“Play by the Rules Or We will Shut You down”- New York Attorney General Warns Crypto Industry

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New York state attorney general Letitia James today publicly warned crypto industry player to either play by the rules or the authorities will shut you down citing recent actions against Bitfinex and Tether as an example. Letitia James sent a clear message to both crypto industry players as well investors urging them to be cautious.

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Warning to Crypto Players Taking Unnecessary Risks

Letitia James said that cryptocurrencies are risky investments and investors can very well lead to high losses. She added,

“We will not hesitate to take action against anyone who violates the law. Two weeks ago, we filed a lawsuit to shut down Coinseed’s fraudulent operation,”

The attorney general cited recent action against Tether & BitFinex as an example and said that authorities won’t hesitate to take action against anyone who violates the law. She also mentioned lawsuit filed to end Coinseed’s alleged fraudulent operations as a recent action taken by authorities.

The Attorney General further said,

“Last week, we ended both Bitfinex and Tether’s illegal activities in New York. And now, today, we’re sending a clear message to the entire industry that you either play by the rules or we will shut you down.”

The Tether FUD came to an end last week with Tether proven guilty for falsely claiming each of its stablecoin token is backed by US Dollar in reserve all the time. The regulators have banned Tether and BitFinex from operating in New York.

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Sunil Sharma

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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