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Cryptocurrency exchanges would subsequently be governed by the same rules as traditional exchanges. For this reason, they must register with the SEC “as a national securities exchange or be exempt from registration”.
Numerous concerned users took to Reddit and Twitter, and started complaining that their altcoins had been converted into Bitcoin without their permission, many of them not even logged into their accounts.
Initial coin offering (ICO) operators have long known that they risked running afoul of US securities laws. However, a newly released letter drafted by an official with the Department of the Treasury suggests that ICOs may also be subject to criminal statutes governing money transfer businesses.
According to Consumer Affairs Victoria, a unit of the Department of Justice and Regulation, Bitcoin oriented fraud continues to wreak havoc on investors.
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