DOJ and SEC lawsuit against US citizen on the status of token in the market

US citizen defies DOJ and SEC claiming that the tokens he created are currencies and not securities
20 March 2018   595

Department of Justice (DOJ) and Securities and Exchange Commission (SEC) on March 19 filed documents against Maksim Zaslavskiy. The reason is the opposition to the claims of Mr. Zaslavskiy that tokens are considered as currencies and not securities. The matter concerns RECoin and Diamond token - those are tied to 2 ventures backed by real estate and diamond holdings respectively.

Now facing prosecution for securities fraud, the defendant claims that his 'investment opportunity' was no investment at all - it was just a sale of a currency backed by a commodity, first real estate (REcoin) and then diamonds (Diamond). The currency, according to the defendant, are the worthless certificates sent to investors that prompted some to ask for refunds.

 

U.S. government's lawyers

DOJ actually filed a lawsuit against Mr. Zaslavskiy on the matter of ICO fraud, and thus the US government suspects the defendant knew of the illegality of his actions. This incident follows a series of actions by US government to regulate the cryptocurrency sector of the US economy. This is especially notable in the light of a recent US Economy report that dedicated a whole chapter to the sector.

What is more, there is evidence that the defendant was, in fact, on notice that he was subject to the securities laws in sum and substance that the investor had nothing to worry about with respect to legal compliance. The SEC also contacted the defendant as early as August 15, 2017 requesting information about the REcoin ICO. The defendant wrote that he planned to hire an attorney, but instead proceeded with the Diamond ICO.

 

Excerpt from DOJ filing

Raven Protocol to be the First IDO at Binance DEX

Team cannot say exactly how IEO will pass, since similar campaigns hadn't been concluded at Binance DEX before, but they are going to sell $500k worth tokens
14 June 2019   432

The Raven Protocol cryptocurrency project announced about the planned initial exchange offering (IEO), which will be based on the infrastructure of the Binance DEX exchange - in this case the campaign will be called IDO or Initial Dex Offering.

Raven Protocol confirmed the right to list its token on Binance DEX paired with BNB on June 17 at 9:00 UTC. At the same time, the IDO of RAVEN tokens will start. The project draws attention to the fact that neither Binance, nor Binance Chain, nor Binance DEX stand behind this initiative.

At the same time, Raven Protocol notes that it cannot say how exactly IEO will pass, since with Binance DEX, similar campaigns have not been conducted before.

Potential participants need to pass a preliminary identification by sending to the address of founders@ravenprotocol.com their address in the Binance Chain, an identity document, a selfie and proof of residence.

In total, Raven Protocol expects to raise $ 500,000 by selling 3% of its own token emission (300,000,000 RAVEN). Accommodation will be on a first come, first served basis. The limit on the amount of investment for one user is declared at the level of 100 BNB.