Cryptocurrency Platform Hit with Motion for TRO, Preliminary Injunction, and Receiver Appointment

  • New York AG Letitia James moved to stop cryptocurrency trading platform Coinseed, Inc. (“Coinseed”) from allegedly executing unauthorized trades and acting as an unregistered commodity broker-dealer.
  • As previously reported, in February 2021 AG James sued Coinseed over allegations that it operated illegally and defrauded investors in violation of New York’s Martin Act by raising funds in an unregistered securities offering and deceiving investors with false claims about its staff’s expertise and experience.
  • The motion seeks a temporary restraining order, a preliminary injunction, and the appointment of a receiver to safeguard investors’ funds.