We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

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,...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.