Sat, May 18, 2024

SEC to Scrutinize Illegal Conduct of Digital Coins

SEC: SEC sign at entrance to DC headquarters building with flags.

Previously, the Securities and Exchange Commission (SEC) announced it will pursue inspections of digital coins that are involved in illegal activities.

The SEC’s action is against Bitqyck and its founders. It also takes action at the substantial amount of the penalties imposed.

This is another indication of the SEC’s enhanced focus on legalizing the development of the digital coins market.

In addition,aligned with the SEC’s announcements. The authority is making clear that it is a company.

Meanwhile, there is a burden to demonstrate the appropriate cryptocurrency with protection. Thus, it is not subject to some valid securities’ laws and regulations.

In fact, even before the SEC’s action, it appears that investors or possible investors may have had doubts about Bitqyck. It is evident in an online article considering the legitimacy of the company.

Individuals and organizations are in quest to invest in the cryptocurrency field.

However, there were no such “smart contracts,” and the investors never collected any Bitqyck common stock.

Displaying of A Fake Global Marketplace

Moreover, the offenders allegedly flaunted a global marketplace called QyckDeals, which they billed as a daily deals site like Groupon. This did not really exist.

They dishonestly claimed that Bitqyck had a digital coin mining facility in the state of Washington. This is where investors could profit.

In addition, they established an online trading platform called TradeBQ, which they neglected to register with the SEC.

The complaint wanted permanent restrictions such as evection of illicit gains with interest and civil monetary penalties.

Bitqyck founders, Bise, and Mendez, without admitting or denying any wrongdoing, agreed to the concerted relief.

Bitqyck also complied to an order demanding that it pay disgorgement, prejudgment interest, and a civil penalty of $8,375,617.

The creators, Bise and Mendez, agreed to the entry of an order. Both must pay each disgorgement, prejudgment interest and a civil penalty of $890,254 and $850,022, respectively.

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