Texas Regulator Takes ‘Emergency’ Action Against Obvious Crypto Scam

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Travis J. Iles, the Securities Commissioner of Texas, isn’t taking any guff from a site called FxBitGlobe. Iles issued an “emergency” cease and desist order to FxBitGlobe, ordering them to quit attempting to do business with anyone in the great State of Texas.

Site Lists Fake Houston Address

The order outlines the hilarity of the scam in exhaustive detail that only a group of lawyers could manage. For one thing, FxBitGlobe lists an address in Houston which doesn’t exist. For another, they claim to be a member of the SIPC, which is easily verifiable for a regulator and is untrue. The order calls this a “misrepresentation of relevant facts.”

FxBitGlobe offers anywhere from 25 to 75% returns, depending on the amount invested. They don’t describe anywhere how they garner these returns. Setups like this are