Cease-And-Desist Notice Has Been Issued To ICO From US Vermont Regulators

An organization standing behind the running initial coin offering (ICO) has been issued a cease-and-desist notice from the U.S. Vermont Regulators.

The Vermont Department of Financial Regulation announced that it was submitting the cease-and-desist to LevelNet, which as per its website is located in Irving, California. Official representatives charged the company of “violations related to the Vermont Uniform Securities Act” and requested it to cease trading tokens connected to its cybersecurity-related platform.

For the LevelNet website, $752,000 has been almost raised so far during the sales volume. An emailed request for comment was not returned by press time.

The action took place within the framework of a wider dispersal of investment schemes involving cryptocurrencies known as Cryptosweep Operation. As CoinDesk previously reported, a number of securities regulators in the United States and Canada have agreed and connected their attempts in a try to stifle token sales and cryptocurrency fraud.

The investigation of the state of Vermon was part of a coordinated series of actions by state regulators to combat cryptocurrency fraudulent investment schemes.

Vermont financial regulatory Commissioner Michael Pieciak says a lot of cryptocurrency offerings are legitimate, but many are not.

The state’s investigation was part of a coordinated series of actions by state regulators to crack down on fraudulent cryptocurrency investment schemes.

Vermont Financial Regulation Commissioner Michael Pieciak says many cryptocurrency offerings are legitimate, but many are not.

 

 

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