Steven Seagal-endorsed ICO Biitcoin2Gen must stop selling to New Jersey residents, authorities have ruled.
The summary order, filed by State of New Jersey Bureau of Securities (BoS), accuses the entities behind Bitcoiin2Gen (B2G) of “fraudulently offering unregistered securities in violation of the Securities Law.”
The move comes after US national regulators the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) both vowed to continue close monitoring of ICOs available to US consumers last month.
“The Bitcoiin Websites do not disclose what expertise, if any, Steven Seagal has to ensure that the Bitcoiin investments are appropriate and in compliance with federal and state securities laws,” the order reads.
“Additionally, there are no disclosures as to the nature, scope, and amount of compensation paid by Bitcoiin in exchange for Steven Seagal’s promotion of the Bitcoiin investments.”
A day before the order was filed March 6, Seagal had tweeted that the digital token would soon trade “on some of the biggest exchanges globally.” The actor has yet to comment on the subsequent developments.
Friends, I wanted to announce that @Bitcoiin2Gen will soon be listed on some of the biggest exchanges globally. Stay tuned for more information coming very shortly. https://t.co/tya7c3rrwr #bitcoiin #Ad— Steven Seagal (@sseagalofficial) March 6, 2018
State regulators in the US have taken a hard line with shadowy ICO offerings and associated companies in 2018.