Crypto firm Bitqyck received a $10 million fine from the US Securities and Exchange Commission since the regulator is seemingly in war with companies in the crypto ecosystem as we already know from the previous altcoin news and reports.
Over the past few months, the financial regulator continued to pursue crypto firms that reportedly violate the security laws. Just a day ago, the SEC revealed that it had settled a huge $10 million case with the unregistered crypto firm Bitqyck. The SEC charged the company which is based in Dallas for offering security-like cryptocurrencies and making false statements about the products of the exchange. The complaint claims that Bitqyck and the founders Bruce Bise and Sam Mendez created the exchange and operated it without the proper licenses. Both sales of the two digital assets affected more than 13,000 investors and raised more than $1 million. It was also reported that the platforms were operating in bad faith by offering products that were not bonafide.
The director of the Securities and Exchange Commission’s Fort Worth Office, called the shares of the company ‘’very alluring’’ since the investors are tricked into believing that they are getting in on the ground floor and will own a part of the operation. The other parts of Bitqyck’s business involved fraudulent and fake interest payouts:
“We allege that the defendants took advantage of investors’ appetite for these investments and fraudulently raised millions of dollars by lying about their business.”
The company itself paid disgorgement and prejudgment interest but also a civil penalty of $8,375,617 and the founders paid up to $850,000 per person which basically ended up paying the all ill-gotten gains from the operations at the exchange. This is one of the recent cases that the SEC has started to pursue against members of the crypto community.
Just this month, the SEC charged the ICO Rating company which is focused on researching and reviewing initial coin offerings for failing to disclose that some reviews were fake and paid to be placed on the platform. The company agreed to only pay about $270,000 to settle charges and it was also noted that the SEC believes ICO ratings produced ‘’research reports and ratings of blockchain-based digital assets including coins or tokens’’ that were securities as per the reports in the latest cryptocurrency news sites.
OKEx Korea Delisted Monero, Dash, And Other Privacy-Cryptos Over FATF Demands
“Support for trading of 5 different cryptocurrencies, XMR, DASH, ZEC, ZEN, SBTC, will be terminated.”As the news site reported, the sweeping changes to crypto transaction rules currently demand businesses to identify the two parties which are sending funds to each other - if a transaction exceeds the limit of $1,000.
"According to the statement corresponding to FATF R.16, OKEx Korea has restricted its implementation as the ' travel rule' recommends that exchanges be able to collect relevant information such as the name and address of the sender and recipient of the virtual asset. privacy-oriented cryptocurrency, aka that ' the dark Coin "has decided to take the deal end-of-support measures of the corresponding event," the blog post showing that OKEx delisted the five altcoins shows.This comes in period when more than 200 countries are forced to theoretically implement the rules by June 2020. Still, the altcoin news show that there are concerns that doing so is physically impossible for a lot of decentralized blockchains. Now that OKEx Korea delisted the five cryptocurrencies, all of them make it possible to identify the sender and recipient of a transaction by design. An OKEx representative was also featured on many best cryptocurrency news sites a while ago, telling that the coins will only be delisted on OKEx Korea (OKEx.com.kr) but will remain listed on the global OKEx platform. The value of these coins, as the coming altcoin news show, has remained unchanged.
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First Crypto Banks In Switzerland Are Seen As A “Game Changer”
“This is the first time such licenses have been granted worldwide, so Switzerland is playing a pioneering role. We now have a responsibility as an enabling platform to help banks and other financial players make the step into the digital asset world.”Other members of the bank and officials agreed that crypto will apparently "come out of the shadows once these assets are done in a 100% compliant manner" This, according to the official who runs the group's Singapore operation, is a "game changer." What is very interesting is the fact that Swizerland has been one of the leading players in the global adoption of tokenized digital assets and DLT technology. The country is in the process of updating its financial legislation to incorporate the new technology. To remind you with a piece from our altcoin news, Switzerland is also the home to Facebook's Libra cryptocurrency foundation - which was set up in Geneva. Other established players such as the Swiss stock exchange and state owned telecom giant Swisscom are also involved, as well as a number of startups. The benefits of tokenizing all types of financial assets in a purely digital format and then trading them on DLT ledgers are believed to be manifold - and instantaneous settlement might help big time in the future. Even though there are some critical voices about the adoption, the fact that Swizerland houses the first crypto banks is definitely a positive sign for the entire industry.
China Plans Crackdown On Crypto Mining In Inner Mongolia
“The virtual currency ‘mining’ industry belongs to the pseudo-financial innovation unrelated to the real economy, and should not be supported," the report summed up, indicating that China plans crackdown.China's regulatory approach towards crypto mining has been somewhat inconsistent, sources reported. This left it unclear what exactly what the recent notice will mean for miners operating in the province of Inner Mongolia. In a tweet with a reaction to the ChainNews' report, a partner at Primitive Ventures and popular crypto commentator (featured on many best cryptocurrency news sites) named Dovey Wan wrote:
“I doubt this will have any impact.”What's also interesting is that as of the end of May, China was responsible for 70% of the global BTC mining. At the time, reports showed that China plans crackdown and that regulators were investigating illegal mining operations in Sichuan - a province which is responsible for 70% of the Bitcoin (BTC) mining thanks to the electricity generation of the Dadu River Basin. In April this year, reports in the altcoin news also showed that the National Development and Reform Commission in the country was considering a ban on crypto mining throughout the country. This tentative ban led to speculation that mining would be forced to leave the country or go underground - which was clearly a troubling proposition for the Chinese regulators. China currently houses the majority of the world's hash power and so far, no ban like this has entered into law. Meanwhile, the recent Bitcoin and coming altcoin news show an increase on the markets.
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