HKEX to Work With ASX on Blockchain

Hong Kong Stock Exchange intends to reduce operational costs with blockchain
21 March 2018   867

The Hong Kong Stock Exchange (HKEX) is actively exploring the possibilities of blockchain technologies for implementation on its site. To this end, the company enlisted the support of the Australian Stock Exchange (ASX), which announced the transition from the current CHESS clearing system to a new solution created on the basis of a distributed ledger, the Financial Times reported.

It is worth noting that after two years of testing, ASX became the first major trading platform, which transferred operations to the blockchain. It is noteworthy that the exchange also became the most profitable among similar sites in 2017 - its income was 77% against 71% for HKEX.

As the publication writes, the executive director of HKEX, Charles Li, said that his site "is interested in using blockage in a number of areas, including lending and over-the-counter trading." In addition, HKEX is now "tightly communicating" with ASX to "understand the essence of their work and exchange information."

It is noted that in the past HKEX has already launched its own project to create a blockchain system for small businesses, but faced a shortage of qualified software developers, which is why the work in this direction was discontinued. However, now the site is faced with the need to reduce its operating costs, which, Li believes, will be reduced with blockchain.

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   174

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.