The First Crypto Firm listed by London Stock Exchange

London-headquartered Argo Blockchain has gained the approval from London Stock Exchange to list its stocks on the exchange
11 June 2018   522

Argo Blockchain is a cloud-based crypto mining company that operates on a subscription-based model. It bgan its business last year considering the increasing difficulty in the mining cryptocurrencies because of the involvement of ASICS and big mining players. The company’s operations are based in Canada’s Quebec province and also is to extend its base to Iceland and China.

Crypto mining enthusiasts can mine any of the 4 cryptocurrency options - Bitcoin Gold, Ethereum, Ethereum Classic, and Zcash - provided by the company remotely on its mining rigs. This is a huge plus for the blockchain-built companies as this will be the first crypto organization to get listed on the London Stock Exchange.

Setting up a computer rig to mine cryptocurrency is challenging, inefficient and expensive. I knew that we had to change the game and democratize the process so that crypto-mining could become a mainstream consumer activity.
Mike Edwards
Co-Founder, Argo 

Argo is aimed to charge clients $25 or £18 a month for the mining activity. Nevertheless, it is not planning to establish a separate mining pool and will stick to the existing ones. Also, it will not support any digital tokens for its users and will limit one contract at a time for each customer.

SEC to Slap ICO Founder With $30K Fine

Additionally, David Laurance, founder of Tomahawk Exploration LLC got 2 lifetime bans
15 August 2018   119

The US Securities and Exchange Commission (SEC) on Tuesday reported that it has issued two new bans directed against David Laurence, the founder of Tomahawk Exploration LLC. Tomahawk allegedly stands behind fraudulent ICO, writes CoinDesk.

Laurence, according to the SEC, raised funds through the sale of Tomahawkcoin tokens, in the process of using misleading advertising materials and fraudulent statements that it is a tenant of drilling sites.

Moreover, the sale of Tomahawkcoin tokens, according to the SEC, was accompanied by a false promise that "the holders of tokens will be able to exchange Tomahawkcoin for shares and receive a potential profit from oil production and secondary tokens trading."

According to the SEC, Lawrence neither acknowledged nor denied the charges, but he and his company agreed to these bans, as well as a fine of $ 30,000.

...Tomahawk issued tokens as part of the Bounty Program to generate interest in the ICO, which benefited Tomahawk. Distribution of tokens that are securities in exchange for promotional services to advance the issuer's economic objectives or create a public market for the securities constitute sales for purposes of Section 5 of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder.
 

SEC

The first prohibition of the SEC is a ban on the director's work in public companies, and the second does not allow Lawrence to own and trade in so-called "penny" shares. Both prohibitions, according to the announcement of the SEC, are lifelong.