Given the fact that in recent time the attention of regulators to the cryptocurrency industry has increased significantly, almost daily we learn about new measures taken against suspicious ICO.
Recent target SEC became Titanium startup, the initial proposal tokens which was stopped by the court because of false statements about the company’s business relationship with renowned organizations and U.S. Federal reserve.
In the published SEC press release States that the Commission «received a court order to close the fraudulent scheme with the use of ICO, which attracted investors at least 21 million dollars,» and the court also gave permission for an urgent seizure of assets of the company.
The SEC suit accuses the company’s President, Michael Alan Stollery (Michael Alan Stollery), that he «lied about the presence of the company’s business relationships with the Federal reserve and several other well-known companies, including PayPal, Verizon, Boeing and Walt Disney Company».
The representative of the SEC Robert Cohen (Robert Cohen) said: «This is the ICO was based on time-marketing in social networks, introduces investors misled by bogus statements about the prospects of the business. Given the large number of cases involving fraudulent ICO, we again recommend investors to be extremely cautious when considering investments».
Regulation of cryptocurrencies in Israel is postponed
The adoption of the Israeli cryptocurrency bill, previously scheduled for this Friday, has been postponed until October.
After last week published a draft law containing specific provisions about cryptocurrency, Finance Minister Moshe Kalon (Moshe Kahlon) suddenly decided that the bill cannot be passed until then, until the approval of the law on combating money laundering.
The head of the Israeli Bitcoin Association Rosenfeld Manny (Manny Rosenfield) called the delay of the adoption of the law a serious blow to the cryptocurrency industry. «The postponement of the law relating to digital currencies (…) will lead to a situation which will force companies to consider whether they should stay in Israel […] Is a blow that will affect Israel’s attempts to become a leader in the rapidly advancing area of technology,» he said.
Chinese scientist: «trading bitcoin is still legal,»
During a speech at the event in 2018 China International Big Data Industry Expo in Guiyang, Professor, school of management, Peking University Liu Saola (Liu Xiaolei) stated that the trade of Bitcoins is not for the Chinese citizens is illegal, despite the ban on cryptocurrency exchanges in the country.
«The state did not indicate that it is not allowed,» said the scientist, adding that «everyone, especially ordinary people, not versed in new technologies, it is not necessary to take this step, because it is still a very risky investment.»