(CNBC) -- Regulators in the U.S. and Canada are launching a widespread crackdown on some cryptocurrency investment schemes, members of the North American Securities Administrators Association said Monday.
More than 40 state and provincial watchdogs are participating in "Operation Crypto-Sweep," which has triggered at least 70 investigations so far. The coordinated effort, first reported by The Washington Post, focuses on a cryptocurrency fundraising process known as initial coin offerings, as well as other "investment schemes."
"Although the international task force's work is far from complete, my suspicions have already been confirmed: The market for cryptocurrency investments is saturated with fraud, and our work is only revealing the tip of the iceberg," said Joseph Rotunda, director of enforcement at the Texas State Securities Board.
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