WA State announced Wednesday they have received $29,000 as part of a $3 million dollar settlement with a Florida-based cryptocurrency company.
TradeStation was selling in WA without a license
TradeStation is a company that offers a variety of investments and platforms for trading and dealing in cryptocurrency. However, they were selling in WA without a license. WA State’s share of the money is from a multi-state lawsuit filed with the Securities and Exchange Commission as well as the states of Alabama. Mississippi, North and South Carolina, Ohio, and Wisconsin.
According to the WA State DFI: (department of financial institutions)
“The investigation revealed that TradeStation offered a crypto interest-earning program to Washington investors, in the form of an interest feature associated with investor digital trading accounts. Under this program, investors passively earned interest on crypto assets by loaning them to TradeStation. TradeStation maintained total discretion over the revenue-generating activities utilized to earn returns for investors. The company offered and promoted their crypto interest-earning program in Washington and the United States at large via its website and various platforms without a license to do so. “
In addition, the company has agreed to refrain from any future offering, selling or renewing previous programs without a license in WA state.
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