- The California Department of Financial Protection and Innovation (DFPI) has cracked down on 11 cryptocurrency companies that are accused of violating California securities laws.
- The state’s regulator further noted that the operations are accused of running a pyramid or Ponzi scheme.
- The 11 desist and refrain orders issued on Tuesday detail that the entities allegedly offered “classic examples of high yield investment programs (HYIPs)”.
California Launches Crackdown on 11 Crypto Firms Accused of Operating Ponzi Schemes
