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.
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
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