The Texas regulators are not game for any oversea firm from selling huge cryptocurrency coins in their state. The Texas Securities Commission has passed in order preventing the multiple investment plans of a British firm BitConnect. This is a big Bitcoin firm that claims to have a market share of $4.1 billion for the Bitcoins.
The Texas Securities Commissioner, Travis J. Iles, has issued an order after complaints from the regulators that BitConnect, the English firm, is looking for investors for its programs. The officials of BitConnect say that the investors will get an annual return of over 100 percent or more. This offer has not gone well with the Texas regulators.
The BitConnect has its own BitConnect coins in the cryptocurrency market. The company has said that it has placed 9.4 million coins in the market and its market value is $4.1 billion. The company has plans to issue about 28 million coins. This English company wants many individuals to invest in their company’s programs by using Bitcoins.
The Texas regulators have noticed that the BitConnect Company has not yet complied with the Texas Securities Act and State Securities Board rules and regulations. The company also does not have the license to sell securities in Texas.