Home / CRYPTOCOINS / Steve Seagal-Backed ‘Bitcoiin’ ICO Hit with Regulator Warning

Steve Seagal-Backed ‘Bitcoiin’ ICO Hit with Regulator Warning

The Securities Partition of the Tennessee Department of Commerce and Insurance (TDCI) is warning residents connected with the Steven Seagal-backed “Bitcoiin” project.

Citing New Jersey’s cease-and-desist require against the startup, the Tennessee report states that Bitcoiin was sacrifice securities in the state, but had not registered with the TDCI Securities Division. Similarly, no series affiliated with the project had registered with the department.

Bitcoiin, a “second-generation bitcoin” extend out based on the ethereum blockchain, aims to help investors raise subsidizes through a staking and depository process, but perhaps its most notable peculiarity is the affiliate reward program for those who refer others to the project.

New Jersey also acclaimed that Bitcoiin did not disclose payment information about its developers, regulation, employees or its brand ambassador, Seagal. The order, which was filed earlier this month, was an pains to protect cryptocurrency investors in the state from what could be a crafty securities sale, as previously reported.

New Jersey’s attorney general, Gurbir Grewal, demanded at the time that “while celebrity endorsements can add to the excitement and hype of cryptocurrency-related investments, they do not assurance that an investment is sound or even legal.”

The TDCI warning classified a reminder that Tennessee residents should be “cautious when establishing in cryptocurrencies,” given that they “are not backed by tangible assets,” and are similarly not insured or balanced.

TDCI assistant commissioner Frank Borger-Gilligan said investing in such contracts can be risky.

“Rushing into an investment that you don’t fully understand can be bad for your backside line. We encourage Tennesseans to always conduct thorough research to learn the gambles associated with the investments they are considering.”

Steven Seagal figure via Shutterstock

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