Operation Cryptosweep: 200+ Crypto Cases in North America, 46 Enforcement Actions

North American regulators have revealed that more than 200 cryptocurrency-related cases are being actively investigated, with 46 enforcement actions taken. The coordinated efforts by over 40 jurisdictions in the U.S. and Canada are part of Operation Cryptosweep, aimed at cracking down on unregistered and fraudulent crypto-related investment products.

200+ Cases, 46 Enforcement Actions

These investigations are part of the association’s ongoing coordinated regulatory initiative called Operation Cryptosweep, which was launched in May. At that time, the NASAA revealed that its “members from more than 40 jurisdictions throughout North America participated” in this effort, which resulted in at least 70 investigations. According to Tuesday’s announcement:

NASAA is a voluntary association whose members are securities administrators from states, provinces, and territories in the 50 U.S. states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada, and Mexico.

ICO Teams Told to Seek Legal Counsel

The president of the association and Alabama Securities Commission Director, Joseph P. Borg, commented:

“The registration process provides some protection for investors by subjecting the offering to regulatory review. But even registered offerings can be fraudulent. Investors therefore should perform their own thorough due diligence before investing in any ICO or cryptocurrency-related product,” the NASAA reiterated.

Borg concluded that investors need to: