Texas Authorities Issue Order Against Binance-Impersonating Scammers

Texas authorities issued cease and desist orders against Binance-impersonating scammers that offered fake 40% ROI on crypto investments as we are reading more in our latest binance news today.

The Texas authorities issued an emergency cease and desist order against the fraudulent Binance crypto investment project that offered fake 40% ROI. According to the statement, Securities Commissioner Travis J. Illes issued the order against the scam that is deemed illegal due to it being a so-called get-rich-quick scheme that touted the payment of significant returns with little or no risks. The scam started as a company called Delta Crypto Limited which is a business registered with Companies House and claimed that it operated an online investment platform.
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The Enforcement and Investor Protection Department of the Philippines Securities and Exchange Commission issued an Advisory Warning after discovering signs of illegally offered securities and advised customers not to invest in these schemes. Upon being targeted by authorities, the platform changed the name and presented it as Binance. It shut down its website and stopped all operations but opened another online investment scheme under Binance Assets LTD, Bit Kind LTD, and Binance Assets. Commissioner Illes said that the new initiative has a few membership subscriptions that offer false returns:

 “According to today’s order, the respondent is now advertising cryptocurrency investments in various plans. The pitch is relatively simple – invest a little, gain a lot, and don’t worry about risk. In fact, the ‘Gold Plan’ pays a guaranteed 30% return, and the ‘Diamond Plan’ pays a guaranteed 40% return.”

The statement outlined another scam that was focused on investments tied to the forex trading opportunities, CFDs, spot metals, and precious metals as well as oil and gas products. The Commissioner announced that it will face the same faith while warning investors to be quite vigilant of products that offer high returns:

 “Bad actors continue to use online means – such as internet websites and social media platforms – to broadly market ‘risk-free’ scams to Texas investors.

These folks flock to the Lone Star State, and investors should be very wary of promoters touting guaranteed lucrative returns through online media and should thoroughly investigate any offering before investing their money.
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