Cease and Desist Order Issued on FxBitGlobe Platform

Cease and Desist Order Issued on FxBitGlobe Platform

The Texas State Securities Board has issued an urgent order for FxBitGlobe to cease and desist its operations immediately. FxBitGlobe, described as a crypto investment and exchange platform, is being accused by the state’s authorities of fraud and other serious charges.

Publishing forged government documents, using fake addresses, and claiming to be a registered broker-dealer are just a few of the accusations brought forward in the order paper. The investments offered by the platform offers investors plans which promise daily and weekly returns of up to 70%. However, the company is “failing to disclose any information about how it can generate those returns”.

The order continues by saying that FxBitGlobe is not “informing investors about its assets, liabilities, capitalization, and any other financial information that demonstrates it can pay a fixed rate of return from dealing in historically risky and volatile assets”.

Another issue of concern for the Securities Board is that the company is recruiting unregistered sales agents, promising them a 5% commission on new client investments they manage to get on board.

The company has 31 days to in which to appeal the order.

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