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Financial regulators started the operation Cryptosweep

The operation is aimed at combating fraudulent ICO.

22.May.18 8:33 AM
By Jeff Bannister


Financial regulators started the operation Cryptosweep
Financial regulators of the United States and Canada have launched an operation for international prosecution of fraudsters in the field of crypto-currency. The process under the name "Cryptosweep" started in early May. Several US State departments initiated it. The Washington Post reports this.

As part of the operation, the Departments reviewed 70 investigations and initiated 35 cases aimed at combating money laundering and fraudulent transactions with cryptocurrencies. The process is directed mainly at fraudulent ICOs, which attracted large amounts of money, speculating on information and celebrity personalities, such as Jennifer Aniston.

TSSB representative Joseph Rotand noted that the operation is only the tip of the iceberg since the cryptocurrency sector is teeming with swindlers and the Departments have discovered only a small part of them. A Wall Street Journal study found that about 20% of ICO's are fraudulent.

The US Securities and Exchange Commission (SEC), in turn, decided to launch an information campaign aimed at increasing the literacy of crypto-currency investors. To teach them to distinguish scammers. To this end, the SEC has launched a fake website that imitates a fraudulent ICO.

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