South Korea to Prolong ICO Ban

Watchdog believes investments in ICO are “extremely risky” and isn't going to lift the ban
01 February 2019   335

The Financial Services Commission of South Korea (FSC) has announced its refusal to lift the ban on conducting campaigns on initial coin offers (ICO) conducted by cryptocurrency projects. This is reported by CoinDesk.

Representatives of the regulator said that investments in ICO are “extremely risky” and called on the public to exercise extreme caution when investing in projects that offer tokens.

It is reported that the decision was taken on the basis of a survey conducted by the Financial Supervision Service of South Korea.

It's data show that some ICOs that were conducted outside South Korea illegally attracted funds from local investors.

Gladius to Register Token as Security & Refund Investors

Startup self-reported in SEC on unregisted securities offering and cooperate with Commission, so it won't be fined
21 February 2019   104

Cryptocurrency startup Gladius Network LLC has informed the US Securities and Exchange Commission (SEC) about the sale of unregistered securities. On February 20, the SEC filed relevant charges.

During the ICO, the Gladius project raised $ 12.7 million in cryptocurrency equivalent for the development of a network for leasing computing facilities to protect against cyber attacks. The SEC stressed that the startup did not register their tokens as securities, as required by federal law, and did not agree to exclude them from the rules in the legal manner.

Moreover, tokensale was held after the publication of the SEC report on the situation with The DAO, in which the regulator stated that ICO can offer securities.

The press release says that Gladius contacted the SEC in the summer of 2018 and expressed interest in cooperating with the investigation. Thus, the agency refused to levy a fine, because the startup voluntarily agreed to return the funds to investors who require it and register the token in accordance with the provisions of the Securities Act of 1934.