The California Department of Financial Protection and Innovation has ordered the cryptocurrency trading platform CryptoFX to cease operations for violating the state's securities laws

ChainCatcher news, the California Department of Financial Protection and Innovation (DFPI) has ordered the cryptocurrency trading platform CryptoFX to cease operations, stating that it violated California securities laws and accused CryptoFX of offering and selling unqualified securities while making substantial false statements to investors.

According to dozens of complaints submitted to the DFPI, CryptoFX failed to deliver the promised returns on its claimed investments, thereby deceiving investors and causing them to suffer significant financial losses. (Source link)