Singapore banks bans crypto companies accounts

Singapore banks have banned accounts of several companies which work in field of cryptocurrency and payments services
27 September 2017   912

Over the past few weeks, banks in Singapore have closed accounts of about ten cryptocurrency companies. the head of Singapore’s Cryptocurrency and Blockchain Industry Association, or Access, Anson Zeall already called the situation "inexplicable" and asked the country's authorities to intervene in the problem. This is reported by the Blooberg.

From our analysis, it appears to be common among leading FinTech hubs. If this is the case, we would urge Singapore to take a leadership role and demonstrate how to come to an effective resolution among all parties.
 

Anson Zeall

Chairman, Access

The Monetary Authority of Singapore, the country’s central bank, said in a statement that it doesn’t interfere with commercial decisions taken by banks “including those in relation to the establishment and termination of business relationships. 

In particular, the Singapore currency exchange CoinHako announced the closure of its account with DBS Bank.

The closure of our bank account might be due to matters pertaining to anti-money laundering rules and know-your-customer requirements. That’s why we go the extra mile to meet compliance standards set by the MAS.
 

Yusho Liu
Co-Founder, CoinHako

CoinHako has already notified its customers that it will suspend trading in pairs to the Singapore dollar for several weeks before opening a new bank account.

It is worth noting that the closing of accounts occurred soon after the publication of the MAS warning that digital tokens that differ from digital currencies can be classified as securities. Later, MAS warned clients against investing in ICO, since it considers such transactions risky.

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   233

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.