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New York Attorney General Letitia James announced Wednesday that her office has filed charges against crypto investment app startup Coinseed and two of its executives.

In a statement, James accused Coinseed and its leadership of “unlawfully trading cryptocurrencies, like Bitcoin, without being a registered broker-dealer in New York, while simultaneously failing to disclose certain fees associated with the trading of virtual currencies on their investor’s behalf.” CEO Del Davaasambu and CFO Sukhbat Lkhagvadorj were also named as defendants in the NYAG’s court filing, which was submitted in the New York County State Supreme Court.

Per the statement, the NYAG lawsuit aims to “stop Coinseed and the two individual defendants from further operating as unregistered commodities broker-dealers through their mobile application, as well as return investments of Coinseed’s worthless cryptocurrency, the CSD token.”

“For over three years, Coinseed and its executives flagrantly and illegally violated New York state laws, but the corporate greed perpetrated by Coinseed while committing fraud against thousands of investors ends now. This lawsuit should send a clear message to all those trading cryptocurrencies that my office will work tirelessly to ensure transparency and fairness in the market and will not hesitate to protect investors’ wallets against all those who seek to defraud them,” James said in a statement.

Coinseed did not immediately respond to an emailed request for comment.

Read a copy of the complaint below:

Complaint by MichaelPatrickMcSweeney on Scribd

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