In a row of protecting investors, Italian regulators have banned investments in two cryptocurrency projects – Bitsurge Tokens and Green Energy Certificates. It’s not only Italian regulators firing the illicit crypto activities but also regulators from HongKong and Australia too have also cracked down recently.
— CoinGape (@CoinGapeMedia) December 18, 2018
According to the reports, Italian regulator, Commissione Nazionale per le Società e la Borsa (CONSOB) have banned two cryptocurrency investment for the period of 90 days with the mission to protect local investors.
Among these two banned investment projects, one of its projects called Bitsurge promises ‘special token contracts’ that lets investors earn six percent monthly revenue over the initial investment of $10000. Whereas the other project is known as ‘Green Energy Certificate’ speaks about hasty blockchain tokens backed by plots of land in the Costa Rican rainforest. With this out of the blue plan, they seem to offers six percent annual returns on purchased land’. As such, the marketing material read ‘Green Energy Certificate’ offerings as follows;
“The purchased rainforest areas will be sold on the Green Earth platform (at 80 percent of the purchase price), [with six percent] of annual income distributed at 0.5 [percent],”
CONSOB in Italy is much similar to the Securities and Exchange Commission’s (SEC) continuously eyeing on killing the bad market players. However, reports said that the CONSOB criticize one of the blockchain based education firm called ‘Avalon life’. it says that Avalon Life is responsible behind the hustle scheme of Bitsurge Tokens and Green Energy Certificates.
What do you think about such hasty offerings by these platforms? what’s the best way to handle illicit crypto activities? Let’s discuss.