Bank of Monreal to Ban BTC Transactions Due to Volatility

Bank of Monreal tries to protect the security of the it's customers
30 March 2018   802

Bank of Montreal (BMO), has forbidden its users to use bank accounts for crypto-currency transactions. The reason for the blocking is the "instability of the price" of crypto currency, first of all, Bitcoin. This is reported by Coin Telegraph.

Effective immediately, BMO will be blocking cryptocurrency merchant transactions. This decision was made due to the volatile nature of cryptocurrencies, and to better protect the security of our clients and the bank.
 

BMO Staff Memo

The bank's statement says about immediate and effective blocking of all credit, debit, online payments for crypto-currencies, due to the unstable character of the crypto-currency and to protect the security of the bank's customers.

Cointelegraph notes that BMO did not mention the impact of crypto-currencies on customer safety and does not give any information about what happened.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   304

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.