NIFA: cryptoexchanges are outside the legal field

National Internet Finance Association of China released new statement regarding cryptoexchanges
14 September 2017   2802

National Internet Finance Association of China said that the cryptocurrencies are a speculative investment tool, which is also used for illegal financing and money laundering. This is reported by the Coindesk.

The statement of the self-regulatory organization also says that the platforms for trading crypto-currencies are outside the legal field:

Any trading platform for any kind of so-called 'coin' has no legal base of foundation in China.
 

NIFA statement

Despite this statement, the recent ban on ICO, as well as the spread rumors about the closure of exchanges, China still operates such large crypto-exchange sites as Huobi, BTCC and OKCoin.

At the same time, the platform for over-the-counter trading in crypto-currencies BitKan reported that it plans to suspend operations.

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   346

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.