OTC crypto trade returns to China

OTC cryptocurrency trade in China appears to be very much alive despite the regulations
26 September 2017   1454

It’s been quite a tough time for the cryptocurrency community due to the whole China-against-Bitcoin thing, as a result of which the top cryptocurrency price has fallen. On top of that, according to undisclosed sources, the Chinese government has officially decided to crack down on all Bitcoin and cryptocurrency trading, not just commercial exchanges. However, this was not the end of the restrictions. Beijing News reported that executives of Chinese Bitcoin trading platforms may not leave the country, per industry insiders. 

Yet, it seems like cryptocurrency is here to stay. This week, as reported by ethnews.com, over-the-counter (OTC) trade in Chinese yuan reached an all-time high on LocalBitcoins, demonstrating how peer-to-peer economies continue to overcome heavy-handed institutions.

For now, OTC cryptocurrency trade remains legal and unrestricted. The peer-to-peer platform is emblematic of Bitcoin itself, as citizens have bypassed government to transact with one another directly.

Weekly LocalBitcoins volume on coin.dance Weekly LocalBitcoins volume on coin.dance

During the week, the volume of Chinese yuan exchanged on LocalBitcoins reached an all-time high. According to coin.dance, last week on LocalBitcoins, the exchange of more than 115 million yuan (approximately $17.4 million USD) could be seen. On top of that, over the last two weeks, global volume on LocalBitcoins has also reached all-time highs. 

Bitcoin price charts on coinmarketcap.comBitcoin price charts on coinmarketcap.com

Meanwhile, at the time of writing, Bitcoin price is about $3908.84, its market capitalization is $64,841,890,061, which allows the cryptocurrency to hold the first place in the list.

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   392

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.