Chinese traders choose LocalBitcoins as an alternative

Due to the tightening of state regulation in China, the Chinese traders choose LocalBitcoins as an alternative
19 September 2017   3045

It’s been quite a tough time for the cryptocurrency community due to the whole China-against-Bitcoin thing, as a result of which the top cryptocurrency price has fallen.

Thus, due to the significant tightening of the state regulation of the cryptocurrency industry, a lot of Chinese traders switch to the popular p2p platform LocalBitcoins, according to the data provided by the analytical service coin.dance.

LocalBitcoins volume on coin.dance LocalBitcoins volume on coin.dance

As shown, the weekly trading volume on the platform was 74.8 million yuan, more than double of the value of a week ago (32.4 million yuan, September 9th, 2017).

It seems that such a the rapid growth in trading volume on the LocalBitcoins p2p platform is also largely due to the closure of the popular platform BitKan.

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.