The securities Department of the state of North Dakota, issued an order of immediate cessation of the illegal activities of the Russian ICO-project posing as Liechtenstein AG Union Bank to promote the “potentially fraudulent and unregistered securities.” This writes CoinDesk.

In a statement, Commissioner Karen Tyler said that the website of the ICO project Union Bank Payment Coin (UBPC) “directly copied” elements of the web site of the Union Bank, including style, graphic and text design.

Claiming that it produces “the world’s first security token, provided by a licensed Bank,” and offers a “stablein, fully backed by Fiat currency — the Swiss franc”, UBPC tried to introduce investors into the misconception, using the official statement regulated and licensed Bank from Liechtenstein on issue their own blockchain assets.

While the IP address of the web site of the Union Bank refers to Liechtenstein, UBPC is located in Russia and registered on a private person, said Tyler.

“Since the ICO sold through the Internet and actively spread in social networks, residents of North Dakota may be involved in the proposal, the organizers of which are at one with them in the street or halfway around the world. The criminals in the financial sector continue to cash in on the hype around the blockchain, cryptocurrency assets and ICO. Investors need extreme cautious approach to such proposals,” — said in a statement the regulator.

In October, the securities Department of the state of North Dakota has issued a decree on the termination of activity of the companies Crystal Token Coin Cross Life and Advertiza Holdings offering “potentially fraudulent and unregistered securities under the guise ICO”.

A month earlier, the Agency took similar action in respect of the projects BitConnect, Magma Foundation and Pension Rewards, which were advanced by the ICO in the state.

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