Japan to put BTC exchanges under full surveillance

Japan to put Bitcoin exchanges under "full surveillance" from October
25 September 2017   1016

The Financial Services Agency of Japan (FSA) is to closely monitor the strict observance of the requirements of the legislation on the use of cryptocurrencies by the exchanges from the next month, as reported by japantimes.co.jp.

According to the newspaper, the purpose of the control strengthening is the need to ensure that the crypocurrency companies will comply with the requirements of the revised law on payment services, adopted in April this year. The law sets operating standards for crypto exchanges and recognizes Bitcoin as a legitimate means of payment.

The surveillance is intended both to regulate the exchanges and to ensure the healthy growth of the cryptocurrency market:

We pursue both market fostering and regulation enforcement. ... We aim for sound market development.
 

FSA executive

Thus, the FSA has also established a 30-member team specifically to carry out surveillance of virtual currency exchanges in the country. As cnn.com reported earlier, the oversight and scrutiny by Japanese authorities was to be expected so as to avoid any scenario of a Mt Gox-like collapse in the country.

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   410

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.