„Gold-Backed“ Crypto Token“s Promoter Investigated by Florida Regulators

A German company that claimed to raise $100 million in a 2018 initial coin offering (ICO) is being investigated by Florida financial regulators, CoinDesk has learned.

Florida regulators are investigating Karatbars, a German company that“s been promoting a token tied to a Miami „crypto bank“ without any banking license in the state.

– Karatbars previously issued a cryptocurrency purportedly backed by gold, but CoinDesk has been unable to verify the existence of the mine the company says produced the gold.
– Before it entered the crypto space, Karatbars sold gold products online through an affiliate marketing system that regulators in three countries warned the public to avoid.
– CoinDesk interviewed three of Karatbars“ current „affiliates,“ who said they passionately believe in the company and its tokens.

Here are the links to the research and facts of CoinDesk:



Author: Leigh Cuen
Oct 4, 2019 at 12:00 UTC Updated Oct 4, 2019 at 19:12 UTC

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