Ethereum 

Gram Asia to Sell Gram Tokens at Three Times ICO Price

South Korea’s Gram Asia is selling rights to its Gram holdings at $4.00 per token starting July 10, according to a report by Bloomberg on July 3 The proposed sale price is triple the original $1.33 sale price at Gram’s second initial coin offering (ICO) round in March 2018. The sale on July 10 is apparently happening exclusively through Japanese cryptocurrency exchange Liquid, as per its website. Liquid also hosted the Gram ICO in March, at which time Telegram raised $850 million, bringing its total valuation up to $1.7 billion. …

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Bitcoin 

SEC Sues Kik for Conducting Allegedly Unregistered $100 Million ICO in 2017

The United States Securities and Exchange Commission (SEC) has sued Canadian startup Kik for an unregistered $100 million token offering, the regulator officially announced on June 4. According to the SEC’s complaint, Kik violated the registration requirements of Section 5 of the Securities Act of 1933. The agency is seeking a permanent injunction, disgorgement plus interest, and a penalty. Specifically, the securities watchdog alleged that in late 2017, Kik raised $100 million through a digital token sale that was not compliant with U.S. securities laws, as it had not registered…

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Blockchain 

Australian Securities Regulator Releases Cryptocurrency, Mining, ICO Guidelines

The Australian Securities and Investment Commission (ASIC) published new initial coin offering (ICO) and cryptocurrency guidelines on its official website on May 30. The regulator detailed the prerequisites that a cryptocurrency business needs to follow in order to comply with both the Australian Corporations and ASIC Acts, but did not cover regulations enforced by other national institutions. Notably, the guideline specified that if a crypto asset is a financial product, then the issuer and firms dealing with it are required to hold an Australian financial services license. The report also…

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Bitcoin 

US Court Claims Rapper T.I. Sold Unregistered Securities in FLiK ICO

The Atlanta division of the United States district court of the northern district of Georgia claims in an order published on May 20 on Twitter by lawyer Stephen Palley that Rapper T.I. — real name Clifford Joseph Harris Jr. — sold unregistered securities in his FLiK initial coin offering (ICO). According to the document published by Palley, although the flik tokens had additional functionality (such as granting access to events), the token holders were promised profits from the work of the company. Harris’ business partner Ryan Felton allegedly said on…

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Bitcoin 

Floyd Mayweather and DJ Khaled Escape Lawsuit Brought by Defrauded ICO Investors

High-profile boxer Floyd Mayweather and music producer DJ Khaled have been dismissed from a lawsuit brought by investors in a fraudulent initial coin offering (ICO,) according to a court document filed on May 13. The celebrities had been involved in promoting Centra Tech’s ICO — but a judge has ruled that the investors who brought the legal action failed to prove they bought tokens as a direct result of the pair’s actions. According to the court document, Mayweather had posted tweets of himself holding the startup’s debit card along with the…

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Bitcoin 

Former CFTC Regulator, Crypto Holder and ICO Endorser

Last weekend, Bart Chilton, a former commissioner of the United States Commodity Futures Trading Commission (CFTC) and early advocate for cryptocurrency regulation, died at the age of 58. Apart from his work for the regulator, he was best known as the host of RT (formerly Russia Today) America’s financial show “Boom Bust” — in which he often covered cryptocurrency news — and as the author of the book “Ponzimonium: How Scam Artists Are Ripping Off America.” The news about Chilton’s death was broken by RT, his latest employer, on April…

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Bitcoin 

Thailand Is Opening Up to Crypto, One Step Closer to ICO and STO

Since July, Thailand and its Securities and Exchange Commission (SEC) have voiced their intent to legalize the local initial coin offering (ICO) market and open it to startups. On Dec. 1, 2018, however, Cointelegraph reported that the Thai SEC declared Thai-related security token offerings (STOs) in international markets to be illegal and said that it will take appropriate legal action against companies that attempt to distribute STOs created in Thailand to overseas markets. Tipsuda Thavaramara, the deputy secretary of the Thai SEC, reportedly said: “The regulator will have to consider…

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Blockchain 

Bermuda Ministry of Finance Approves Velocity Ledger ICO

The Bermuda Ministry of Finance has approved the initial coin offering (ICO) of trading company Velocity Ledger Holdings Limited (VLHL), according to a press release published on April 10. VLHL’s subsidiary VL Financial is now in the application process with the Bermuda Monetary Authority (BMA) to obtain the relevant licenses to operate. If approved by the BMA, the company will operate a digital asset exchange in Bermuda. The release notes that the company can use VL tokens for payment for licensing VL technology platforms and services. Commenting on the development,…

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Bitcoin 

Cryptocurrency Exchange IronX Launches Following $26 Million ICO

Cryptocurrency exchange IronX has launched for the public following a $26 million initial coin offering (ICO), technology-focused media outlet The Fintech Times reported on April 4. IronX is a regulated trading platform that was jointly established by digital trading firm IronFX and EmurgoHK, developers of the ninth-largest crypto by market cap, Cardano (ADA) in October of last year. IronX’ users can now trade in both fiat currencies like the U.S. dollar, euro, and Japanese yen and cryptocurrencies. The exchange supports Bitcoin (BTC), Ethereum (ETH), PumaPay (PMA), ADA, EOS, Litecoin (LTC),…

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Bitcoin 

US SEC Releases No-Action Letter Confirming TurnKey Jet ICO Tokens Are Not Securities

On April 3, the United States Securities and Exchange Commission (SEC) has issued a no-action letter to TurnKey Jet, confirming that the TKJ tokens issued during the startup’s initial coin offering (ICO) are not securities. In the letter, the regulator specifies that it considered that the platform will be fully developed and operational at the time the tokens are sold, and the funds won’t be used to develop the platform. It also mentions that the tokens will be immediately usable and have been marketed for their utility, not potential profits.…

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