SEC accuses South Florida crypto executives, company of ‘fraudulent’ $30M securities offering

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    The U.S. Securities and Exchange Commission accused Blockchain Credit Partners and two of its South Florida-based executives with raising $30 million through allegedly fraudulent securities offerings in the agency’s first case involving securities tied to decentralized finance technology.

    Cayman Islands-registered Blockchain Credit Partners, operating as DeFi Money Market, offered and sold unregistered securities from February 2020 to February 2021, according to an SEC cease-and-desist order released Aug. 6. The agency alleges the company used smart contracts stored on blockchain to sell two kinds of cryptocurrencies, all while “misleading” investors about the business’s operations and profits.