ShipChain startup can face sanctions in South Carolina

Posted 23 May, 2018

The Attorney General of South Carolina in the USA ordered the startup company ShipChain dealing with blockchain technologies to stop distribution of unregistered investments contracts citing a violation of the securities law.

According to CoinDesk, citing South Carolina's SEC Department, the company offered investment contracts which are the only payment method on the platform, posing as tokens.

For reference ShipChin startup holds itself out as a blockchain platform for managing goods supply chains and along with FedEx and takes part in the blockchain transport alliance BITA. 

"At all times relevant to this Order, Respondent ShipChain continuously offered investment opportunities in the ShipChain platform and the corresponding tokens to South Carolina residents through its website and in-person events held in South Carolina. At no time relevant to the events stated herein was Respondent ShipChain registered with the Division as a broker-dealer, and no exemption from registration has been claimed by Respondent ShipChain," the order reads. 

The company can ask for a hearing on this matter within a 30-day period. In case of the hearing, ShipChin will have to furnish proofs that its business fully corresponds to the securities law, otherwise, the authorities will ban it "from participating in any aspect of the securities industry in or from the State of South Carolina."

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