Crypto Markets News 

Bitmain Announces Energy-Efficient ASIC Chip for Mining Bitcoin and Bitcoin Cash

“Chinese mining giant and ASIC hardware producer Bitmain has announced its next generation 7nm (nanometer) ASIC mining chip, according to a press release published on Monday, Feb. 18” writes Ana Berman for cointelegraph.com. The new mining hardware, BM1397, is designed for mining cryptocurrencies that use the SHA256 algorithm for their proof-of-work (PoW), such as Bitcoin (BTC) and Bitcoin Cash (BCH).For instance, Japanese internet giant GMO Internet Group revealed it was leaving the Bitcoin mining hardware sector in December 2018, citing the significant Q4 losses.Other major mining companies are also facing…

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AUD GBP News 

ASIC encourages international firms to review their AFS licensing arrangements ahead of Brexit

“Of these firms, 285 UK foreign financial services providers (FFSPs) operate in Australia under an Australian financial services (AFS) licensing exemption” reports financefeeds.com. The Australian Securities & Investments Commission (ASIC) has earlier today posted an update on preparations for Brexit, encouraging firms with global operations to review their AFS licensing arrangements.Among other things, ASIC is seeking to enhance its co-operation with UK financial regulators post-Brexit. Source: financefeeds.com

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AUD News 

ASIC Warns Against Scammers Impersonating the Regulator

“Furthermore, they are not regulated nor licensed by ASIC and therefore, are not authorised to provide financial services within Australia” writes Celeste Skinner for financemagnates.com. Commenting on the scam, ASIC Commissioner Sean Hughes said: “These are sophisticated scams convincing people to part with their money and provide personal information.According to the statement published today, both of these firms are scams. Furthermore, ASIC also advisers residents of Australia to check the regulator’s website to see whether a financial institution holds an Australian Financial Services licence before giving any personal details, such…

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Crypto Markets News 

Just Two ASIC Bitcoin Mining Rigs Remain Profitable in Current Markets

“Updated every minute, the site calculates profit yields for specific miners based on current power costs, network difficulty, block rewards, and cryptocurrency prices” writes Marie Huillet for cointelegraph.com. AMV is a site that calculates real-time profitability rates for “ASIC” miners, hardware that uses Application-Specific Integrated Circuit (ASIC) chips, tailored to efficiently mine cryptocurrency based on a specific hashing algorithm.Amid the cryptocurrency market crash, even the newest crypto mining machines are struggling to seal profits for their operators, according to real-time data published by mining profitability data site ASICMinerValue.com (AMV) today,…

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News 

ASIC Announces Major Changes to Reporting Requirements

“These new criteria will change the way many firms report assets, liabilities, and profits, marking the biggest change to reporting requirements since the adoption of International Financial Reporting Standards (IFRS) in 2005” writes Celeste Skinner for financemagnates.com. The Australian Securities and Investments Commission (ASIC) announced this Monday a series of major changes to reporting requirements by introducing new accounting standards for listed entities and other companies of public interest.The securities regulator warns that it will be reviewing 85 full year financial reports and selected half-years reports on December 31, 2018.In…

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News 

ASIC cancels AFS license of Berndale Capital Securities, bans Stavro D’Amore from financial services industry

“In a similar action earlier this month, ASIC cancelled the Australian financial services (AFS) licence of the retail OTC derivative issuer AGM Markets” reports financefeeds.com. ASIC has also banned Berndale’s ex-director Stavro D’Amore, of Middle Park, Victoria, from providing financial services for a period of six years. Source: financefeeds.com

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AUD Markets News 

ASIC review finds high-frequency traders responsible for 25% of all AUD/USD trading

“High-frequency traders now account for 25% of all AUD/USD trading, down from a high of 32% in early 2013” reports financefeeds.com. High-frequency traders retain a large presence in this segment but their contribution to turnover has fallen from 27% to 25%.The Australian Securities & Investments Commission (ASIC) has earlier today reported on its latest review of high-frequency trading.High-frequency traders are contributing disproportionately to the price discovery process but, at the same time, their contribution is trending down.The number of high-frequency traders in AUD/USD has kept falling but their relative concentration…

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News 

ASIC confirms having “mixed experience” with ICOs and token generation events

“The information there explains that where a token offered through an ICO is a financial product, additional laws may apply above and beyond the prohibitions on misleading conduct” reports financefeeds.com. In line with statements made earlier this year, Commissioner Price stressed that Australian corporate and consumer law might apply even if the ICO is created and offered from overseas. Source: financefeeds.com

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News 

Australian court rejects regulator’s record fine against Westpac

“The judge in that case said Westpac should pay just A$3.3 million, the amount the bank had offered to pay” writes Midwest Communications Inc for 95kqds.com. On Nov. 9, in a separate matter, another federal court judge rejected ASIC’s argument that Westpac should be fined A$58 million for inappropriately handling negotiations of a key bank rate.”The court should not be expected to approve a record penalty without being told why.But Federal Court Judge Nye Perram declined to allow the penalty on the grounds that ASIC had failed to prove the…

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Brokers Markets News 

ASIC Cancels AGM Markets’ License Due to Unethical Conduct

“The Australian Securities and Investments Commission (ASIC) announced on Friday that it has canceled the Australian Financial Services (AFS) license of AGM Markets, a global online forex broker” writes Celeste Skinner for financemagnates.com. Earlier this year, ASIC warned consumers about AGM Markets, stating the broker was offering personal advice to retail investors that it was not authorized to do.To reduce the impact of the license cancellation on AGM’s clients, the broker’s license will continue until the end of this year – December 31, 2018. Source: financemagnates.com

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