On February 24, 2026, New Zealand’s Financial Markets Authority (FMA) strongly recommended that all promotion of TexitCoin cease nationwide, following the Texas State Securities Board (TSSB)’s securities fraud cease-and-desist order earlier that month. Coinlineup.com. The FMA cited TexitCoin’s mining packages as potential financial products under New Zealand law, requiring registration and licensing that TexitCoin lacks. fma.govt.nz. This warning targets Robert Gray and associated entities such as MineTXC and Blockchain Mint, emphasizing the risks posed by high-risk, unregulated overseas products.
Robert Gray, founder of TexitCoin, has been at the center of the controversy, with the TSSB accusing him of operating an unregistered securities scheme. ssb.texas.gov. TexitCoin’s TXC token plummeted from over $0.75 to $0.191 following the TSSB warning, marking a 75% drop. CoinMarketCap. X posts from @CryptoLawyerz highlight ongoing investor losses, estimated in the millions, as withdrawals were disabled in late December 2025. The FMA’s action aligns with global scrutiny, including warnings from Australia and Canada. asic.gov.au.
The FMA warning has amplified concerns about unregulated crypto mining schemes, with no financial allocations needed as enforcement falls under existing regulatory powers. fma.govt.nz. TexitCoin’s collapse reflects broader MLM crypto fraud trends, similar to Forsage ($340M losses). sec.gov. Investors face significant risks, including a lack of legal protection in New Zealand. TXC’s trading volume has dried up, with liquidity pools on Uniswap showing manipulation signs. DexScreener. X posts from @ScamAlertCrypto urge victims to report to authorities.
TexitCoin investors should cease promotion and seek refunds through FMA or TSSB channels, though recovery is unlikely given Gray’s fugitive status. ssb.texas.gov. The warning signals are tightening global regulations, with 95% of similar schemes collapsing within a year. Chainalysis. Prospects for crypto mining investments remain dim without licensing, Monitor fma.govt.nz for updates. This case could inspire further international coo Action against cross-border fraud.
