SEC Charges Coinseed Inc. For Defrauding Investors.

SEC Charges Coinseed Inc. For Defrauding Investors.

2021-02-18 | Mike Hallen

SEC Charges Coinseed Inc. For Defrauding Investors.

An automatic cryptocurrency investing application, Coinseed Inc., is facing allegations of defrauding investors and breaking United States registration laws within a pair of legal actions purchased Wednesday by the United States SEC [Securities and Exchange Commission] and therefore the State of New York. The application-based service bilked investors of $1 Mln via hidden fees, false claims and a flopped token, New York Attorney General Letitia James alleged in her state’s suit. She charged Coinseed, which didn't have a BitLicense or federal clearance, with operating an unregulated securities and commodities trading shop. James explained that she seeks to shutter Coinseed & ban its executives Delgerdalai Davaasambu & Sukhbat Lkhagvadorj from participating in mere future investment plays. The state is seeking monetary relief for victims via the courts. Coinseed faces a related suit from the SEC, James revealed within an official announcement. Those federal-level filings weren't available at the reporting time on Wednesday.

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