Japanese FSA approves more cryptocurrency exchanges

The Japanese Financial Services Agency made an announcement on its website posting a document about four new cryptocurrency exchanges which are being approved to function in Japan
03 December 2017   809

The Japanese Financial Services Agency made an announcement that four more cryptocurrency exchanges are now approved to legally operate in Japan. Previously, only 11 cryptoexchanges exchanges were reported to have received FSA approval.

The new cryptoexchanges that were approved are Tokyo Bitcoin Exchange Co. Ltd, Bit Arg Exchange Tokyo Co. Ltd, FTT Corporation, and Xtheta Corporation.

Only the digital currencies handled by the approved exchanges correspond to the definition under the fund settlement law.
 

Japanese Financial Services Agency

As it was stated in the announcement, Bitcoin trading was approved only for three of the four companies, while Xtheta Corporation has been approved to trade additional cryptocurrencies like Ethereum, Bitcoin Cash, Ripple, Litecoin, Ethereum Classic, NEM, Monacoin, and Counterparty tokens (XCP).

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   132

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.