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Unregistered ICO’s Under Investigation By DORA In Colorado.

Department of Regulatory Agencies ‘DORA’ in Colorado has recently disclosed its plans to asses three crypto-based company’s providing “unregistered Initial Coin Offerings” within the state as a part of its investigation into a dishonorable practice to victimize investors.

The investigation is being conducted by the members of the Division of Securities. The announcement from DORA reads in part as:

“The firms that received the orders are Bionic Coin, Sybrelabs Ltd. (also referred to as Cryptoarb), and Global Pay Net (also referred to as Glpn Coin and Gpn Token). Previous orders were submitted to Bitcoin Investments Ltd. (also doing business under the name Db Capital), Estatex, Bitconnect Ltd., and Magma Foundation (doing business as Magma Coin).”

The Commissioner has also signed the “orders to point out cause” that is a notice sent to business to defend their case in court by explaining their business operations. The court orders were issued on Aug. 24, this year. However until now, none of the company’s have answered, the report notes.

Bionic Coin, one among the company’s being investigated guarantees investors that invest in their ICO token (BNC) will see a wild growth of their “money with none effort.” The website further goes on to displaying list the logos of media partners like Forbes magazine. The site additionally incentivizes users to boost the coin on social media for an opportunity to receive tokens from the exchange.

Their is a similar story line for Sybrelabs and Global Pay Net. Sybrelabs Ltd, also referred to as Crypotarb cheers its investors to encourage investment pool and is offering massive percentages of profits for minimum participation of $25 USD, up to soliciting “active investment portfolios” of $25,000 USD or more.

Global Pay Net is claimed to be a global platform with its native token (GLPN) that equates possession within the business. The firm additionally guarantees around 80 Percent stake within the business for investors, and it lists digital currency specialists as advisors, two of whom, has denied involvement with the firm.

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