Update: The Ico 80'S Activity Star Steven Seagal Was Promoting Has Been Ordered To Near Down.
Now, the New Bailiwick of Jersey Bureau of Securities has issued them a cease together with desist order.
The celebrity endorsement itself may convey likewise been illegal, citing a previous SEC directive that whatever celebrity endorsement of an ICO should reveal the nature, scope, together with sum of compensation paid to the celebrity.
The contention from the NJ Bureau of Securities reads:
“The Bitcoiin Websites create non reveal what expertise, if any, Steven Seagal has to ensure that the Bitcoiin investments are appropriate together with inward compliance amongst federal together with dry soil securities laws. Additionally, at that topographic point are no disclosures every bit to the nature, scope, together with sum of compensation paid past times Bitcoiin inward telephone substitution for Steven Seagal’s advertisement of the Bitcoiin investments.”
While at that topographic point are no novel announcements posted inward straight reply to the cease together with desist, an older post from when Bitcoiin starting fourth dimension started receiving criticism titled 'PRESS RELEASE: TO CLARIFY SOME FACTS AND RESPONSE ON ALLEGATIONS' says:
"...we are non an MLM companionship or whatever Pyramid Scheme or Scamming people, all of these allegations are imitation together with only an endeavor to discourage people from becoming a exercise of the Bitcoiin2Gen, Crypto-Currencies, together with Crypto-economies."
Unfortunately, fifty-fifty if everything they tell is truthful - that leaves enough of ruby-red flags. The site owners are remaining anonymous (remember Bitconnect?) together with they're promoting an Ethereum based ERC20 token but named it later a misspelling of Bitcoin - which appears to hold upwards a bold endeavor to confuse people novel to cryptocurrency.
Author: Adam Lee
Asia News Desk
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