The Italian Companies and Exchange Commission or Commissione Nazionale per le Societa e la Borsa hits our crypto news today for suspending two crypto projects for allegedly offering fraudulent crypto investment schemes.
The suspensions were reported on the regulator’s website.
The CONSOB is actually the same as the United States Securities and Exchange Commission and represents the regulating government authority that regulates the Italian securities market.
The suspended companies are Bitsurge Token and Green Energy Certificates are scam projects from a company named Avalon Life that is not based in the EU. They have been both banned from offering any kind of investment services for 90 days.
Bitsurge was promoting fraudulent schemes on its website and its Facebook page. The company was offering investors ‘’token contracts’’ that guarantees monthly returns up to 13 percent for capital amounts starting from $1,000 up to $25,000. According to the CONSOB, the customers didn’t participate in the management of their tokens.
The Green Earth Certificates was claiming that the goal is to protect rainforests from deforestation by purchasing forest areas via blockchain. They ‘’provided’’ a 6 percent reward for the investment.
A week ago, the CONSOB issued another warning together with Malta’s Financial Services Authority about a cryptocurrency exchange named OriginalCrypto that was unlicensed.
The unlicensed platform has created a clever marketing approach according to the monitoring website ScamBitcoin, where they promote their services to consumers around the world easily. The exchange has already made some dubious claims about its setup and claims that the exchange is operated by a Bulgarian-based Bali Limited Ltd. parent company though evidence of these claims was nowhere to be found.
The securities regulator also issued a cease-and-desist order to three crypto firms for offering unapproved investment services.
Leader Suspect In Billion Dollar Laundering Via Crypto Is Seeking Extradition To Russia
‘’FinCEN acted in coordination with law enforcement’s seizure of BTC-e and Vinnik’s arrest. The Internal Revenue Service-Criminal Investigation Division, Federal Bureau of Investigation, United States Secret Service, and Homeland Security Investigations conducted the criminal investigation.’’Since he was arrested, Vinnik pleaded innocence and said that his biggest mistake was working for the BTC exchange platform. He is also believed to be involved in the Mt.Gox stolen funds scheme. The FinCEN report shows that via the BTC-e platform, more than $120 million were laundered and were connected with the now defunct platform. Vinnik is asking to be extradited to Russia after the Commissioner for Human Rights, Tatyana Nikolayevna Moskalkova asked for help from the United Nations High Commissioner for Human Rights Michelle Bachelet with the goal to take him to Russia. Tatyana claimed that Vinnik lost nearly 30% of his weight and that he needs to be with his wife who is suffering from brain cancer. In the U.S Vinnik was indicted on 21 counts and in Russia, he is only accused of smaller fraud charges that can be paid for about 10.000 Euros. The Greek court in 2017 approved Vinnik’s extradition to Russia but later another court decided to give him extradition to the United States. Later, the Greek Supreme Court ruled that Vinnik should be extradited to France so a clear decision has not been delivered yet.
Crypto Law Consultation Period Officially Started By The Swiss Federal Council
Mexico: New Crypto Regulations Could Shake The Country’s Exchanges
"If there are no Mexican-based exchanges, Mexicans will inevitably use exchanges based in other jurisdictions. Some of these foreign exchanges may be sensibly regulated by more forward-looking governments, but others may be rogue operations that deliberately evade any regulatory jurisdiction,""The average person has no idea how a car works, and yet people are allowed to drive them," the statement said. Bexico's proposals are subject to a 60-day consultation period during which a lot of things may change. Right now, industry officials and public members should outline their opinions on the case.
The Swiss Federal Assembly Approved A Motion For Crypto Regulation
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