The US SEC has taken emergency measures against BKCoin Management


The US Securities and Exchange Commission has taken emergency measures against BKCoin Management in connection with their alleged fraudulent activities. The company is alleged to have raised about $100 million from 55 investors, misusing the money to purchase luxury goods and operate a Ponzi scheme.

Eric Bustillo, head of the regional office of the Securities and Exchange Commission in Miami, noted that Kevin Kang, one of the main figures in BKCoin Management, allegedly diverted about $371,000 from the investment to buy a flat and forge documents. He also noted that these defendants took advantage of the funds, created false documents and ran a fraudulent Ponzi scheme.

The US SEC found that BKCoin Management and Kevin Kang illegally used approximately $3.6 million to create a pyramid scheme while ignoring the rules of the respective funds. Consequently, their assets have been frozen and new actions are being taken against them.

SEC chief Gary Gensler has stated that most virtual currencies (with the exception of bitcoin) will be treated as securities by the regulator; this is indicated by recent court cases brought against major cryptocurrency companies.

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