In Texas banned the work of kleptomanka AriseBank

According to a press release issued on 26 January, the Department of banks of the state of Texas said that his order to cease the operation of the platform cryptocurrency banking AriseBank entered into force.

The Commissioner of the Department Charles G. Cooper (Charles G. Cooper) said that the company is promoting and offering Bank services, while not having the right to conduct banking activities on the territory of the state, and «is not controlled by and is not registered neither in Texas nor Federal regulatory Agency.»

According to the order, the company violated Chapter 31 of the Finance code of Texas, and therefore AriseBank should «stop working, and also their positioning as a company providing banking services in Texas.» According to the initial order, which was issued on January 5, AriseBank was 21 days in which to appeal. She has not exercised that right, and the Department ordered that the order is final and not subject to appeal.

During an interview on the Coast to Coast AM January 27, co-founder and CEO AriseBank Jared rice (Jared Rice) said that the securities and exchange Commission and the Federal Bureau of investigation raided the company’s office on Friday January 26. According to rice, the assets and funds AriseBank obtained through the initial placement of tokens were seized by law enforcement.

Although the site AriseBank are currently unavailable, previous press release and data collected show that the firm has positioned itself as a «decentralized banking platform», which provides services to store, exchange and payment, and issuing of Visa cards tied to cryptocurrency accounts. On the company’s website also stated that Evander Holyfield (Evander Holyfield), a former professional boxer, «officially supports AriseBank».

In its press release of January 25, just one day before the deadline for filing an appeal, AriseBank said that, because the company operates on the basis of the decentralized model and store the assets that it «it is not necessary to register or FDIC insured». The Federal Deposit insurance Corporation (FDIC) is a Federal U.S. Agency that insures deposits and supervises financial institutions to protect consumers.

And yet, according to the same statement, the company AriseBank was in the process of acquiring two FDIC insured banks KFMC Bank Holding Company and TPMG. Although approval AriseBank that these two companies are well known and have a long history, the Internet is little information about KFMC or TPMG.

While the order was not aimed at ending the ICO AriseBank, it seems that the token sale of the company was affected, as the ICO site of the project is also currently unavailable. In another press release dated January 18, platform, said that for several weeks in the end of 2017, it received funding in the amount of $ 600 million and $ 500 million in the initial public offering tokens.

Earlier, the state government has also issued a ban planned ICO company BitConnect, followed by closure of the platform.

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