Karen Tyler, the securities commissioner of US state of North Dakota, has issued a cease and desist order against a fake initial coin offering (ICO) project, called Union Bank Payment Coin (UBPC). The company was offering unregistered securities to the state’s investors and engaging in “potentially fraudulent” activities by imitating a real cryptocurrency project by Liechtenstein’s Union Bank, Tyler said on Monday.

The UBPC website, unionbankingag-invest.com, was visually similar to the bank’s official internet home – unionbankag.com. The fake ICO claimed that it would create “world’s first security token backed by a fully licensed bank.” …

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