Texas Issues Cease-and-Desist over LeadInvest

Panama-based cryptocurrency firm is alleged in promoting unregistered securities targeting the U.S. state's residents
27 February 2018   443

According to a CoinDesk, the Texas State Securities Board (TSSB), a local financial watchog, issued a new cease-and-desist order on Feb. 26 to a cryptocurrency firm from Panama named LeadInvest.net.

State financial regulator sees the firm's cryptocurrency mining and trading programs as unregistered security offerings. LeadInvest also alleged in using fake stock images to portray its team members.

The watchdog states that the company's website and promotions have allegedly been making deceptive and misleading statements when targeting Texas residents - promising 20 to 100 percent returns on investments within one to three months through the firm's cryptocurrency mining and trading services.

The TSSB further says that the photos of the company's staff are stock photographs of models that can be found on the web or are images of other individuals with no connection with the company.

The regulator states that, as of Feb. 26, the firm has raised over $177 million from over 190,000 accounts.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   122

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.