Texas Regulator Bars BitConnect From In-State Activitiesbr>
The Texas Securities Commissioner has entered an Emergency Cease and Desist Order to halt trading through BitConnect, a UK crypto community platform that offers multiple investment options using its own coin, BCC.
The coins are unregistered securities, the Texas Securities Commissioner ruled. and offers users investments in “programs that the company claims will deliver annualized returns of 100% or more.”
“The Securities Commissioner found that the BitConnect investments are securities, but were not registered as required by the Texas Securities Act and State Securities Board Rules and Regulations,” said the statement. “In addition, the company is not registered to sell securities in Texas.”