Canadian regulators have launched a task force alongside U.S. state securities regulators in an effort to crack down on scams involving fraudulent initial coin offerings (ICOs) and cryptocurrency products, the North American Securities Administrators Association (NASAA) announced on Monday.

Regulators formed a task force in April to co-ordinate their investigations into ICOs and other crypto-related products, NASAA said in a news release.

More than 40 regulators are involved with Operation Cryptosweep, which has spawned approximately 70 investigations and 35 enforcement actions so far this month, it added.

“The persistently expanding exploitation of the crypto ecosystem by fraudsters is a significant threat to Main Street investors in the United States and Canada, and NASAA members are committed to combating this threat,” said Joseph Borg, president of NASAA and director of the Alabama Securities Commission, in a statement.

“Despite a series of public warnings from securities regulators at all levels of government, cryptocriminals need to know that state and provincial securities regulators are taking swift and effective action to protect investors from their schemes and scams,” he added.

Regulators also have a variety of other ongoing investigations into potentially fraudulent conduct that may result in additional enforcement actions, NASAA said.

“The actions announced today are just the tip of the iceberg,” Borg said; adding that the task force has found approximately 30,000 crypto-related domain name registrations, most of them have been created in the past two years.

Operation Cryptosweep aims to raise public awareness of the risks associated with ICOs and cryptocurrency-related investments.

“Operation Cryptosweep contributes to our ongoing efforts to raise awareness about potentially fraudulent activity involving cryptocurrency products,” said Leslie Byberg, executive director and chief administrative officer (CAO) of the Ontario Securities Commission, in a statement published on Tuesday.

“To avoid investment fraud, investors should always check that they are dealing with a registered individual or firm, and should carefully consider the risks associated with investing in this novel space,” Byberg added.