- 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.
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