Texas Securities Commissioner issues Emergency Cease and Desist Order against FxBitGlobe

Maria Nikolova

The entity is using a phony address and is falsely claiming that it is registered as a broker-dealer and investment adviser.

US authorities continue their efforts to put an end to cryptocurrency-related fraud. Texas Securities Commissioner Travis J. Iles has taken emergency action to stop an international offering of cryptocurrency and FX investments by an entity using a phony address and falsely claiming that it is registered as a broker-dealer and investment adviser.

The Commissioner has entered Emergency Cease and Desist Order against FxBitGlobe, a company that claims to be one of the world’s leading investment companies that is trading cryptocurrencies, foreign currency, binary options, and insurance investments. FxBitGlobe says it was founded in 2014 and has locations in Houston, the United Kingdom, Germany, China, and Malaysia.

FxBitGlobe is offering investments in products tied to cryptocurrencies, forex, binary options, and insurance. The company is promising monthly returns of between 25% and 70%, depending on the size of the initial investment.

The company is intentionally failing to disclose any information about how it can generate those returns, however.

Furthermore, FxBitGlobe is telling potential investors that any risks associated with the investments are described in filings with the Securities and Exchange Commission. There are no such filings, according to the order, and FxBitGlobe is not, as it claims, registered with the SEC and the Financial Industry Regulatory Authority.

Besides claiming phantom registrations with regulators and non-existent regulatory filings, FxBitGlobe is providing investors an address in Houston that does not exist.

In addition to offering unregistered investments, the company is recruiting unregistered sales agents and promising them a commission equal to 5% of a new client’s principal investment.

FxBitGlobe has 31 days to challenge the order at the State Office of Administrative Hearings in Austin.

In a similar action in November 2018, the Securities Commissioner of the State of Texas has issued an Emergency Cease & Desist Order against My Crypto Mine and Mark Steven Royer. The C&D Order states that My Crypto Mine is issuing investments that have not been registered and that the respondents have not been registered with the Securities Commissioner as dealers or agents. The respondents have failed to disclose a raft of material facts, including ones concerning the business repute, as well as details about the purported crypto mining operations of My Crypto Mine. For instance, there is no information on the type of hardware used to mine cryptocurrencies.

Read this next

Digital Assets

Valkyrie pulls back on Ether futures merge with Bitcoin ETF

Valkyrie Funds LLC will suspend the purchase of Ether (ETH) futures contracts for its Valkyrie Bitcoin and Ether Strategy ETF (BTF.O). Additionally, the firm will unwind any positions in Ethereum that it has already acquired.  

Digital Assets

Hong Kong police arrest 18 in $1.5B billion JPEX fraud

The investigation into the JPEX crypto exchange scandal continues to unfold as Hong Kong and Macau police arrest four more individuals. These arrests, which include individuals considered “relatively close to the core” of the scandal, bring the total number of detentions to 18.

Digital Assets

Gemini tells Dutch users to withdraw assets by November 17

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, announced that it will cease providing services to customers in the Netherlands, citing regulatory requirements imposed by the country’s central bank.

Digital Assets

SEC puts BlackRock, Valkyrie, and Bitwise Bitcoin ETFs on hold

The U.S. Securities and Exchange Commission has delayed its decisions on several bitcoin exchange-traded fund (ETF) proposals, leaving many in the crypto industry feeling pessimistic for any future blessing from the agency.

Digital Assets

Ripple backs out of Fortress Trust acquisition

Ripple has decided to cancel its planned acquisition of Fortress Trust, a custodian company, less than a month after initially announcing the agreement.


France regulators blacklists 21 FX brokers, FuturBTC

France’s financial markets regulator, the Autorité des Marchés Financiers (AMF), today shed light on several unregulated forex brokers representing their offering under several brands. Notably, the AMF has identified only one crypto-assets provider in its latest warning.  

Digital Assets

Flare and Arkham Collaborate for Enhanced Decentralized Data Access

Flare’s blockchain for decentralized data acquisition integrates with Arkham’s Intelligence Platform, offering users advanced analytics and actionable on-chain insights.

Industry News

iFX EXPO International 2023 Successfully Concludes

The most talked about financial event of the year took place in Limassol, Cyprus.

Retail FX

Plus500 Forex Garners Market Attention In The Latest Expert Ranking

Securing the 58th spot in Traders Union’s Best Forex Brokers of 2023 ranking, Plus500, despite its cautionary overall score of 6.3 out of 10, stands out for its stringent regulatory compliance, user-centric WebTrader platform, and a commendable focus on account security, though it lags in providing advanced trading tools and trust management features.