Tennessee securities regulator has warned consumers in the state against the cryptocurrency investment company Bitcoiin B2G (Bitcoiin2Gen), which is alleged to have promoted the sale of unregistered securities in the State of New Jersey. Bitcoiin has nothing to do with Bitcoin, the largest digital currency.
The New Jersey Bureau of Securities had on March 7 issued a cease-and-desist order to an initial coin offering (ICO) by Bitcoiin. New Jersey alleged that Bitcoiin was engaging in fraud in connection with the offer for sale of securities.
Bitcoiin was offering "investments to the general public, including the residents of New Jersey in its Bitcoiin ICO and 'Bitcoiin Staking Program'" through a website that "projects that each B2G will be worth $388 by December 2018."
The Tennessee Department of Commerce & Insurance's (TDCI) Securities Division is now cautioning consumers against investing in Bitcoiin. The regulator noted that none of the companies, promoters, or investments related to Bitcoiin are registered with the TDCI Securities Division.
TDCI has also urged consumers in the state who have already invested in Bitcoiin to contact it.
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"Rushing into an investment that you don't fully understand can be bad for your bottom line. We encourage Tennesseans to always conduct thorough research to learn the risks associated with the investments they are considering," said TDCI Assistant Commissioner Frank Borger-Gilligan.
Cryptocurrency exchange Bitcoiin is seeking to capitalize on the popularity of Bitcoin, and offering its own cryptocurrency and other crypto-related investments through its website, social media, and its purported official brand ambassador, actor Steven Seagal.
Bitcoiin made headlines in February after the Hollywood action star of the 1990s publicly endorsed the cryptocurrency offering through his official Twitter account. The tweet from Team Seagal on February 20 said, "Steven has just become the worldwide ambassador for the Bitcoiin 2nd Generation crypto currency."
Bitcoiin had earlier announced it would be conducting an ICO of its cryptocurrency B2G starting on March 26, with a pre-ICO period of sixty days.
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