North Dakota Slaps Russian ICO Passing Off as Union Bank AG with Cease and Desist

The securities commissioner of North Dakota has issued Russia’s Union Bank Payment Coin with a Cease and Desist Order.

According to Karen Tyler, North Dakota’s securities commissioner, Union Bank Payment Coin promoted unregistered securities that were potentially fraudulent via an Initial Coin Offering (ICO). This came on the back of investigations done by North Dakota Securities Department’s ICO Task Force which is tasked with the responsibility of identifying ICOs and other crypto-related investments that pose a risk to investors in the Peace Garden State.

Per the North Dakotan securities commissioner, the Union Bank Payment Coin is attempting to pass off as an initiative of Liechtenstein’s Union Bank AG which earlier this year announced plans to issue its own security tokens and a stablecoin pegged to the Swiss Franc.


Share this: