Texas Securities Board Issues Cease And Desist To BitConnect

BitConnect ReviewRecently, BitConnect has been getting a lot of hype on the internet.

I have had people pitching this one to me on a near daily basis, in fact, and I have seen it making the rounds on social media as well.

I want to make it clear I am NOT promoting this business opportunity as an affiliate or distributor in any way.

I have done all my research in this BitConnect review do you can learn the honest truth and decide if it’s right for you.

Is BitConnect a scam? Is it legit?

Can it really deliver on it’s promises? Has it really been issues a cease and desist?

Let me tell you in my Review BitConnect.

Let’s get started.

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Seriously, What Is BitConnect?

MLM cryptocurrency frauds have been abundant in the multi-level marketing space over the past few months, and unfortunately, the SEC hasn’t performed any real actions against preventing these from being a thing.

Thankfully, states in the United States are taking matters into their own hands.

The official Texas Securities Board recently issued an emergency cease and desist to BitConnect on January 4, 2018. With this cease and desist, the Securities Board identifies BitConnect as a lending scheme, and it reports the BitConnectX ICO as the unregistered security that it is.

BitConnect first appeared in the MLM space in 2017, and the Texas Securities Board is reporting the company of being a securities fraud seeing as how its ICO is not registered with the state of Texas.

In order for BitConnect to be operating as a legitimate opportunity, it needs to provide evidence that it’s getting money from external sources and then using that to pay the ROI being offered.

To not much surprise, the company’s failed to do this since its launch.

Along with this main acquisition, the Securities Board is also slamming BitConnect with claims that it’s failed to ID who’s running the company, provide any sort of physical address for where the company is being run out of, or disclose any assets/liabilities that it has.

As if that wasn’t enough, BitConnect has also failed to say who initially created the BitConnect Coins or the company’s trading bot that’s marketed with the opportunity.

BitConnect Scam

 

Furthermore, the Texas Securities Board says that BitConnect is not representing its ICO offering in a legitimate manner:

BitConnect is representing the BitConnect Lending Program is “a safe way to earn a high rate of return on your investment without having to undergo a significant amount of risk,” wish is a misrepresentation of a relevant fact because BitConnect acknowledges significant risks associated with virtual currencies.”

As for the company’s taking program, the Securities Board reports that BitConnect “intentionally fail(s) to disclose … the source of funds that will be used to pay investors interest at a rate of up to 120% per year.”

Lastly, seeing as how the Texas Securities Board claims BitConnect of “engaging in fraud in connection with the offer for sale of securities”, the company has been ordered to immediately stop the following activities:

  • Offering for sale any security in Texas until the security is registered with the Securities Commissioner
  • Acting as a securities deal in Texas until BitConnect is registered with the Securities Commissioner
  • Engaging in any fraud in connection with the offer for sale of any security in Texas

With this cease and desist, BitConnect officially has 31 days to respond before legal action is taken against the company by Texas authorities.

Furthermore, any affiliates that choose to keep supporting BitConnect in Texas can now be faced with a fine up to $5000 and two years of prison time.

This case and desist against BitConnect comes just a few weeks after Texas did the same thing with USI-Tech.

One of the top US affiliate for BitConnect has since responded to the Texas Securities Board saying that they’re “idiots”, but we’ve yet to get an official statement from the company itself.

If/when this ever happens, we’ll be sure to let you know.

 

Seriously, Is BitConnect A Scam Or Is This Legit?

As I am sure you have heard with most business opportunities, there are a lot of scams on the internet, and BitConnect might be a scam with them.

Having read the review above, you might be wondering if BitConnect is legit or completely a scam.

So, is it a scam?

Is BitConnect a scam, or can you make a proper business with it?

Honestly, BitConnect isn’t a complete scam, but there are definitely some things to be aware of (see the conclusion section).

Whether you decide to join or not, you really need to master your marketing and lead generation.

This is the only way you will be successful.

See below for help with making money online.

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Here’s My BitConnect Final Thoughts!

 

Hopefully, you have enjoyed this BitConnect Review.

I wanted to give you this in-depth review because there have been plenty of other BitConnect reviews that don’t really give all the information you need.

If you do decide to join, I want you to be successful, so learn how to market yourself properly.

My FREE training below will help you market and earn money!

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