US and Canadian financial regulators launched 70 probes of cryptocurrency frauds, with 35 of them already completed or nearing their ending.

According to the North American Securities Administrators Association (NASAA), founded in 1919, the operation is called "Operation Crypto-Sweep."

The financial authorities announced that they launched probes of various unregistered ICOs and offers of securities that promise significant income without informing investors of correlated risks. Regulators have already sent notices to several such projects, including those using fake addresses or founders' photos on their websites to attract investors. More serious measures to counter fraud investors will be taken later.

"The actions we took to date are just the tip of the iceberg," said Joe Borg, NASAA president and director of the Alabama Securities Commission.

Additionally, the regulators asked everyone to inform about possible scam projects, and investors were advised to be more vigilant in search of start-ups for investment.

The operation aimed to identify crypto scams is the result of growing attention to the field of virtual currencies on behalf of US regulators, such as the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC).