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Regulation

Texas Securities Commissioner Takes Urgent Action Against Crypto Scam

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The Securities Commissioner of Texas Travis J. Iles decided to issue an urgent cease and desist order to FxBitGlobe-a crypto related website. In the latest cryptocurrency news today, we find out more about his decision.

The site FxBitGlobe was ordered to stop doing business with anyone from the State of Texas. The order explains the structure of the scam in a long and detailed report saying that this is a case where only a group of lawyers can be useful. The site has an address in Houston that doesn’t actually exist. They also claim to be a member of the SIPC which is actually a regulator and that is an untrue fact. They are ordered to stop doing business after ‘’ misrepresentation of relevant facts.’’

FxBitGlobe offers a stunning 70% returns depending on the amount invested. They do not explain how they would cover the returns. Elements such as these usually show the signs of a huge Ponzi scheme and we have already seen so many of them in the past. Crypto Ponzi Schemes are a huge contributor to market volatility.

The company is also involved in recruiting unregistered sales promising them a commission of up to 5 percent. The company also doesn’t provide any details or information about how they will make the returns but it provides details of false registration information.

Regarding the referral commissions are a massive driving force when it comes to Ponzi schemes. This could be a legitimate tool for many companies but in the crypto industry, they change the natural course when it comes to making decisions. People usually get their friends and family involved and believe that they are getting into something good only to lose everything soon after.

FxBitGlobe has 30 days to respond in court. The government in Texas could bring an actual lawsuit against the company and charge it if they find any of the agents in Texas. Further, if anyone from the state gets scammed, criminal actions will be brought.

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Regulation

US Federal Jury Convicts Two Romanian Cybercriminals Of Cryptojacking

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Two Romanian citizens were convicted by a US federal jury of using malware to steal credit card credentials and to mine cryptocurrencies. In the coming altcoin news, we read more of the court’s decision. According to an announcement from the United States Department of Justice, the two Romanian used malware in order to be able to perform cryptojacking and to steal credit card data. The suspects stole other data as well which was later sold on the darknet markets but also they engaged in online auction frauds. Per the Department’s reports, Radu Miclaus, 37 and Bogdan Nicolescu, 36, were convicted by the federal jury after a 12-day trial. Both of the cybercriminals were charged with wire fraud, aggravated identity theft, conspiracy to traffic in counterfeit service marks, conspiracy to commit money laundering and more than a dozen other accounts related to wire fraud. Both of them should be sentenced on August 14th in the Northern District of Ohio. The criminal activities were conducted from Bucharest, Romania by both cybercriminals, and one other person who also pleaded guilty. The malware was developed a long time ago in 2007 and was spread via emails. The emails posed as legitimate communications from companies such as Western Union and Norton AntiVirus. Per the press release, the recipients who were unlucky enough to click on the attached file got their malware on their device. The malware harvested email addresses from the victims’ devices and managed to spread the malware to millions of users. The virus redirected traffic to websites such as eBay, PayPal, and Facebook to almost identical websites for phishing. Finally, the case was under a joint investigation by the Romanian National Police and the US Federal Investigation Bureau. As previously reported in the best cryptocurrency news site, crypto frauds are circling the crypto industry after the bitcoin wallet service Electrum got under attack and lost millions of dollars. An AT&T Cybersecurity report shows that cryptocurrency mining activities are the most targeted objectives of hackers. Also, at the end of March, the Trojan Malware for android phones turned out to target users of apps such as BitPay, Coinbase, JPMorgan and Bank of America.
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Regulation

Is China Going To Ban Crypto Mining?

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On April 9, the coming altcoin news showed that many coins are mined in China - and that the Chinese government agency is considering the elimination of crypto mining in the country. Since China has been hosting the majority of mining pools on its land, the global crypto industry is definitely taking a big hit if something like this happens. According to the reports by Reuters which are in the latest cryptocurrency news, Chinese authorities have been spearheading the "blockchain before Bitcoin" approach since 2017 and the country's initial coin offerings (ICOs) ban which also banned traders from trading on crypto exchanges. As of now, people in China are eligible to hold cryptocurrencies but are prohibited from trading them. The mining industry has also been subject to regulation of this kind. In February 2018, CNN Money published a report in which the Chinese government pushed crypto miners to make "an orderly exit" from the industry mostly due to tax issues and mining, both of which were seen as dangerous for the environment. Another article published on Quartz a month earlier stirred the atmosphere and showed that the country's top internet-finance regulator which is the Leading Group of Internet Financial Risks Remediation, has ordered local authorities to use all of their available options including “measures linked to electricity prices, land use, tax, and environmental protection” - to force miners to shut down their business. In response to this crackdown, some of the largest mining players in China chose to move shop or even change their main line of business. For example, the Chinese ASIC chip manufacturer and mining outfit Bitmain has been experiencing significant difficulties caused by the bear market - and decided to turn to artificial intelligence (AI) as an alternate revenue source. “As a China company, we have to be prepared,'' Bitmain's chief then said. The company also planned to relocate to Texas but had to cancel its plans due to the market collapse which occurred earlier this year. If implemented, the new ban is likely to have a strong impact on the global crypto industry. In such case, part of the mining economy could move underground but the overall scope of mining operations won't be the same for China. DC Forecasts is proud to be among the best cryptocurrency news sites in 2019. We welcome you to read our latest Bitcoin news, analyses and more!
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Regulation

