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...

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