|Nov 22, 2018 04:06 PM||By: Jinia Shawdagor | 2245 Views|
The North Dakota Securities Department has published a cease-and-desist order upon an ICO involved of mimicking Lichenstein-based Union Bank to issue sketchy securities, CoinWire reports.
According to an official report released by North Dakota Securities Department commissioner Karen Tyler, the fraudulent ICO project, named Union Bank Payment Coin (UBPC), built a website designed to copy elements of Union Bank’s, including images, terms, style, and leadership knowledge.
In addition to requiring the project to be the “world’s first security token supported by a fully licensed bank,” UBPC also said that, in the hope of bolstering its recognized legitimacy, the project offers a “stable coin that is fully supported by fiat currency – the Swiss franc.”Tyler further declared that UBPC’s claims were based off an actual announcement by Union Bank in August.
“Because ICOs are exchanged over the internet and pitched slowly through social media platforms, North Dakotans can be presented to the offers whether the promoter is under the street or on the other side of the globe,” said Tyler.
The news comes shortly after the Colorado Division of Securities announced four more cease-and-desist orders upon fraudulent ICOS, with at least two more pending bringing the total up to 20.