IMF Chief: Distributed Ledger Technologies Are Shaking The System

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The managing director and chief of the International Monetary Fund (IMF) Christine Lagarde is in the crypto news today because of her statement in which she stated that blockchain innovators are shaking the traditional financial world and having a clear impact on incumbent players. Lagarde made her comments in an interview that was hosted by CNBC on April 10 following a panel discussion that was focused on "Money and Payments in the Digital Age" which was also part of the 2019 Spring Meetings of the World Bank Group and the IMF in Washington, D.C. Lagarde moderated the list of contributors to the preceding panel. She invited the co-founder and CEO of the cryptocurrency firm Circle, the CFO of Consumer & Community Banking at JPMorgan Chase named Sarah Youngwood, the European Central Bank's (SCB) Benoit Coeure and Patrick Njoroge - the governor of the Central Bank of Kenya (CBK). According to Lagarde, financial disruptors are now having a clear impact on the incumbents. She said that they are reshaping the system from within, all while pointing to JPMorgan Chase's move to launch its own digital coin.
“I think the role of the disruptors and anything that uses distributed ledger technology, whether you call it crypto assets, currencies or whatever — and it’s far from the Bitcoins we used to talk about a year ago — that is clearly shaking the system,” she stated.
She also noted that blockchain has a transformative potential and that there are many assets that have so far been embraced by regulators and central banks. According to Lagarde, all of these entities recognize the positive effects that new inventions can offer for the business model of commercial banks. However, she also voiced a word of caution and stated:
“We have to be mindful of two things: trust, and the stability of the system […] we don’t want innovation that would shake the system so much that we would lose the stability that is needed.”
All of this puts the world of cryptocurrencies in the middle of being a fad and a revolution, according to Lagarde's comments. However, everyone agreed that these markets need to be regulated by the same laws that apply to the traditional sector.  
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Regulation

The Token Taxonomy Act: A Bill That Excludes Crypto From Being Classified As A Security

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The United States House of Representatives have recently reintroduced the Token Taxonomy Act - which is basically a bill that aims to exclude cryptocurrency from being classified as a security. According to a press release, the crypto news today show that the bill initially proposed last December by the Representatives Warren Davidson (R) and Darren Soto (D) and aims to exclude digital currencies from being defined as securities - by simply amending the existing Securities Act of 1933 and the Securities Act of 1934. The release also notes that the change in the bill will differ from the one which was introduced last year. It also clarifies the jurisdictions of the Commodity Futures Trading Commission (CFTC) and the Federal Trade Commission (FTC), stating that a preemption provisions was included in the Act that would supposedly supercede the "heavy-handed" regulations like the New York BitLicense, which we covered in another post. With this act, the introduction of regulatory certainty for businesses and regulators in the US blockchain industry is also pushed through - as well as clarifying the conflicting state initiatives and regulatory rulings that have confused the issue. On a side note, this announcement also calls for attention on the growing strength of digital asset markets and the blockchain industry in Europe and China - stating that the Act is necessary in order to keep the United States competitive in the global market. According to Representative Soto, "it is about time for the US to step up and lead in blockchain technology." She also added:
“After months of public input, our Token Taxonomy Act and the Digital Taxonomy Act add critical definition and jurisdiction to create certainty for a strong digital asset market in the United States.  This is an important step to promoting innovation and maximizing the potential of virtual currencies for the U.S. economy, all while protecting customers and the financial well-being of investors.”
According to reports from last month, there is a number of lobbies working on similar blockchain technology issues, and the Representatives have already suggested that this growth is mostly driven by securities regulation.
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