Financial regulators of North Dakota have ordered a dodgy Russian cryptocurrency company to cease and desist operations in the state, after discovering it had impersonated a bank in Liechtenstein to falsely market an initial coin offering (ICO). In a statement released Monday, state securities chairman Karen Tyler explains how the scammers assumed the identity of Union Bank AG, using its reputation to issue and market a fake version of the banks’ proposed cryptocurrency bearing the exact same name – Union Bank Payment Coin (USPC). Authorities say the issuers of the fake USPC directly copied the style and content of Union Bank AG’s website to increase…
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State regulator orders fraudulent Russian cryptocurrency out of North Dakota
Source: The Next Web
