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ARTICLE · 13 DECEMBER 2018

NASAA Announces Initial Results Of Operation Cryptosweep

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Joseph P. Borg, NASAA President and Director of the Alabama Securities Commission, emphasized that NASAA members are committed to combating the threat of fraud in the cryptocurrency market.

CanadaTechnology
Michael Weizel
Michael Weizel
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On Monday, May 21, 2018, the North American Securities Administration Association (NASAA) announced a coordinated series of enforcement actions by state and provincial regulators in Canada and the United States to crack down on fraudulent Initial Coin Offerings (ICOs) and cryptocurrency investment products. To date, "Operation Cryptosweep" has resulted in nearly 70 inquiries and investigations, as well as 35 pending or completed enforcement actions related to ICOs or cryptocurrencies since the beginning of May, including the recent warning issued by the Ontario Securities Commission against five digital currency firms (as described in our recent blog post).

Joseph P. Borg, NASAA President and Director of the Alabama Securities Commission, emphasized that NASAA members are committed to combating the threat of fraud in the cryptocurrency market. Borg commented that the "actions announced today are just the tip of the iceberg", noting that the NASAA task force has

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