ZZZ Coin runs into trouble in Quebec

Maria Nikolova

Quebec’s Financial Markets Administrative Tribunal shows no mercy to a coin that claims to fight against volatility in the cryptocurrency markets.

As cryptocurrency scams proliferate, the volume of regulatory action against such fraudulent schemes also grows. Several days ago, the Financial Markets Administrative Tribunal (TMF) of Quebec published its decision against one more such scheme hiding behind the catchy name “ZZZ Coin”.

This coin, as its rather drowsy name suggests, aims “to fight against volatility on the cryptocurrency markets”.

The regulatory investigation has shown that several associated entities – Antivolatility Coin, ZZZ Coin, Power Invest Group, as well as two individuals linked to these entities – Frank Bernier and William Bolduc, have solicited investments from the public to participate in an emission of a cryptocurrency. Quebec’s financial markets regulator has explained that such activities require registration of a prospectus. But none of the entities had the necessary registration in Quebec and none has submitted the necessary prospectus.

TMF has issued prohibition orders against the defendants. They are all prohibited to engage in any investment activities in Quebec and to solicit Quebec investors. In addition, the Tribunal ordered the defendants to close the website antivolatility.com which promotes ZZZ Coin. They are also ordered to withdraw all sorts of advertising and marketing materials associated with their investment activities.

This is not the first time that the TMF has to act against cryptocurrency scams. In February this year, for instance, it extended the duration of restraint orders against Dominic Lacroix, DL Innov inc. (operating as PlexCorps and PlexCoin), Micro-Prêts inc. and Gap Transit inc. The orders prohibit the defendants from all activities involving securities and from providing investment advice. The orders also freeze the assets of the defendants and prohibit them from operating with the funds obtained from investors.

PlexCoin is also targeted by the Securities and Exchange Commission (SEC) in the United States. The US regulator has recently turned to the Quebec Superior Court for help after witnesses in the case targeting PlexCoin ICO scammers refused to appear to testify in New York.

Read this next

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

<