Coinseed Inc, an automated crypto investing app, is facing allegations of defrauding investors and breaking U.S. registration laws in a pair of legal actions brought Wednesday by the U.S. Securities Exchange Commission and the State of New York.

The app-based service bilked investors of $1 million through hidden fees, false claims and a flopped token, New York Attorney General Letitia James alleged in her state’s suit. She charged Coinseed, which did not have a BitLicense or federal clearance, with running an unregulated securities and commodities trading shop.

Coinseed faces a related suit from the SEC, James said in her press release. Those federal-level filings were not available at press time Wednesday.

This story is developing and will be updated.


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Automated Crypto Investing App Coinseed Faces Fraud Charges In NY, SEC Suits

by Mario Herndon
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