Texas state securities regulator has put out another cease and desist order on crypto related activities, particularly Texas State Securities Board (TSSB) is aiming to regulate Hong Kong-based firm dubbed R2B Coin issued unregistered securities to Texas residents with false and misleading information.
As to website, the company’s “pre-mined cryptocurrency "R2B Coin" will have an offering price ranging from $0.008 to $188. It further claims "R2B Coins will reach $200 within three months after the start of trading, and will be among top 10 currencies in 1–1.5 years."
To state securities these kind of offers are promoted by misleading channels and contain deceptive information, which makes them to fall under the definition of securities. For example, in its promotion the company says its registered, while TSSB says its not registered and, by this, violates securities regulations. The document further details that the company has allegedly claimed to have 14,500 investors participating in the project from 34 countries including the U.S., Sweden, Italy and India.
As a result, TSSB is targeting R2B activities with Texas residents. This is the third cease and desist activity of the agency related to the crypto investments of locals in overseas companies.
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