Texas intends to suspend the USI-Tech Limited

Bitcoin investment firm from Dubai is suspected in illegal promotion of bitcoin investment products
22 December 2017   634

Texas' financial watchdog have obtained a court order to suspend the company, which is accused of illegal promotion of bitcoin investment products in the state, reports CoinDesk.

According to the report, the Securities Board of the State of Texas revealed that the USI-Tech Limited, based in Dubai, sells investment contracts on the territory of "dozens of Texas cities" through social networks, websites and advertising on various sites, including Craigslist. Also two representatives of the company in the US are named: Clifford Thomas from Maryland and Michael Rivera from California.

Judging by the presentation, USI specializes in the sale of software and equipment for mining and trading. The document also provides the stated statistics of how many potential investors will be able to earn on commissions depending on the number of "referrals".

According to the Texas regulator, the company promises a stable daily profit, reminiscent of high-yield investment plans. Also, the firm encourages potential investors to agitate to invest other people's money in order to profit from it.

The agents' websites claim the mining investment 'derives its value from [USI-Tech's] non-exclusive interest in a series of bitcoin mining contracts.' They promise a daily return of 1%. The USI-Tech website says its bitcoin platform “consistently provides returns of up to 150% per year." The returns do not depend on the value of bitcoin, according to the company. In addition to violating registration requirements, USI-Tech and the sales agents are violating State Securities Board rules by failing to disclose information investors would need to make an informed decision about whether to invest.

Securities Board 

The persons indicated in the court order are accused of violating the standards for registering securities of the state of Texas and failing to provide proper information about the risks associated with the mining of bitcoin.

Genesis Conference to be Held in London

Genesis Conference will cover research and development, regulation, economics and applications issues, taking place in London on February 22
22 February 2018   73

Genesis London Conference will take place on February 22, tackling the most pertinent issues in blockchain space: research and development, regulation, economics and applications.

Genesis London is a platform for researchers, developers and generally anyone interested in blockchain, and its priority is to share knowledge, facilitate productive discourse and filter out the hype.

Location: The CityPoint building, 1 Ropemaker St, London, EC2, UK
Date and time: 9:30AM - 8PM, February 22, 2018

The agenda of the conference includes Privacy and Confidentiality Techniques for Blockchains; Permissioned Business Blockchain Applications and Use-cases; Scalable, Transparent and Post-quantum Secure Computational Integrity, with Applications to Cryptocurrencies; A Rational Protocol Design Treatment of Bitcoin, and more.

The headline speakers include Patrick de Laive, co-founder of TNW; Margarita Khartanovich, head of insight at Binary District; Jack Gavigan, chief operating officer at ZCash; Jeremy Kahn, technology writer for Bloomberg, and many more.