Texas Securities Watchdog Blocks UK Cryptocurrency Outlet

Law360, New York (January 4, 2018, 10:01 PM EST) -- Texas securities regulators issued an emergency halt of certain operations of U.K. cryptocurrency marketplace BitConnect on Thursday, saying its cryptocurrency offerings are opaque and promises to investors are unrealistically rosy.

The Texas State Securities Board said Thursday it's halted "multiple investment programs" provided by the U.K.-based company. Its investor solicitations promise returns of over 100 percent, the TSSB said, for BitConnect's own proprietary cryptocurrency, called BitConnect Coins, or BCC.

The enforcement action follows BitConnect's recent announcement that it would hold an initial coin offering, or ICO, early next week.

"BitConnect has disclosed virtually nothing about its principals, financial condition, or strategies...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!