ICO Ratings Initial Coin Offering Ranking Service Receives Cease and Desist Letter From The SEC

The U. S. Securities and Exchange Commission (SEC) has recently decided to emit a cease and desist order against ICO Rating, which is a company focused on researching about the crypto market and rating the best investments.

According to the SEC, ICO Ratings has violated the Securities Act. The company is being accused of describing securities to get a certain direct or indirect compensation from the group that issues the investment.

This happened because the company charged fees in order to create the reports of the investments. As some of the tokens listed on the platform were considered securities, the company broke the law. The illegal reports were also widely published on social media, which is also against the norms.

The SEC affirms that ICO Rating was paid over $100,000 USD by companies and groups that issued ICOs to have them rated. These payments, however, were never disclosed to the readers of the site, meaning that they could end up investing in these security tokens without knowing that they were seeing something that the SEC considered to be a paid promotion.

ICO Ratings was ordered to cease all activities, give the money back (plus interest) and then pay a civil money penalty that would be over $160,000 USD.

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Author: Gabriel Machado

Ecash Creator David Chaum To Launch New Quantum-Resistant Crypto Called Praxxis

David Chaum, a pioneer in the crypto world, has recently decided to launch a new cryptocurrency called Praxxis. According to him, Praxxis will be a token that will follow his original vision for digital money.

He affirmed that the new project is set to have upgraded security and be quicker and more scalable than the other cryptos in the market. The idea is, like Bitcoin’s main goal, to replace cash. Chaum was recently interviewed by The Block Crypto and revealed more details about the asset.

He affirmed that it is based on the Elixxir blockchain and that it will also follow Satoshi Nakamoto’s vision of cryptocurrencies. He believes that Bitcoin is a great way to store value, but it is currently missing some key features in order to be used properly as cash. His goal is to create a currency that can fully satisfy scalability, decentralization and security.

This new protocol is also set to be “quantum-resistant”, meaning that even quantum computers will not be able to hack it. This is the kind of threat that many people are already predicting that the future will bring, so it is certainly a good idea.

At the moment, the new revolutionary currency is being backed by private investors. However, a token sale will probably happen whenever the protocol is finally ready.

The Father of Digital Currencies

David Chaum is the real father of all digital currencies. While the figure nicknamed as Satoshi Nakamoto created Bitcoin and ushered us into the current era of crypto, Chaum was the first to come up with Ecash back in 1982.

He started a company to create it in 1990, only to went bankrupt in 1998. The idea of Ecash inspired Satoshi and led to the creation of Bitcoin.

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Author: Hank Klinger

Blockchain Securities Company IOI Capital and Markets Is Welcomed By FINRA After 18 Months

The Financial Industry Regulatory Authority (FINRA) has recently decided to approve IOI Capital and Market’s application for membership. The new company is set to offer digital securities based on the Hyperledger Fabric technology.

Now that the company has the approval of the entity, it can issue its securities to clients. According to the co-founders Hamid Gayibov and Rashad Kurbanov, the plans are to launch the platform in September.

The company had to wait around 18 months in order to be approved. FINRA has a huge backlog and it is common to take over a year to approve companies, which can get in the way of their plans sometimes.

Fortunately, this gave the company time to prepare. Kurbanov affirmed that the company wanted to make sure that all investors would end up receiving all necessary protections from them, which is why the company has already implemented all the systems that will ensure its security.

Iownit, the technology that was developed by the group based on Hyperledger, will be used to manage the technological part of the securities and create a more efficient market, according to the company’s founders.

The name of the new platform, which sounds like “I own it”, was inspired by how the blockchain can be used to secure records. All named that had blockchain in it were rejected. According to Kurbanov, many people wanted names such as Block Security or something similar. He decided to hold on because he was against following trends that were so obvious.

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Author: Gabriel Machado

Philippines Central Bank Approves Two New Cryptocurrency Exchanges; Atomtrans and Telcoin

The Central Bank of the Philippines has recently decided to allow two new companies to operate as cryptocurrency exchanges within its boundaries. Now, Telcoin Corpl and Atomtrans Tech Corp will both be able to offer its services in the country.

