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The state of South Carolina slapped a cease-and-desist order to a blockchain startup due to an alleged statute violation. The company is called ShipChain and is involved in freight product tracking using ethereum-based blockchain tech. It’s also a member of the Blockchain in Transport Alliance, which counts JD.com, FedEx, and other major companies in the shipping industry among its echelon.
To be specific, the order highlights that ShipChain continuously proffered investment opportunities to South Carolina residents via digital token despite the startup being unregistered to conduct such business. If the order passes, it will mandate ShipChain to cease “participating in any aspect of the securities industry in or from the State of South Carolina."
The fledgling shipping business has 30 days to request a hearing on the case. When granted audience, the startup can dispute that the tokens offered do not qualify as an unregistered securities offering. The company writes on its website that customers can pay via tokens to book freights for shipping products. The tokens are the only form of payment that the platform acknowledge.
In Texas, a Bitcoin investment startup has also been hit with a cease-and-desist order earlier this month due to the company conducting business without being registered to the proper agency. The order outlined that the startup lured investors with blinding numbers that return on their investments is 100 percent guarantee in just 21 days with no risk whatsoever. This type of businesses are classic scams that are taking advantage of the growing popularity of blockchain and cryptocurrency.
The regulations surrounding this nascent innovation is still at its infancy and that's why criminals are taking full advantage of this. For this reason, Canada and the United States is bringing down the hammer on this type of illicit activities. Part of the programs implemented to weed out these criminals is called Operation Crypto-Sweep helmed by the North American Securities Administrators Association (NASAA). The NASAA will be cooperating with state and provincial agencies to protect citizens and bring a stop to fraudulent crypto activities.
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