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ICO Legacy – U.S. SEC Obtains Final Judgment Against Kik and settles with $5 Mio fine

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The U.S. SEC announced that a federal district court has entered a final judgment on consent against Kik Interactive Inc. (“Kik”) to resolve the SEC’s charges that Kik’s unregistered offering of digital “Kin” tokens in 2017 violated the federal securities laws. On the legal grounds of this final judgment the court approved a settlement between Canadian Kik and SEC. Under the settlement, Kik will pay a US$5 million penalty.

Regulatory Complaint – SEC charges Kik with conducting $100 million unregistered ICO

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The U.S. Securities and Exchange Commission (SEC) sued Kik Interactive Inc. for illegally raising $100 million through its Initial Coin Offering (ICO) in 2017. The regulator charges that Kik sold the tokens to U.S. investors without registering their offer and sale as required by the U.S. securities laws. The Complaint was filed on June 4, …

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UK Regulator FCA Proposes Crypo Regulation

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The UK Financial Conduct Authority (FCA) published a Consultation Paper on crypto regulation this week. In it, the regulator specifies its proposals on how crypto activities will be regulated and supervised by the authority. For this purpose, FCA uses the framework developed by the UK Cryptoassets Taskforce for different types of cryptoassets. Scope Of FCA Crypto …

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Swiss FOREX Bank Dukacopy Receives FINMA Approval for ICO

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The Swiss Financial Market Supervisory Authority FINMA has approved the scheduled Initial Coin Offering (ICO) of the Geneva-based Dukascopy Bank. The issue of the so-called Dukascoin will thus become the first ICO of a Swiss bank. Dukascopy is a FOREX bank and broker registered in Switzerland. With Dukascoin, the bank intends to finance the expansion …

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THE CONSEQUENCES OF UNREGISTERED PUBLIC SECURITY TOKEN SALES

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On July 25 2018 the U.S. SEC issued a so-called Section 21(a) report of its investigation into an offering of cryptographic blockchain tokens by “The DAO,” the acronym of “Distributed Autonomous Organization. Even though the SEC did not take any enforcement action against The DAO people, the agency warned others engaged in similar activities that …

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BLOCKVEST: SEC STOPS FRAUDULENT ICO FALSELY CLAIMING SEC APPROVAL

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Another day, another crypto-fraud. The U.S. Securities and Exchange Commission (SEC) today announced that it has obtained an emergency court order halting a planned Initial Coin Offering (ICO). The promoters of this ICO falsely claimed that it was approved by the agency. The order also halts ongoing pre-ICO sales by the company, Blockvest LLC and …

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SEC CLOSED DOWN CRYPTO-VENTURE TOKENLOT AS UNREGULATED BROKER-DEALER

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With TokenLot, the SEC has closed a distributor secondary market operator for ICO coins. In a settlement with the SEC, the operators also have to pay a fine because they have operated a regulated business without the corresponding SEC permission. This was the second time this week that a crypto business had been closed down …

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FINTELEGRAM PROJECT: “SHIT COINS” AND ICO EXPERTS’ LIABILITIES

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The ICO Ruins, Dead Coins, and the Legacy The era of the ICO’s is obviously coming to an end and leaves behind a terrible legacy. Founders, ICO experts, and bounty hunters have staged an unparalleled global hype since 2016 over all countries and jurisdictions. Now not only the founders but also the ICO experts are …

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THE END OF THE COMPROMISED ICO SERVICES INDUSTRY: ADVISORY AND BOUNTY CAMPAIGNING MAY BE A REGULATED BUSINESS

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The McAfee Way to Exploit The ICO Hype Times are changing rapidly for ICO advisors and cheerleading ICO bounty hunters. Regulators may consider them as financial services providers and/or brokers and thus require them to register with regulators and apply for the respective licenses. Actually, the hype around ICO’s was founded on those ICO advisors …

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UPDATE ON REGULATORY HYPOTHESES FOR BLOCKCHAINS AND CRYPTOCURRENCIES

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Over the last couple of weeks, regulators and financial market authorities in many jurisdictions have issued decisions regarding blockchains and cryptocurrencies. Just a few days ago, the US SEC has made clear that it’s working on the hypothesis that cryptographic tokens sold to investors via Initial Coin Offerings (ICO) or other campaigns are to be …

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