Bitcoin Pyramid in South Korea swindled $20 Million

Two South Korean suspects have ostensibly used a pyramid scheme based on Bitcoin to fraud some 20 billion Korean won or $20 million from investors in country
20 April 2018   1410

The news was brought to a public as a judge from Seoul's Incheon District Court has stated a fine of $15 million and $8 million accordingly to the two men on April 19, as it had been revealed by Yonhap, the South Korea news agency.

The report mentioned the two suspects who began the putative scheme since 2015 and primarily received 26 billion won (or $24 million) from their investors. Then those  suspected citizens afterwards constructed the multi-level company by budding investors with high payoffs through investing in bitcoin.

The judge declared in his report that the multi-level transactions can cause a risk to the order in economic and social spheres with mass production of many victims.  Then the court appointed that the fine is given based on the substantial amount of investment they have allegedly attracted from their defrauded customers.

The report about those events turns up just a few days after South Korea's  neighbor country - China, has also strengthened up efforts in breaking down multi-level marketing schemes that are supposed to be under disguise of bitcoin investment.

SEC Chairman to Speak About BTC Listing

It looks like Bitcoin listing on the tradional exchanges won't happen in the nearest future
20 September 2019   80

Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton said that bitcoin needs more regulation for listing on large exchanges. It is reported by CNBC.

If [investors] think there’s the same rigor around that price discovery as there is on the Nasdaq or New York Stock Exchange ... they are sorely mistaken. We have to get to a place where we can be confident that trading is better regulated.

Jay Clayton

Chairman, SEC

He was talking about listing conditions for bitcoin itself, and not derivatives, such as CME futures.