Share this article
Maryland Targets Trading Platform Fraud as It Joins 'Cryptosweep' Effort
The second wave of Operation Cryptosweep commenced early this year resulting in 35 enforcement actions with nearly 100 pending.
By Daniel Kuhn
Updated Sep 13, 2021, 11:20 a.m. Published Aug 15, 2019, 4:45 p.m.
Maryland Attorney General Brian Frosh said Wednesday that the state’s securities market watchdog will become part of an international effort to crack down on cryptocurrency related fraud.
The state is the latest to join “Operation Cryptosweep,” an initiative led by the North American Securities Administrators Association (NASAA). As part of the second wave of the operation, 35 enforcements have been taken and nearly 100 more are pending to date.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
According to the Maryland’s top enforcer, the number of cryptocurrency-related scams has climbed recent months. Accordingly, the Maryland Securities Division has taken an enforcement action against a crypto promotion scam promising 150 percent returns on investments.
Last week, Texas officials announced they have taken 4 emergency actions against crypto firms since June.
Both governments attribute the surge in malicious initial coin offerings (ICOs) and crypto-related investment products to the rising price of bitcoin and the publicity that followed Facebook’s move to launch a cryptocurrency called Libra.
“Cryptocurrency investments are risky. Investors should be extra cautious when dealing with promoters who claim their offering does not have to be registered with securities regulators,” Frosh said in a statement.
He continued to say “returns of 150 percent are as rare as Bigfoot," a reference to the platform Maryland is moving to sanction. The division has also created a help line and educational video service that breaks down key crypto concepts for consumers.
Maryland flag photo via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
Top Stories
