State of Texas Orders ‘Decentralized Bank’ ICO Project to Cease Operations

Now the Texas Department of Banking wants Arise Bank to cease its operations immediately and details that the startup has violated the state's financial statutes. "The Cease & Desist Order was based on the Commissioner's finding that Arise Bank violated Texas Finance Code Chapter 31 by using the term"Bank" in its name and marketing materials to imply that it is in the business of banking in this state - The order requires Arise Bank to cease and desist from implying that they engage in the business of banking in Texas. In accordance with Texas Finance Code 31.005 and 35.207, Respondents are ordered to cease and desist from implying that they engage in the business of banking in Texas, whether through the website www. "The software cannot be erased nor does the State of Texas have any sort of regulations that prevent any of our Texas-based users from storing cryptocurrencies on their computers or cellular devices using the Arise Bank platform," explains Rice's response to the cease and desist order.
Original source
https://news.bitcoin.com/state-of-texas-orders-decentralized-bank-ico-project-to-cease-operations/

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