My Big Coin Suspected by CFTC in Fraud

According to the CFTC, My Big Coin illegally seized more than $ 6 million in the period from 2014 to 2018
25 January 2018   368

The Commodity Futures Exchange Commission filed lawsuits against two people and one company in connection with their participation in fraudulent crypto projects. This is reported by CoinDesk.

The Commission accused Randall Creter, Mark Gillespie and My Big Coin Pay, Inc. in the receipt of funds from customers and their subsequent transfer to their personal accounts. The defendants are said to have spent these funds "on personal expenses and the purchase of luxury goods."

According to the CFTC, the defendants illegally seized more than $ 6 million in the period from 2014 to 2018. Respondents are also accused of falsifying information about the project, including statements that the company was provided with a gold reserve, and its partner was MasterCard.

The My Big Coin website offers many crypto-currency services, including the ability to purchase, sell and mine the My Big Coin cryptocurrency. The site's blog has not been updated since June 2017.

As this case shows, the CFTC is actively policing the virtual currency markets and will vigorously enforce the anti-fraud provisions of the Commodity Exchange Act. In addition to harming customers, fraud in connection with virtual currencies inhibits potentially market-enhancing developments in this area.

James McDonald 

Enforcement director, CFTC

The lawsuit was filed January 16, along with two other lawsuits against cryptocurrency crooks.

Japanese 'Money Forward' to Launch Crypto Exchange

Money Forward Financial is going to launch a media crypto platform this summer, and afterwards - a digital assets exchange
24 May 2018   63

The operator of the popular application for personal finance management Money Forward Inc intends to launch a cryptocurrency exchange this year, BC Focus reports.

Japanese fintech-company has been working in this direction since December last year. To implement the plans, the company has already registered a subsidiary division called Money Forward Financial.

Money Forward Financial is going to launch a media cryptocurrency platform, and afterwards - a digital assets exchange. In the future, the company plans to create a number of more advanced solutions for working with crypto-currencies, including automated payment systems and various analytical tools.

Currently, the customer base of the company has about 5 million users. The cloud application of Money Forward Inc for tax accounting and financial management is used by 500,000 Japanese companies and 2,400 accounting firms.

Big Japanese financial institutions are making steps to cryptocurrency business. Mitsubishi UFJ Financial Group (MUFG), world's 5th biggest bank has announced plans to introduce own cryptocurrency by 2019.