Virtual Currency
TrustTokenAbout
Important information
- Government Actions:Government Action: BBB reports on known government actions involving business’ marketplace conduct:TrustToken Inc.
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On September 24, 2024, TrustToken Inc. agreed to settle charges (case: 3:24-cv-06684) brought against the company by the Securities and Echange Commission (SEC).
The settlement stems from allegations alleging TrustToken violated the Securities Act of 1933 along with certain antifraud provisions of federal securities laws when they sold the crypto asset TrueUSD without being registered with the SEC. According to court documents it is also alleged the business marketed their investment opportunities as safe and trustworthy by stating they were fully backed by US dollars, not disclosing to investors that they had invested large amounts of their assets in risky, offshore investment funds. Allegedly, by 2022 TrustToken became aware of redemption issues at the offshore fund but continued to make false statements to investors.
Without admitting or denying the allegations, TrustToken has agreed to stop violating applicable provisions of Federal Securities laws and will pay a civil penalty of $163,766.
About This Business
Years in Business: 9
Business Details
- BBB File Opened:
- 6/12/2019
- Business Started:
- 12/28/2015
- Business Incorporated:
- 12/28/2015
- Type of Entity:
- Corporation
- Alternate Names:
- Trustlabs, Inc.
- TrustToken, Inc.
- Business Management:
- Mr. Alexander de Lorraine, President
- Number of Employees:
- 30
Additional Contact Information
- Principal Contacts
- Mr. Alexander de Lorraine, President
- Customer Contacts
- Mr. Alexander de Lorraine, President
- Additional Email Addresses
- Primary: Email this Business
Licensing information
This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
Additional Information
- Business Categories
- Virtual Currency, Currency Exchange
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