others","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/nyag-directs-2-crypto-firms-to-shut-down-while-investigating-3-others\/","title":{"rendered":"NYAG directs 2 crypto firms to shut down while investigating 3 others"},"content":{"rendered":"\n
The New York Attorney General's<\/a> (NYAG) office has accused two unnamed crypto lending platforms in the state of engaging in illegal activities and has demanded three others to give information about their operations.<\/h5>\n\n\n\n
\"NYAG<\/figure>\n\n\n\n

The New York Attorney General's office announced on Monday that it has ordered two crypto lending platforms \u2014 the identities of which were censored at the time of publication \u2014 to “stop any and all such conduct” pertaining to selling or offering securities and commodities\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> within 10 days.<\/p>\n\n\n\n

Attorney General Letitia James also asked three crypto businesses based in New York \u2014 whose names have been deleted \u2014 to give information on their lending products, policies, procedures, clients in the state, and other pertinent information.<\/p>\n\n\n\n

“It's my office's job to make sure industry players don't take advantage of unwary investors,” James explained. “We've already taken action against a number of cryptocurrency platforms<\/a> and coins that have committed fraud or operated illegally in New York.”<\/p><\/blockquote>\n\n\n\n

Today's actions expand on that effort and send a message to any firm that believes it is above the law that we will not hesitate to take whatever actions are necessary.”<\/p>\n\n\n\n

Although the request for information from the three corporations was not legally enforceable, the NYAG's office did leave the possibility of issuing a subpoena in the letter.<\/p>\n\n\n\n

The state's Martin Act, which gives the AG the authority to seek civil or criminal charges against unregistered securities offerings, supports the order to shut down operations.<\/p>\n\n\n\n

Following Bitfinex and Tether's <\/a>agreement to pay $18.5 million in damages as part of a deal with the NYAG office, James sent communications to the five crypto lending websites.<\/p>\n\n\n\n

“Play by the rules or we will shut you down,” the Attorney General warned companies in the crypto industry afterwards.<\/p>\n\n\n\n

If they do business in New York, all crypto brokers, dealers, salespeople, and investment advisers must register with the New York Attorney General's Investor Protection Bureau. Those who do not comply, even if they have an exception, will face civil and criminal sanctions.<\/p>\n\n\n\n

After allegedly scamming investors out of more than $1 million and selling an unlisted coin, the New York Attorney General's office ordered crypto investment platform Coinseed<\/a> to close its doors in September. Coinseed has been ordered to cease operations permanently and pay $3 million in fines.<\/p>\n","protected":false},"excerpt":{"rendered":"

The New York Attorney General’s (NYAG) office has accused two unnamed crypto lending platforms in the state of engaging in illegal activities and has demanded three others to give information about their operations. The New York Attorney General’s office announced on Monday that it has ordered two crypto lending platforms \u2014 the identities of which […]<\/p>\n","protected":false},"author":12,"featured_media":12433,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[4396,1811,5153],"class_list":["post-12427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","tag-crypto-firms","tag-new-york","tag-nyag"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/10\/NYAG-directs-2-crypto-firms-to-shut-down-while-investigating-3-others-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=12427"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12427\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/12433"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=12427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=12427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=12427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}