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The letter cites registration duties for dealers, brokers, and salespersons, references potential civil remedies, and requires confirmation of cessation within ten days. 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The recipient must also preserve physical and electronic records and take steps to prevent evidence modification or destruction.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},276985,1790327669,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":40,"category_name":41,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":76,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":9},4398048950312,"https://ap-avatar.wpscdn.com/avatar/400002538284de19e3c?_k=1778320343897328908","STATE OF NEW YORK OFFICE OF THE ATTORNEY GENERAL  \nLETITIA JAMES ATTORNEY GENERAL  \nDIVISION OF ECONOMIC JUSTICE INVESTOR PROTECTION BUREAU  \nOctober 18, 2021  \nRe:  Dear  :  \nThe Office of the Attorney General (“OAG”) is in possession of evidence that   (and/or its affiliates, referred to hereinafter as ) is unlawfully selling or offering for sale securities and/or commodities within or from the State of New York without having registered as required by the Gen. Bus. Law § 352 et seq. (the “Martin Act”) . I write to demand that, within ten days,  cease any and all such activity and confirm to the OAG the activity has ceased, or explain why the OAG should not take further action, including seeking all relief permitted by law.  \nThe OAG has, for several years, expressed its concern that virtual currency businesses – including trading platforms, issuers, and those engaging in purchase or sale of assets on behalf of clients – are exposing New Yorkers to significant undisclosed risks.1 Recently, the OAG reminded industry players that if they conduct activity within or from the State, they must be properly registered with this office, and/or other applicable governmental authorities.2  \nThe Martin Act imposes registration requirements on those who offer or sell securities or commodities within or from the State. With respect to securities, it provides that “[i]t shall be unlawful for any dealer, broker or salesman to sell or offer for sale to or purchase or offer to purchase from the public within or from this state, any securities issued or to be issued, unless and until such dealer, broker or salesman shall have filed with the department of law a registration statement as provided herein.” Gen. Bus. Law § 359-(e)(3) . Those engaged in such  \n1 Office of the Attorney General, Virtual Markets Integrity Initiative Report (2018); Office of the Attorney General, Investor Alert: Virtual Currency Risks (2021) .  \n2 Office of the Attorney General, Industry Alert: Registration of Commodity Brokers-Dealers, Salespersons, and Investment Advisors Doing Business Relating to Virtual or “Crypto” Currency (2021) .  \n28 LIBERTY STREET, NEW YORK, NY 10005 ● PHONE(212) 416-6544 ● FAX(212) 416-8139 ● WWW.AG.NY.GOV  \nPage 2 of 3  \nunregistered activity have committed a fraudulent practice under the Act, which may lead to the imposition of civil remedies. Gen. Bus. Law § 352(1) .  \n is unlawfully selling or offering to sell its  and  , both a security, within this State without having registered as required. The  \n and  are securities under the Martin Act because they promise a rate of return to investors, and deliver that return by (for instance)  trading with, or further lending or hypothecating, those virtual assets. Gen. Bus. Law § 352(1) (defining “any stocks, bonds, notes, evidences of interest or indebtedness or other securities . . . or negotiable documents of title, or foreign currency orders, calls or options therefor hereinafter called security or securities.”); All Seasons Resorts v. Abrams, 68 N.Y.2d 81, 87 (1986); People v. Van Zandt, 43 Misc. 3d 563, 569 (Sup. Ct., Bx. Cnty. 2014) . These defined categories of instruments are not exhaustive; other instruments or arrangements can be (and have been) deemed securities under the Act, which is to be read broadly to effectuate its remedial nature.  \n is serving as a dealer, broker, or salesperson because its interest-bearing products, securities, are openly available for use by New York users. As noted above, the OAG is in possession of evidence that  is operating this business within and from the State in that its products are offered to, and utilized by, New York users. A search of the OAG’s registration files has determined that  is not registered with this Office as a broker, dealer, or salesperson.  \nAdditionally,  dealing in bitcoin and other virtual currencies within this State without having registered is also unlawful. Certain virtual currencies have been recognized by courts in New ","cbCaibvxej6o9JHo","https://ap.wps.com/l/cbCaibvxej6o9JHo","pdf",146730,"English","# Investor Protection Demand\n## Notice to Cease Unregistered Activity\n## Martin Act Registration Requirements\n## Evidence Preservation and Contact Information","[{\"question\":\"What activity does the letter demand the recipient stop?\",\"answer\":\"The recipient is required to cease unlawfully selling or offering for sale securities and/or commodities, including virtual currency interest-earning arrangements, within or from New York without the required registration.\"},{\"question\":\"What legal framework does the letter cite for registration requirements?\",\"answer\":\"The letter relies on New York’s Martin Act, explaining that offering or selling securities or commodities within or from the state requires proper registration, and unregistered activity can lead to civil remedies.\"},{\"question\":\"What deadlines and obligations does the recipient face?\",\"answer\":\"The recipient must confirm within ten days that all such activity has stopped or explain why further action should not be taken. The recipient must also preserve physical and electronic records and take steps to prevent evidence modification or destruction.\"}]","Cease and Desist Letter - Unregistered Virtual Currency Securities/Commodities Activity | PDF",1789496740]