Alabama Securities Regulators Closes 97 Fraudulent Cryptocurrency Trading Websites – Regulate Bitcoin News


The Alabama State Securities Regulatory Agency has issued a suspension order against Acoin Trading and 96 other cryptocurrency websites. The crypto investment plan promises “excess returns”, reports “false account values”, and charges “undisclosed fees.”

U.S. state regulators ordered the closure of 97 crypto trading websites

The Alabama Securities Commission announced on Thursday that it had 97 cryptocurrency trading websitesThe announcement stated:

The Alabama Securities Commission (ASC) issued a suspension order against Sir Philip Zuka, the owner of Acoin Trading and 96 other fraudulent crypto trading platforms.

“The order is the result of Zuka’s failure to register its investment products and failure to register as an investment advisor,” the regulator elaborated, adding:

Zuka violated Alabama securities laws by promising excess returns, reporting false account values, and charging undisclosed fees from Alabama investors.

The regulator explained that an investor in Alabama discovered Acoin Trading online and was curious how the plan would make the investor eight times the original investment within a week.

“Therefore, the investor participated in a demonstration and invested approximately $10,000 in bitcoins, which were deposited in the wallet provided on the Acoin Trading website,” ASC pointed out.

However, when he wanted to withdraw money, Zuka asked for additional payment before he could withdraw the money. The investor soon realized that the investment was a scam; he immediately complained to ASC and stopped all communication with Zuka and its trading platform.

However, the regulator said that residents of Alabama lost all of their investment.

According to the order, the owner of Acoin Trading is a user of Namecheap Inc. named Sir Philip Zuka, or Sirzuka. order details:

‘Sirzuka’ created 281 websites through Namecheap Inc. Among 281 websites, 127 of them operate, and 96 of them operate in the same way as Acoin Trading. The IP address originates from Nigeria, Europe, or the United States.

What do you think of the closure of 97 crypto trading websites by the Alabama Securities Regulatory Agency? Please let us know in the comments section below.

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