The Securities Division of the Tennessee Department of Commerce and Insurance (TDCI) is cautioning residents about a project called “Bitcoiin”, backed by the famous actor Steven Seagal.
Citing New Jersey’s cease-and-desist order up against the startup, the Tennessee article says that Bitcoiin was offering securities in the state of hawaii, but hadn’t recorded with the TDCI Securities Department. Similarly, no teams associated with the project experienced signed up with the division.
Bitcoiin, a “second-generation bitcoin” job predicated on the ethereum blockchain, aspires to help buyers raise funds by way of a staking and depository process, but perhaps its perhaps most obviously characteristic is the affiliate compensation program for many who send others to the job.
NJ also mentioned that Bitcoiin didn’t disclose repayment information about its designers, authority, employees or its brand ambassador, Seagal. The order, that was filed previously this month, was an attempt to safeguard cryptocurrency traders in the state of hawaii from what is actually a fraudulent securities sales, as recently reported.
New Jersey’s legal professional basic, Gurbir Grewal, said at that time that “while super star endorsements can truly add to the enthusiasm and hoopla of cryptocurrency-related investment funds, they don’t guarantee an investment is reasonable or even legal.”
The TDCI caution included a reminder that Tennessee residents should be “cautious when buying cryptocurrencies,” simply because they “aren’t guaranteed by tangible belongings,” and are in the same way not covered or regulated.
TDCI helper commissioner Frank Borger-Gilligan said buying such tasks can be dangerous.
“Rushing into an investment you do not grasp can be harmful to your important thing. We encourage Tennesseans to always perform detailed research to learn the dangers from the investments they are thinking about.”