FINRA regulator or the Financial Industry Regulatory Authority fined and suspended a former investment banker for mining bitcoin. According to the reports in the latest cryptocurrency news, Kyung Soo Kim mined bitcoin since 2017.
The former banker operated the mining business without giving his employer a written notice. Kim was an employee of the Bank of America-owned broker Merill Lynch, Pierce, Fenner and Smith Inc. The FINRA regulator claims that he mined bitcoin by violating the rules which prohibit the members from serving as an independent contractor, employee, officer, and director of the partner of another person outside of the employer. Additionally, the members are also prohibited from being compensated in any kind from another person as a result of any business activity. Kim was later discharged from his duties by Merill in 2018.
What is also worth mentioning is that Kim was accused of forming a company named S Corporation for the purposes of mining cryptocurrencies and Bitcoin. He will now serve a one-month suspension that will prohibit him from getting in touch with any FINRA member companies during the same time. He will also pay a fine to about $5,000.
Given that he reportedly formed his mining company in 2017 when the price of bitcoin skyrocketed, it is hard to argue that Kim was not wowed by the excitement on the market and clearly did not want to miss out on the major bull run that seemed never-ending. The punishment as explained in the coming altcoin news may seem a little moderate compared to other people that suffered even worse when they tried to mine bitcoin under different circumstances.
As it was reported last month, an Australian man is now facing ten years in prison for mining cryptocurrencies on government computers. He only managed to mine about $9,000 which makes the prison sentence a high price to pay. Also, a 61-year old woman was sentenced to four months in jail in China for stealing electricity in order to mine bitcoin. The woman was also given a $1,500 fine after the lawsuit was filed by the power provider. It seems like Kim will be joining the army of sentenced people who try to make some extra money by mining without following the rules and regulations.
CME BTC Futures Volumes Hits 4-Month Low: Analysis
‘’ of a 2nd example of my fear. The out of no where dump in bitcoin on 9/6, it started at 1pm. The Bitcoin futures dump started at 1235pm on the CME futures. It seems to me bitcoin is now controlled the way equities markets are: by a small minority trading in an illiquid futures mkt’’It is still unclear whether the new Bakkt futures would have a similar effect since, in theory, the traders could acquire physical BTC by acquiring a contract and holding it until the settlement begins. They will be credited with the actual BTC later. Despite the low volumes, the CME increased the spot-month position limits and BTC still remains unpredictable so it is possible that there is some more increasing interest in trading. As per the latest cryptocurrency news, the CME futures market seems to be active in comparison to the CBOE product which was eventually discontinued before the big summer rally which sent BTC to a yearly peak.
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Investment App Abra To Sell Crypto In 6,000+ 7-Elevens In Philippines
“Now Abra users in the Philippines can quickly and easily add pesos into Abra and use that to invest in cryptocurrencies or popular stocks like Google, Amazon, Facebook, etc., which opens up a world of new possibilities to build wealth.”The investment app Abra was in the news back in February as well. Then, it said that it was launching a new service which allowed customers to invest in fractions of stocks of NASDAQ-listed firms. The app also supports 30+ cryptocurrencies and 50+ fiat currencies. According to the general manager at ECPay, this partnership “widens the product and service offerings of ECPay to its Collection Partners like 7-Eleven, NCCC Department Stores and Supermarkets, LCC Malls and other Remittance, Pawnshop partners." For those of you who don't know or are not following our altcoin news, the Philippines adheres to the Cagayan Economic Zone Authority (CEZA) which unveils a comprehensive set of new rules that govern cryptocurrencies. All of this was made in a bid to effectively regulate and protect investors. Under the rules, all Digital Asset Token Offering (DATO) regulations must have proper offering documents with pertinent details on the issuer, project and accompanying advice and certification of experts and DA Agents.
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