Department ofRegulatoryAgencies ‘DORA’ in Colorado has recentlydisclosed itsplans to assesthreecrypto-basedcompany’sproviding“unregistered Initial Coin Offerings”within thestate asa part ofits investigation into adishonorablepracticetovictimizeinvestors.
The investigation is beingconducted by the members of the Division of Securities. The announcement from DORA reads in part as:
“Thefirmsthat received the orders are Bionic Coin, Sybrelabs Ltd. (alsoreferred to asCryptoarb), andGlobalPayNet(alsoreferred to asGlpn Coin and Gpn Token). Previous orders were submitted to Bitcoin Investments Ltd. (also doing business under the name Db Capital), Estatex, Bitconnect Ltd., andMagma Foundation (doing business asMagmaCoin).”
The Commissioner has also signed the “ordersto point outcause”thatis anotice sent to business to defend their case in court by explaining their business operations. The court orders were issued on Aug. 24, this year.Howeveruntil now, none of thecompany’shave answered, the report notes.
Bionic Coin,one amongthecompany’sbeing investigatedguaranteesinvestors that invest in their ICO token (BNC) will see a wild growth of their “moneywith noneeffort.”The website furthergoes on to displaying list the logos of media partnerslikeForbes magazine.The siteadditionallyincentivizes usersto boostthe coin on social media foran opportunityto receive tokens from the exchange.
Their is a similar storyline for Sybrelabs andGlobalPayNet. Sybrelabs Ltd, alsoreferred to asCrypotarb cheers its investorsto encourage investment pool and is offeringmassivepercentages of profits for minimum participation of $25 USD, up to soliciting “active investment portfolios” of $25,000 USD ormore.
Global PayNetis claimedto bea globalplatform with its native token (GLPN) that equatespossessionwithin thebusiness.The firmadditionallyguaranteesaround 80 Percentstakewithin thebusiness for investors, and it lists digital currencyspecialistsas advisors,twoof whom, has denied involvement withthe firm.