On March 7th pump and dump altcoin Bitcoiin was issued with a securities fraud cease and desist by New Jersey.

Citing that notice, the state of Tennessee has issued its own investor warning against the company.

Tennessee stopped short of issuing Bitcoiin with its own cease and desist, but confirmed the company is also operating illegally in the state.

None of the companies, promoters, or investments related to Bitcoiin are registered with the Tennessee Department of Commerce & Insurance’s (“TDCI”) Securities Division.

The Tennessee Securities Division urges anyone in the state who has invested in Bitcoiin to
contact them
.

So far Bitcoiin and Brand Ambassador Steven Seagal appear fine with risking further regulatory repercussions from US regulators.

Bitcoiin continues to promote their ICO in the US despite the New Jersey notice. The company appears to be run by scammers of Chinese origin.

The US is still believed to be Bitcoiin’s largest source of investors, with
domestic promotion continuing in secret
since the NJ notice.

Steven Seagal meanwhile has taken no action toward dissociating himself from the company.

Following
two new rape accusations
made earlier this week, the latest in a string of sexual misconduct allegations over the past few months, perhaps Seagal and his “team” have their hands full.

I’m sure they’ll get around to it… eventually.

🤖 Quick Answer

What securities fraud warning was issued against Bitcoiin in Tennessee?
Tennessee's Securities Division issued an investor warning against Bitcoiin following New Jersey's cease and desist order for securities fraud. The state confirmed the company operates illegally in Tennessee, as neither Bitcoiin nor its promoters are registered with the Tennessee Department of Commerce & Insurance's Securities Division.

Why did Tennessee take action against Bitcoiin?
Tennessee issued the warning after New Jersey cited Bitcoiin as a pump and dump altcoin scheme. The state determined that Bitcoiin and associated entities were conducting unregistered securities operations within Tennessee's jurisdiction, violating state securities regulations and investor protection laws.

What action did Tennessee recommend for affected investors?
Tennessee's Securities Division urged any state residents who invested in Bitcoiin to contact the department directly. The warning aimed to protect consumers from further potential losses and gather information about fraudulent investment activities involving the unregistered cryptocurrency scheme

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