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N.Y. correct to turn off & # 39; fraudulent & # 39; Coineded crypto platform



(Reuters) – The New York prosecutor's office filed a lawsuit on Wednesday to shut down the cryptocurrency platform Coinseed Inc. for alleged fraudsters by thousands of investors, including by charging hidden trading fees and selling "useless" digital tokens.

Attorney General Letitia James said that Coinseed traded cryptocurrencies such as bitcoin without registering as a broker and sold "CSD" tokens without permission to collect money for its mobile application launch.

James also sued Coinseed CEO Delgerdalai Davaasambuu and Chief Financial Officer Sukhbat Lkhagvadorj, saying they overestimated the management experience of the Manhattan-based company while Lkhagvadorj incorrectly portrayed himself as a former Wall Street trader. for investors.

The US Securities and Exchange Commission filed a related lawsuit again st Coinseed and Mr. Davaasambuu over tokens, which both regulators said were sold from December 201

7 to May 2018.

Coinseed did not immediately respond to requests for comment. Both defendants have homes in Long Island City, New York, but Davaasambuu has expressed an intention to return to his native Mongolia, Justice Minister James said.

"Unregulated and fraudulent virtual currency entities, no matter how large or small, will no longer be tolerated in New York," Attorney General James said in a statement. a good opportunity for young people who want to make money in the crypto market, "and that the mobile app was" guaranteed "would help drive their market value higher.

" True, almost three years later, the CSD token has not been listed anywhere, "she said.

Attorney General James' lawsuit in the Manhattan Supreme Court alleges violations of the Martin Act, a securities law in New York. The SEC is in the Manhattan Federal Court.

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