Australia crushes on Fraudulent and Deceptive ICO

Australia’s financial regulator is repressing on misleading initial coin offerings (ICOs), referring on “a serious breach of the Australian law”
03 May 2018   392757

In the result of the regulator’s requests, some issuers have stopped their token sales or are updating their structures. On Tuesday the Australian Securities and Investments Commission (ASIC) declared  that it is taking measures “on misleading or deceptive conduct in the marketing and selling of digital or virtual tokens via initial coin offerings (ICOs).” ASIC is an independent Australian governmental structure that conducts as the country’s corporate regulator.

ASIC is issuing inquiries to ICO issuers and their advisers where we identify conduct or statements that may be misleading or deceptive. This is in addition to our inquiries where we identify potentially unlicensed conduct. As a result of our inquiries, some issuers have halted their ICOs or have indicated the ICO structure will be modified.
ASIC
(The Australian Securities and Investments Commission)

ASIC has also refreshed its information sheet on ICOs and cryptocurrency which defines “misleading or deceptive conduct.”

If you are acting with someone else’s money, or selling something to someone, you have obligations. Regardless of the structure of the ICO, there is one law that will always apply: you cannot make misleading or deceptive statements about the product. This is going to be a key focus for us as this sector develops. 
John Price, 
Commissioner, ASIC

The Commission presented 4 examples of what this conduct may entail. “The use of social media to generate the appearance of a greater level of public interest in an ICO” is the 1 on the list, then “undertaking or arranging for a group to engage in trading strategies to generate the appearance of a greater level of buying and selling activity for an ICO or a crypto-asset.” Also, “failing to disclose adequate information about the ICO” and “suggesting that the ICO is a regulated product or the regulator has approved the ICO if that is not the case” are banned as well.

Telegram Open Network May be Launched in Q3 2019

According to the documents received by the media, the platform has been successfully tested
24 May 2019   62

The blockchain platform Telegram Open Network (TON) will be launched in the third quarter of 2019. It is reported by The Block, citing investors of the project, who allegedly received letters with this information.

According to the documents received, the platform has been successfully tested. His results confirmed the conformity of the blockchain and the consensus algorithm to the goals stated in white paper.

The testing period reaffirmed the assurance that the TON virtual machine and the consensus algorithm are able to achieve the goals described in the original white paper, a letter to investors said.

Closed testing of TON started in April. The possibilities of the blockchain platform were tested by several professional teams consisting of developers from different countries of the world, including Russia.

Finally, the platform should be launched no later than October 31, 2019. Otherwise, all agreements for the purchase of Gram tokens with the project investors will be canceled.