Operation Cryptosweep is moving forward at full speed. It seems that the people at the Administrators Association (NASAA) are really taking seriously their latest operation to sweep unlawful cryptos out from the market.
According to the organization, 130 new crypto-related cases were opened and are being investigated in 2019. At the beginning of the year, the agency only had 35 cases open.
The Operation Cryptosweep was originally launched last year and the aim was to go after illegal ICOs in the U.S. and Canada. NASAA representatives have recently confirmed that their latest investigations involve mostly securities fraud and scammers.
Michael Pieciak, the President of the NASAA, blames Facebook for the “environment” that is being created right now. According to him, the eminent launch of Libra is calling the attention of several bad types who are promoting illegal investments and scams across the country.
The president also affirms that people should be extremely careful when dealing with ICOs and cryptos, as there are many scammers out there. His advice was to always check with the authorities before any money is invested.
Crypto Companies Are Moving Away
As part of this effort to put down any kind of operation that is now fully regulated, most crypto companies are leaving the U.S. This is, obviously, both a good and bad thing. For instance, it means that the NASAA is doing a good job and weeding out the scammers. On the other hand, innovation is possibly stifled when there are so many companies leaving for overseas markets.
[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.