The North Dakota Department of Securities issued a decree to immediately terminate the illegal activities of the Russian ICO project, posing as Liechtenstein Union Bank AG to promote "unregistered and potentially fraudulent securities." This is reported by CoinDesk.
The statement by Commissioner Karen Tyler states that the Union Bank Payment Coin (UBPC) ICO project website “directly copied” elements of the Union Bank website, including style, graphic and textual design.
Declaring that it is releasing "the world's first security token secured by a licensed bank", and offering "stablecoin fully secured with a fiat currency, the Swiss franc", UBPC tried to mislead investors using an official statement issued by a regulated and licensed bank from Liechtenstein to issue own blockchain assets.
While the Union Bank website’s IP address is in Liechtenstein, UBPC is located in Russia and is registered to a private person, Tyler noted.
In October, the North Dakota Department of Securities issued a decree to terminate the activities of Crystal Token, Life Cross Coin and Advertiza Holdings, offering "unregistered and potentially fraudulent securities under the guise of ICO."