Chinese Public Now Has a Way to Report Illegal ICO

The China National Internet Finance Association has added a "token sales" category to its platform that allows the public to report on illegal financial activities
28 August 2018   1653

The Chinese self-regulatory organization intends to support the state in combating illegal campaigns for the ICOs. This is reported by CoinDesk.

The Chinese National Internet Finance Association (NIFA), a self-regulatory organization founded by the People's Bank of China (PBoC), added the category of "token sales" to its platform designed to convey reports of possible episodes of illegal financial activity.

NIFA is the portal operator, through which citizens can file complaints about suspicious financial activity. Previously, most of the complaints sent through this portal were related to lending between individuals, insurance on the Internet, equity financing and online payments.

Now the association has added the option of sending messages about "sales of tokens", through which residents of China will be able to report on activities related to cryptocurrencies, recognized illegal under the last year's order of PBoC.

The activities that is offered to be informed by portal users includes the functioning of crypto exchanges, direct and indirect provision of registration, trading, clearing and settlement services during the ICO, as well as business insurance in the field of cryptocurrencies.

Last week, China's leading financial regulators issued a warning about new forms of attracting financing using cryptotokens such as "initial exchange offerings" and "initial fork offerings" despite the country's bans.

In addition, the Chinese corporations Baidu, Alibaba and Tencent expressed their readiness to cooperate with the government and promised to prevent any attempts to carry out OTC transactions with cryptocurrencies in their own services.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   965

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 

 

Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.