(To read more of the latest southeast fintech news, go to the home page)
Posted January 29, 2019
Cryptocurrency traders in North Carolina have hit their first major roadblock: BitConnect’s investment operations are being prohibited in North Carolina.
BitConnect is a foreign technology organization that offers trading in its own digital currency, BitConnect Coin.
The North Carolina Secretary of State’s office issued a temporary cease and desist order against BitConnect on Thursday, for selling securities in North Carolina without being registered to do so in the state. That is a violation of the State Securities Act.
BitConnect requires users to buy Bitcoin and then exchange the Bitcoin for a BitConnect Coin. Investors then “lend” their Bitconnect Coins back to the company to fund “the trading activities of the proprietary, secret trading system that it calls ‘volatility software,’ ” according to the Secretary of State’s office.
| Welcome to the Southeast |
Search by topic, city or state for all the news.
Get the weekly Fintech SE reveal of next week’s FTVisions, event premiers and more. Sign up now!
|
Let Us Help You Promote Your Company, Products, Thought Leadership
Or, Sponsor a FT Visions or Fintech Insights! |
![Zoomhttp://fintechsoutheast.com/article-app/848-birmingham-al-nxtsoft-and-praxent-form-api-partnership-to-help-fintechs prettyPhoto[gallery1]](https://fintechsoutheast.com/images/news/041521.jpg){kind=link}
![Zoomhttp://fintechsoutheast.com/article-app/849-tupelo-ms-bancorpsouth-to-buy-cadence-bank-in-2-8b-all-stock-deal prettyPhoto[gallery1]](https://fintechsoutheast.com/images/news/041421.jpg){kind=link}
![Zoomhttp://fintechsoutheast.com/article-app/845-jacksonville-fl-vystar-becomes-13th-largest-u-s-credit-union-with-purchase prettyPhoto[gallery1]](https://fintechsoutheast.com/images/news/041321.jpg){kind=link}
![Zoomhttp://fintechsoutheast.com/article-app/846-charlotte-nc-fintech-startup-uses-ai-to-drive-up-homeownership-rate prettyPhoto[gallery1]](https://fintechsoutheast.com/images/news/041221.jpg){kind=link}
![Zoomhttp://fintechsoutheast.com/article-app/842-jacksonville-fl-financial-tech-training-push-in-first-coast-gets-3-7m-state-grant prettyPhoto[gallery1]](https://fintechsoutheast.com/images/news/040921.jpg){kind=link}
![Zoomhttp://fintechsoutheast.com/article-app/843-birmingham-al-nxtsoft-and-data-center-inc-partner prettyPhoto[gallery1]](https://fintechsoutheast.com/images/news/040821.jpg){kind=link}
![Zoomhttp://fintechsoutheast.com/article-app/844-durham-nc-new-fund-targeting-black-led-startups-closes-3-45m-fund prettyPhoto[gallery1]](https://fintechsoutheast.com/images/news/040721.jpg){kind=link}
![Zoomhttp://fintechsoutheast.com/article-app/840-miami-fl-pipe-in-the-news-again-at-2-billion-valuation prettyPhoto[gallery1]](https://fintechsoutheast.com/images/news/040621.jpg){kind=link}
![Zoomhttp://fintechsoutheast.com/article-app/841-charlotte-nc-bank-of-america-acquires-axia-technologies prettyPhoto[gallery1]](https://fintechsoutheast.com/images/news/040521.jpg){kind=link}
![Zoomhttp://fintechsoutheast.com/article-app/838-atlanta-ga-walgreens-announces-financial-services-expansion-with-incomm-payments prettyPhoto[gallery1]](https://fintechsoutheast.com/images/news/040221.jpg){kind=link}
![Zoomhttp://fintechsoutheast.com/article-app/839-miami-fl-challenger-bank-novo-opens-miami-office prettyPhoto[gallery1]](https://fintechsoutheast.com/images/news/040121.jpg){kind=link}
![Zoomhttp://fintechsoutheast.com/article-app/837-atlanta-ga-greenwood-challenger-bank-for-minorities-raises-40-million prettyPhoto[gallery1]](https://fintechsoutheast.com/images/news/033121.jpg){kind=link}