Alabama Securities Regulator Shuts Down 97 Fraudulent Cryptocurrency Trading Websites – Regulation

The Alabama state securities regulator has issued a cease-and-desist order against Acoin Trading and 96 other cryptocurrency websites. The crypto investment systems promise “inflated returns,” report “fictitious account values,” and charge “undisclosed fees.”

US federal regulator orders 97 crypto trading websites shut down

The Alabama Securities Commission announced Thursday that it had filed a cease-and-desist order against . has issued 97 cryptocurrency trading sites. The announcement states:

The Alabama Securities Commission (ASC) has issued a cease and desist order against Sir Philip Zuka, owner of Acoin Trading and 96 other fraudulent crypto trading platforms.

“The order is a result of Zuka’s failure to register its investment products and to register as an investment adviser,” the regulator said, adding:

Zuka violates Alabama securities laws by promising inflated returns, reporting fictitious account values, and imposing undisclosed fees on an Alabama investor.

The regulator said an Alabama investor discovered Acoin Trading online and was intrigued by how the program could earn investors eight times their original investment in just one week.

“As a result, the investor participated in a demo and invested approximately $10,000 in Bitcoin, which was deposited into a wallet provided on the Acoin Trading website,” the ASC noted.

However, when he wanted to withdraw his funds, Zuka demanded an additional payment before funds could be withdrawn. The investor soon realized that the investment was a scam; he immediately filed a complaint with the ASC and stopped all communication with Zuka and its trading platform.

However, the regulator said the Alabama resident lost the entire investment.

According to the order, the owner of Acoin Trading was a Namecheap Inc. user named Sir Philip Zuka or Sirzuka. The order details:

'Sirzuka' has created 281 websites through Namecheap Inc. Of the 281 websites, 127 work and 96 of them work in the same way as Acoin Trading. The IP addresses come from Nigeria, Europe or the USA.

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