Telcoin is a technology company based in Japan while Atomtrans is a Phillipino one. The Japanese company uses and Ethereum-based platform and has a strong mobile market in Japan. The other one is focused on remittance and payment systems and has important partnerships with Chinese companies.

With these two new companies, the country will have 13 of them. While the Philippines can still be considered somewhat of a small market, the truth is that it has been growing a lot lately. In 2017, the country transacted around $189 million using crypto while in 2018 the numbers were over $390 million USD, basically the double of what it was a year before.

Because of the high usage of these tokens, the crypto industry needs to be regulated in the country and that is where the central bank comes in. For instance, the government has issued the guidelines for ICOs this year, in order to show companies how they can offer the assets in a fully compliant way.

Other crypto-related initiatives in the country include the recent plans to launch a central bank-backed crypto. It looks like the plans did not bear fruit, however, as they were recently abandoned by the central bank of the country.

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Author: Gabriel Machado

Major Crypto Exchange From South Korea, Coinone, Shares Official Checklist for New Coin Listings

The third-largest crypto exchange of South Korea, Coinone, has decided to create a set of criteria for the company that wants to let people trade their tokens on the platform.

This decision was announced soon after the exchange made a partnership with CertiK, a local company that will now be responsible for security validation in the network.

Now, all candidates for listing on the platform will have to ensure that they follow a total of nine criteria before they are allowed into Coinone.

Some of these criteria will take into account things such as a good business model, long-term strategy and vision, distribution plans, transparency, marketing plans and more. Basically, only great investments will be allowed in the platform moving forward.

All potential tokens will be reviewed and the team behind the protocol will be taken into account as well when determining if they are good enough.

Non-compliant Tokens Will Be Delisted

If a token is not compliant with the rules, it will end up being delisted. For instance, if the quality of the protocol goes down or if the companies lack transparency or engage in market manipulation, they will be delisted. Any involvement with criminal activity will be the reason for an instant ban. Blockchain failures and other technical problems will be also taken into account.

Whenever a token is failing at one of these instances, it will be warned once. If the company is not improving on the matter that caused the trouble in the first place, then the delisting will happen sometime after the company was first warned.

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Author: Bitcoin Exchange Guide News Team

Ex-Coinbase CTO To Be Decentralized Finance Blockchain Project Findora’s New Strategic Advisor

Coinbase’s former CTO Balaji Srinivasan has just decided to be a part of Findora, a blockchain company focused on decentralizing the financial market. The former Coinbase exec will become one of the new strategic advisors of the project.

When he left Coinbase, the executive affirmed that he “enjoyed his time” and was ready for the future in order to find new challenges. He also has experience as a general partner at Andreessen Horowitz, a prominent venture capital firm and as the CEO of Earn.com, a messaging service focused on the blockchain technology.

Dan Boneh was also hired as an strategic partner in the same day. He is the current head of the cryptography group of the Stanford University.

Charles Lu, the CEO of Findora, has affirmed that it was important to welcome personalities such as the two new advisors on the team now. These are people with years of experience, he affirmed, and will be very important in order to offer unique insight to Findora.

According to him, the company has the goal of democratizing finances and will continue to do it while letting the users have more control over their data whenever it is possible.

This way, the CEO believes, individuals and companies will have more financial freedom to be a part of the global ecosystem. The goal of the platform is to support open banking, P2P lending, asset securitization and several decentralized apps.

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Author: Gabriel Machado

Seed CX Has Started Testing Physically-Settled Swap Contracts With Bitcoin

Seed CX, a Bitcoin (BTC) derivatives firm, has recently decided to start the tests with its new margin swap products. According to the company’s press release, the matching platform os swapping products can already be tested by the clients via the Seed SEF platform.

The CEO of Seed CX, Edward Woodford, affirmed that this initial period of testing will be used in order to allow people to get in touch with the offerings and determine what is working or not to deliver a great product later. He affirms that the product will probably be officially launched within the next three months.

From the technological point of view, the company is ready for the launch and only requires the predicted time for testing. The only possible reason for delays can be regulators, which can be considerably more unpredictable.

Brian Liston, the president of the crypto derivatives company, affirmed that all Bitcoin of the new platform will be physically-settled and that the company is pretty excited to have such an interesting offering for investors. According to him, these are the final steps in order to get the product ready and out of the door, but some more beta testing is required first.

