The California Department of Financial Protection and Innovation (DFPI) issued cease-and-desist orders against 11 unknown cryptocurrency companies on Tuesday, alleging that they were misappropriating consumer cash or violating state securities rules. The regulator even questioned if the organizations, which included Elevate Pass LLC and Metafi Yielders, were genuinely providing the services they claimed. The regulator added that “Each of the 11 entities allegedly offered and sold unqualified securities and 10 of them also made material misrepresentations and omissions to investors.” Previous schemes aimed at potential investors have offered high-yield investment products in other areas like as oil and gas, according to the regulator.
