Troubled Steven Seagal-endorsed ICO issued with a shutdown notice from NJ regulator
|- The blockchain was attempting to sell unregistered securities to the members of the public.
- The firm failed to disclose necessary information raising anonymity questions.
The Bureau of Securities of New Jersey state in the US has issued a cease-and-desist notice to Bitcoiin’s Initial Coin Offering (ICO). The famous actor, Steven Seagal have endorsed the ICO. The regulatory authority when issuing the shutdown noticed said the blockchain company was attempting to sell unregistered security tokens to the public.
Steven Seagal brought more attention to the project when he tweeted about it saying, “Friends, I wanted to announce that @Bitcoiin2Gen will soon be listed on some of the biggest exchanges globally. Stay tuned for more information coming very shortly.”
Lack of information was the other driving factor that led to the decision: “Bitcoiin’s developers, officers, managers, employees, controllers, and/or directors are anonymous.” The celebrity’s involvement in Bitcoiin was also questioned by the New Jersey Bureau of Securities citing undisclosed compensation for promoting the project as per the federal state securities laws.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.