Seed CX Will Have Competition

Seed CX may be getting its products ready, but the company is far from being the only one to do it. Several other companies are focusing on the same niche. Blade (which was backed by Coinbase), ErisX and LedgerX are all getting ready to offer similar products.

Most of them are still getting services ready, too, so the ones to take the lead will probably get an edge on the competition.

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Author: Gabriel Machado

BitPay Starts Requiring Identification For Purchases of Over $3,000 Worth of Bitcoin (BTC)

The famous crypto payment company BitPay has recently decided to take new measures in order to stop money laundering activities. Starting now, all users from the company who wish to buy over $3,000 USD worth of Bitcoin (BTC) or get a refund of over $1,000 USD will need to pass a verification process first.

According to the company, the change in the process will happen together with the implementation of the new BitPay Dashboard page, which will be the new “home page” of the users.

This process will be done by posting an identification document with a picture on the site. The information will be protected, obviously. Fortunately, the identification will need to be done only once. In case the user does not comply, the money will stay in the account, but will not be able to be withdrawn.

As it is known, the crypto community is very skeptical of this kind of measure. Most people distrust these companies as custodians of their information because they are often hacked and their personal documents may be leaked. BitPay was hacked in 2015, which does not add a lot of legitimacy to the move. At the time, 5,000 BTC from clients were lost to hackers.

The company has promised that it will use highly secure ways to store the data, but the doubts continue. Unfortunately, as regulation starts to get more strict in the industry, users do not have several choices but to comply or to keep changing the services they use, as more of them start to demand identification every day.

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Author: Gabriel Machado

Mike Tyson’s New Startup ‘Fight to Fame’ Will Mix Up Entertainment with The Blockchain

Mike Tyson, the famous American boxer star, has recently decided to create a new startup. The platform is set to be an entertainment platform for fighters that will be called Fight to Fame.

This new platform is set to use the blockchain technology to create the conditions that will help aspiring fighters to reach success.

According to Tyson, the platform, which will have Farzam Kamalabadi as CEO, will fulfill one of his goals, which was to be a mentor for new generations of boxers. He affirmed that he’s interested in helping them to find success and real compensation in their careers, so this platform will be his pet project.

Kamalabadi affirmed that the blockchain will be important because it will enable the participants to solve problems that were simply impossible to solve before. This way, fighters can use fan tokens to get money other than the fees that they normally get in the industry.

In this model, the fans can also gain money if the value of the tokens goes up, which can help the fighters and the communities of fans which are created around them.

The new platform is set to be “fully immersive” and use the blockchain to provide a completely new experience. It was also affirmed that the project can be important for the blockchain industry as well. Tyson is a very famous figure, so his endorsement of projects like this one will certainly be important for them to be successful in the future and can drive adoption up.

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Author: Hank Klinger

SEC Delays The Decision Again For 3 Bitcoin ETFs (Bitwise, VanEck/SolidX and Wilshire Phoenix)

The U. S. Securities and Exchange Commission (SEC) has decided for the delay on the decision about three different Bitcoin exchange-traded funds (ETFs). These were the most recent ETFs, the ones filed by VanEck and SolidX, Bitwise Asset Management and Willshire Phoenix. If approved, they would be launched at CBOE BZX and NYSE Arca.

As the official time for a decision, 240 days, was about to be reached, the decision of the SEC was very unsurprising: they simply decided not to make the decision right now.

According to the SEC rules, the entity will have until October 13 and 18 to decide for the Solid X and Bitwise ETFs and until September 29 for Wilshire’s ETF.

Bitcoin ETFs Are Very Hard To Approve

Unfortunately, it is simply extremely hard to approve an ETF right now. The SEC is very concerned about market manipulation in the crypto market, so it is very unlikely to approve any of it while the issues are not properly addressed.

As the SEC sees the crypto market as still very unregulated and prominent to manipulation, the entity has several concerns about what an ETF might mean. A lot of BTC trading is said to be wash trading and several whales (wealthy investors) have the means to move the market the way they want to.

Because of all these issues, it is considerably hard to believe that the ETF will be out anytime this year, as none of the three companies have provided any guarantee that the market will not suffer from manipulation.

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Author: Bitcoin Exchange Guide News Team