Quote from: ByronP on July 20, 2015, 08:53:22 PM

I am in New Jersey USA not the UK!!!

That could be troublesome. Someone asked if BankShares was illegal, and their only answer was "We're not in the U.S., so we don't have to worry about their laws."

Quote from: altcoinUK on July 17, 2015, 03:04:53 PM

Quote from: bizzyb on July 17, 2015, 02:18:06 PM

Quote from: altcoinUK on July 17, 2015, 01:38:10 PM

Forgive me for this question, and I am not trolling here nor concerned whether it is a ponzy (sadly I came to the conclusion that there is no point to fight against scams in this environment any more where so many scams exist) and really I am not implying that the foundation of this project is bogus in any way.

The reason I am here is, I support lately a project GadgetCoin and the guys over there try to implement a DAC (decentralized autonomous company) business model using a Delaware based LLC as the frame of the structure. However, their lawyer clearly stated that such securities offering - even they aren't offering publicly the shares in the company - is a clear breach of US securities law.
I also called our lawyer in the US who has been representing us for years over there, he is mainly an intellectual property lawyer but the expensive fucker seems competent at all legal matters. Our lawyer confirmed that indeed, offering publicly such financial instruments what GadgetCoin planned and it seems Banx Shares does would constitute a breach of securities laws in US jurisdiction. So (as far as I know) now the GadgetCoin boys are setting up a business in the Caymans to implement this structure, because they are scared to breach the US securities laws. Again, GadgetCoin not even offering this publicly, but since once they mentioned the plan in the public domain, then according to the solicitors it will be seen as illegal public offering. Is this concern valid at all? What Banx Shares does, which is public offering such shares and dividends is an illegal securities offering or not?

Since we don't have such restriction here in the UK, I am just trying to get my head around, and would someone confirm please that is the public offering of private shares or financial instruments with future dividends legal in the US? Thanks in advance for the reply which would be especially great from the owner of Banx Shares since I am sure he has an army of lawyers and carefully mitigated this issue.

I think these posts below will answer your question

Quote from: MarkLyford on June 20, 2015, 11:06:51 AM

I have publicly stated we are offering private investors discounts for large purchases of shares which they lock in for at least 12 months. We are concentrating on selling the remaining of the Banx shares to enable us to grow our business and develop our plans. Its a simple thing.

And one last clarification. We are only selling Banx shares to private investors, all shares for sale on the exchange are for sale buy people wanting to sell them. not us.

For clarification we have never sold our crypto based banx shares to anyone publicly, hence the reason we are selling to private investors. All Banx for sale on exchanges are people selling their own shares.

We are currently still selling our shares to private investors and we do so at a dollar value rather than a bitcoin value.

We are only listed on our own exchange at the moment because no one else has started to list us whilst we are still in the ICO phase.

Well, those arguments actually indicate this whole thing is illegal.

The arguments of Mark focus on who is the target audience which is quite right since you can offer the privately owned shares and the future dividends of a private company in the public domain only to licensed investors. However, the users of this thread and the Banx Shares investors are not licensed investors, none of them had a license when the Banx Shares financial product was offered and sold to them. Therefore, this offering is illegal just like the GadgetCoin share issue would be illegal if it would be offered publicly to unlicensed investors, isn't?

Again, I am just speculating what the answer is and asking, and quoting what US based lawyers say regarding this matter.

And if they don't intend to comply with U.S. regulations, why does their BanxPlatinum account require a U.S. Social Security Number?