Hong Kong Watchdog to Implement New Limitations

New rules provide for tougher regulations in relation to the scope of ICO
18 December 2018   589

The Hong Kong Securities and Futures Commission (SFC) plans to introduce new rules for the cryptoindustry, reports Finance Magnates, citing the Japanese edition of the Nikkei.

In particular, if 10% of the assets of companies are contained in a cryptocurrency, then they should receive a special license from the SFC. Also, these firms will be able to offer cryptocurrency products only to qualified investors.

In addition, the new rules provide for tougher regulations in relation to the scope of ICO. Thus, the SFC intends to prohibit an ICO if the campaign initiator token was released less than 12 months before the start of the tokensale. Considering that the purpose of the ICO is precisely the launch of tokens, it is not known how this requirement will work in practice.

Recall that in November the SFC announced the rules for cryptocurrency funds.

Binance Launchpad to Change IEO Rules

Binance is going to implement the lottery format for the next tokensale campaign
25 March 2019   101

Binance announced a change in the format of the next tokensale on the Launchpad platform to a lottery. At the same time, the number of lottery tickets per account will depend on the size of the steak in the BNB for 20 days before IEO.

Note that one account can get up to 5 lottery tickets. Winners will be selected by randomizer.

BNB Balance to Lottery Tickets Ratio
BNB Balance to Lottery Tickets Ratio

It is noteworthy that within 20 days before the lottery, the BNB-deposit snapshot will be carried out daily at 0:00 UTC to monitor the fulfillment of the conditions.

Each winning ticket will grant the right to purchase tokens for a fixed amount in BNB equivalent. As soon as the user informs the exchange that he is ready to use a certain number of tickets in case of their winnings, this obliges him to purchase tokens and the money will be debited automatically.

Binance acknowledged that the price of BNB may fluctuate due to daily snapshots, and its potential decline may not be covered by the benefit from the new token, and encouraged users to make informed decisions.

In addition, Changpeng Zhao urged the community to comment on the new format in a separate Twitter thread in order to make the necessary feedback-based changes, if needed.

During the Celer Network tokensale on the Launchpad platform again had bandwidth problems; many people did not manage to purchase tokens.