Steven Seagal-Endorsed ICO Bitcoiin Sees Restraining Order From US Officials

Steven Seagal-Endorsed ICO Bitcoiin Sees Restraining Order From US Officials

The precarious ICO Bitcoiin, initially supported by the noted American actor Steven Seagal, has received red light form the US legal system. In particular, the ICO faced the issuance of a restraining order by the American state of New Jersey.

In the cease-and-desist order, released this week, the state’s Bureau of Securities claimed that Seagal-endorsed offering is vending unregistered securities to people in New Jersey. It is important to mention, that this particular state in the US considers cryptos as securities, but not like commodities as in some other states.

Our top trading bots

Why Does The State Not Trust Bitcoiin?

In the order, it is emphasized that the ICO, mentioned above, lacks specific information concerning people who back it up:

  • developers
  • controllers
  • managers
  • officers
  • directors, etc.

All of them are anonymous. Hence, it causes suspicion.

On top of that, the state officials stressed that Bitcoiin had never been authorized to sell securities in their region.

And these are not the only things that bother the Bureau. For example, the officials also stated that the ICO’s site does not prove by which means actor Seagal can guarantee that it is appropriate and legal to pile into Bitcoiin.

Furthermore, the project did not unveil how much, by which means and so on it paid for Seagal’s promotion of their product.

The officials concluded that the state is trying to calm down the craze over ICO investments, which can be easily boosted by celebrities when indeed they do not have anything behind them. Directly speaking, there are high risks of being scammed.


In February, Bitcoiin was headline news when Seagal publicly supported the project on his Twitter.

Previously, the ICO had stirred up allegations that it was a fraud project, which tried to deceive investors. It was believed that the deceit was supposed to be run thanks to Bitcoiin recalling the name of the original and first cryptocurrency in the world – bitcoin. However, later Bitcoiin reproached such statements openly.

KB Bank to launch South Korea’s first crypto investment fund
Kookmin Bank is preparing to become the first bank in South Korea to offer crypto investment products to retail investors. KB announced on Feb. 21 that...
Clarity pushed back: Russian government fails to forge a consolidated stance on crypto regulation
On Feb. 18, the Russian Ministry of Finance kicked off public consultations on the rules of cryptocurrency issuance and transactions. While a welcome development,...
Going meta: digital cities, attacks on female creators, and more
Following the announcement that Facebook’s parent company would be rebranding in a shift towards the metaverse, many projects have started similar initiatives...
Coinbase Wallet rolls out support for NFTs
United States crypto exchange Coinbase has made new upgrades to its self-custody wallet, including adding support for nonfungible tokens, or NFTs, in a...
Ethereum transaction energy use equals 2.5 miles in a Tesla Model 3: Report
In contrast, a transaction on Tezos takes 0.0016 kWh or less than the energy required to charge an Apple Tablet for 10 minutes. 100 Tezos transactions is...
'Bull market distribution has begun' — 5 things to watch in Bitcoin this week
Bitcoin (BTC) begins a new week with a race towards all-time highs as bulls save the day — and the week — at the last minute.A week of sideways BTC price...
Landry’s Restaurant Group to introduce Bitcoin loyalty program
Landry’s Restaurant Group announced a partnership with cryptocurrency firm NYDIG on Tuesday that will enable diners to earn $25 worth of Bitcoin for every...
Cardano grows closer to launching smart contracts with new testnet
IOHK, the blockchain development team behind Cardano, announced on July 15 that the project’s Alonzo test net had officially transitioned from Blue to White,...
Enjin's EFI token sale nets $20 million as NFT aspirations grow
A public sale of EFI token on CoinList netted Enjin $20 million in proceeds, setting the stage for a successful launch of a nonfungible token, or NFT, network...
Data suggests the strong US dollar makes Bitcoin weaker argument is flawed
At the moment, there seems to be a general assumption that when the U.S. dollar value increases against other global major currencies, as measured by the...
Oh where, oh where have Ethereum bulls gone? Sub-$4K ETH fails to entice traders
Cryptocurrency price corrected sharply today, including Ether (ETH), but this is a short-term move which is not reflective of the more macro-level events...
Grifter season in DeFi-land, and Uniswap v3 is here! Finance Redefined 4/28-5/05
Lots of cons, no artistryIt’s grifter season: scams and opportunists run amok, and it’s harder than ever to tell who to trust. Case and point: over the...
Why Ether Price Shorts Break the Record
On October 11 an immense selloff started on the cyber-asset market. Within a few days, the market lost around $19 billion in value, reaching the CCN’s estimations,...
“Pretend Like Bitcoin is a Goat,” Ellen DeGeneres Got BTC on Her Comedy Show
It may seem to you that all people in your surroundings who talk about bitcoin know perfectly well what it is as a phenomenon and how it functions. But...
The Japanese Messenger Line Launches A Crypto-exchange
Representatives of Line stated that they submitted a request to the financial regulator - the Japan Financial Services Agency - to register a crypto-exchange....