New Jersey is the latest state to enter the cryptocurrency cease and desist fray.

On March 7th the New Jersey Bureau of Securities slapped Bitcoiin with a securities fraud cease and desist.

Bitcoiin bills itself as ‘
a superior or more advanced version of Original Bitcoin
‘.

Bitcoiin 2Gen, will in fact address current issues that are slowing down the Bitcoin eco-system and the limited opportunity for the enthusiasts to be able to earn by mining either with 1 machine or 1000.

BehindMLM
reviewed Bitcoiin
in early February and concluded it was just another MLM pump and dump altcoin.

According to the New Jersey Bureau of Securities
, Bitcoiin ‘
is fraudulently offering unregistered securities in violation of the Securities Law
‘.

One of the more peculiar aspects of Bitcoiin was its partnership with Steven Seagal, who
signed on as Bitcoiin’s “ICO Brand Ambassador”
.

“I endorse this opportunity wholeheartedly,” Mr. Seagal told the participants at a recent meeting in B2g’s executive offices in Asia.

“I am excited about the management, and especially about the secure blockchain, underlying mining technology, and safeguards.”

The New Jersey Bureau of Securities has taken Bitcoiin to task over the endorsement, stating the company has failed to

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.

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.

Respectively, I’m gonna go with “no expertise” and “a truckload of money”.

Bitcoiin’s pump and dump altcoin is also attached to a pyramid recruitment model, which didn’t escape the attention of the Bureau of Securities.

Bitcoiin uses (a) pyramid-shaped diagram to describe the commission structure.

When potential investors create new accounts, the first piece of information requested from Bitcoiin is a “Referral Id.” to identify the “affiliate” that referred the investor.

(Bitcoiin) “affiliates” are agents as defined by N.J.S.A. 49:3- 49(b).

These “affiliates” are not registered as an agent with the Bureau or exempt from registration.

In light of

The Bitcoiin ICO and Staking Program securities not being registered with the Bureau, nor “federally covered”, nor exempt from registration

Bitcoiin not being registered with the Bureau as a broker-dealer or in any capacity

Bitcoiin using “affiliates” to offer securities in New Jersey who are not registered with the Bureau as agents

BitCoiin failing to disclose the identity of its principals

Bitcoiin failing to disclose a physical address and its principal place of business

Bitcoiin failing to disclose its assets and liabilities, or financial information about the business

Bitcoiin failing to disclose the persons or entities that developed B2G, including the number of coins owned by these persons or entities, a

🤖 Quick Answer

What action did New Jersey take against Bitcoiin in March?
The New Jersey Bureau of Securities issued a cease and desist order against Bitcoiin on March 7th, citing securities fraud. The agency determined that Bitcoiin was fraudulently offering unregistered securities in violation of state Securities Law.

How does Bitcoiin market itself to investors?
Bitcoiin presents itself as a superior and more advanced version of Original Bitcoin. The platform promotes Bitcoiin 2Gen as addressing current Bitcoin ecosystem issues and offering mining opportunities to both individual and large-scale enthusiasts seeking earning potential.

What conclusion did BehindMLM reach regarding Bitcoiin?
Following its review in early February, BehindMLM characterized Bitcoiin as another multi-level marketing pump and dump altcoin scheme, indicating concerns about its legitimacy and sustainability within the cryptocurrency marketplace.

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