Texas Regulators Going After The R2B Coin Based in Hong Kong

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Regulators in the State of Texas are going after a Hong Kong based Cryptocurrency called the R2B Coin. The Texas State Securities Board (TSSB) is accusing the company of selling an unregistered security to Texas residents.

The Emergency Cease and Desist Order can be found here

As per the R2B site, the firm says its pre-mined digital currency “R2B Coin” will have an offering cost extending from $0.008 to $188. It additionally asserts that “R2B Coins will reach $200 inside three months after the beginning of exchanging, and will be among top 10 monetary forms in 1– 1.5 years.”

The TSSB is stating this falls under the definition of a security and is “misleading and deceptive”.

While the firm claims to be internationally authorized, the Texas controller said R2B isn’t enrolled in its ward and along these lines has damaged securities directions by requesting speculators from Texas through a progression of phone calls.

I wrote a post about the SEC going after IPO’s which I thought was going to be regulated at the federal and now it has advanced to the state level.