Markets News 

Airfox Ordered to Pay Back Investors of 2017 ICO

“The homepage displays statistics relating to the billions of people without bank accounts in the developing world, and identifies a potential market worth $90 billion” writes Simon Golstein for financemagnates.com. Of course, laws cannot be applied retroactively; however, the SEC ruled in July 2017 that tokens that resemble securities should register as such.According to its website, Airfox was created to offer financial services to the unbanked in emerging markets. Source: financemagnates.com Share This:

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Crypto News 

REcoin ICO Scammer Pleads Guilty in Court

“The accused in the REcoin ICO scam admitted to committing the fraud and is likely to be sentenced under violation of securities laws” writes Kuldeep Kaul for livebitcoinnews.com. He has further stated that it would be up to a jury to decide whether the ICO tokens in each case were securities.Zaslavskiy could face up to five years in prison when he is sentenced later for committing securities fraud. Source: livebitcoinnews.com Share This:

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Crypto News 

SEC Issues New Guidelines for Exchanges & Tokens as Securities

“The US Securities and Exchange Commission (SEC) this Friday issued new guidelines for actors in the crypto space” writes Tobias L Nnell for blockchainreporter.net. In a somewhat more new and startling ruling, the SEC declared that decentralized exchanges will be treated legally the same as centralized exchanges.The guidelines clarify the SEC’s position that many crypto projects raising funds through ICOs must register as securities.Both companies have agreed to pay penalties and to register their tokens as securities.The SEC’s hard stance on tokens as securities has resulted in many projects in…

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News 

SEC escalates enforcement of digital currency offerings

“CarrierEQ Inc. and Paragon Coin Inc. both agreed to refund customers who bought their currencies, register their tokens as securities, and each pay $250,000 in fines to the commission for violating securities law by failing to register their currency offerings” reports washingtonexaminer.com. They’re the second and third cryptocurrency companies to reach agreements with the capital markets regulatory agency over unregistered investment offerings.While ICOs exploded last year, raising billions, few companies registered their digital tokens as securities — meaning they would have to follow the same disclosures as a stock offering…

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OSC: Three Individuals Charged with $140,000 Securities Fraud

“Residents of Ontario, Canada, the three charged individuals were found trading in securities without the proper registration” writes Celeste Skinner for financemagnates.com. Between May 1, 2016, and June 30, 2017, the three individuals sold around $140,000 worth of securities in Toronto Scientific Medtech Inc. to Ontario-based investors. Source: financemagnates.com Share This:

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Former CEO fined $1.5 million by SEC for tipping pro baseball players with inside info

“DeCinces and four of his tippees already settled the Commission’s insider trading claims against them” writes Francine Mckenna for marketwatch.com. The Securities and Exchange Commission settled its insider trading charges against James V. Mazzo, the former Chairman and Chief Executive Officer of Advanced Medical Optics, Inc. who agreed to pay $1.5 million for allegedly tipping information about his company’s acquisition to his close personal friend, former professional baseball player Doug DeCinces. Source: marketwatch.com Share This:

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SEC, EtherDelta founder settle charges over operating unregistered exchange

“(Reuters) – The U.S. Securities and Exchange Commission (SEC) said on Thursday it settled charges against Zachary Coburn, the founder of cryptocurrency token trading platform EtherDelta, over operating an unregistered securities exchange” writes Min Read for reuters.com. The vast majority of the orders placed through EtherDelta’s platform were traded after the SEC had issued its 2017 report, in which the agency concluded that certain digital assets were securities and that exchanges that offered trading in these digital assets would be subject to the SEC’s registration rules.EtherDelta offered trading of various…

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Crypto News Platforms 

EtherDelta founder faces raps over unregistered securities exchange

“The U.S. Securities and Exchange Commission (SEC) has charged the founder of crypto trading platform EtherDelta with running an unregistered securities exchange, in the latest example of the regulator taking direct enforcement action against those who flout securities law” writes Ed Drake for coingeek.com. As a result, founder Zachary Coburn now faces charges from the commission which could carry criminal sanctions. The case comes at a time of increasing interest from the SEC in clamping down on unregulated exchanges and those operating outside of U.S. securities law.The SEC has been…

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News 

Between the Delta and the Plain English Decree, Will We Ever See Clarity From the SEC?

“Regulatory certainty has become the best the industry can hope for if it is to develop at all in the United States” reports bitsonline.com. As reported earlier this week by Bitsonline, William Hinman told attendants at the D.C. Fintech Week Conference that the body was preparing to issue “plain English” guidelines for the industry. Source: bitsonline.com Share This:

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