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   559

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

Binance DEX to Launch Trading

Mithril is the first asset, that is trading on new platform; also, the exchange presented the listing rules for assets
25 April 2019   83

Binance DEX announced the start of trading in the Mithril token (MITH) together with Binance Coin (BNB). This is the first asset in the listing site.

At the same time, the exchange presented the listing rules for assets. So, anyone can release a token on the Binance Chain, but listing it to the marketplace takes place in several stages.

First of all, the issuer must place a listing application on the Binance Chain community forum, providing answers to a number of questions relating to the innovativeness of the project, its scope and other characteristics.

After that, the issuer must make a deposit in the amount of 1,000 BNB within two days, which will be returned later. Note that the listing of an asset on Binance DEX must be approved by at least half of the validators.