Vermont orders cryptocurrency company to cease in state

MONTPELIER, Vt. (AP) — Vermont financial regulators have ordered a California company to stop trying to raise money in the state for its newly created cryptocurrency.

The Vermont Department of Financial Regulation said Monday it had issued a cease and desist order to LevelNet of Irvine, California, for violations of the state’s Uniform Securities Act.

The state says LevelNet is conducting an initial coin offering seeking to raise money from investors across the country for its cryptocurrency, but it is not registered to do business in Vermont.

LevelNet says it has “discontinued all sales and promotional efforts related to crypto token offerings” in the U.S. The company says it “spent a lot of time” trying to meet U.S. regulatory and legal requirements, but is now “forced to exit” the U.S. market.

Categories: California News