The Securities Commission of the state of Alabama, USA, has proclaim Cease and desist orders for Acoin Trading and 96 other crypto sites. These are all crypto investment systems that promise “excessive returns”, report “fictitious account values” and charge “undisclosed fees”.

“The Alabama Securities Commission (ASC) has issued an injunction against Sir Philip Zuka, the owner of Acoin Trading and 96 other fraudulent crypto trading platforms.”

“This mandate is the result of Zuka neither registering its investment products nor registering as an investment advisor. He violated Alabama securities laws by promising excessive returns, reporting fictitious account values, and imposing undisclosed fees on an Alabama investor.

The regulator stated that an Alabama investor discovered Acoin Trading online and was intrigued by how the program returned investors eight times their original investment in just one year.

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

However, if that user wants to withdraw, Zuka will ask for additional payment before funds can be withdrawn. The investor quickly realizes that the investment is a scam; he immediately filed a complaint with the ASC and stopped all communications with Zuka and its trading platform.

However, the regulator says the users have lost all of their investment amount.

According to the order placed, the owner of Acoin Trading is a user Namecheap Inc. named Sir Philip Zuka or Sirzuka.

“Sirzuka has created 281 websites through Namecheap Inc. Out of 281 sites, 127 are active and 96/127 are running similar to Acoin Trading. IP addresses from Nigeria, Europe or the USA ”.

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