Crypto Fund AG to Launch Crypto Based Investment Tools

According to CFG, crypto exchange companies receive such permission from the Swiss authorities for the first time
19 June 2018   748

Swiss Crypto Fund AG, a division of Crypto Finance Group (CFG), has received a license from the Financial Market Surveillance Service of Switzerland (FINMA) to launch investment tools for qualified investors, Bitcoin Com reports.

According to CFG, crypto exchange companies receive such permission from the authorities in Switzerland for the first time. FINMA, in turn, did not specify whether it was really the first license of its kind.

Getting the FINMA license is a big step in the right direction to establish us as the first point of contact for crypto assets.
 

Jan Bzhezek 

CEO, Crypto Fund AG

The company intends to get one more permission from Switzerland's financial managers that will allow it to launch an investment tool on the basis of the index of the 10 most liquid crypto-currency assets and tokens, which is calculated and maintained by the Swiss SIX exchange.

Crypto Fund AG is registered in 'Crypto Valley' in the Swiss canton of Zug. As reported, Many other crypto and blockchain businesses are either headquartered or represented there, including companies like the Chinese mining giant Bitmain

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   276

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.