Telegram Agrees to Return $1.2B to Investors and Pay $18.5M Civil Penalty

Telegram Group has agreed to return $1.2 billion to investors, as well as to pay a $18.5 million civil penalty to settle charges over an unregistered offering of digital tokens known as “Grams”, according to the U.S. Securities and Exchange Commission (SEC). The SEC sued Telegram back in October 2019 and blocked its $1.7 billion...

SEC Freezes $12mln Worth of Assets of the “Modern Money Team”

U.S. Securities and Exchange Commission (SEC) has obtained a freeze on the assets of the “Modern Money Team” (MMT) for allegedly lying to investors and misappropriating funds.  Daniel F. Putnam, Jean Paul Ramirez Rico, and Angel A. Rodriguez are accused of conducting fraudulent activities through two Utah-based companies MMT Distribution, LLC and R & D...

Thousands of OTC Bank Accounts Frozen in China

Chinese authorities have frozen thousands of OTC traders’ bank accounts who own digital currencies, cash, as well as the commonly used Tether stablecoin, in a major move against illegal activities including money laundering.   The government has frozen around 4,000 bank accounts since June 4. The police are suspecting that some of these accounts have been...

The SEC Requests Early Judgment in the Lawsuit Against Kik

The United States Securities and Exchange Commission (SEC) has sought early summary judgment in its case against messaging platform Kik, over its $100 million KIN initial coin offering (ICO) in 2017. The legal battle between the SEC and Kik started back in June 2019 when the Commission filed a lawsuit claiming the company’s ICO involved...

SEC Charges Shopin with Defrauding Investors In a $42 Million ICO

The U.S. Securities and Exchange Commission (SEC) has charged the cryptocurrency company Shopin, and its Chief Executive Eran Eyal, with defrauding a large number of investors in a $42 million Initial Coin Offering (ICO).According to the SEC’s announcement, the founder of Shopin was deceiving investors by selling unregistered securities in the form of Shopin...

Germany Joins Other Countries As it Warns Customers to Stay Away From Karatbars

The German financial regulator BaFin has issued a cease-and-desist order against Karatbit Foundation, shortly after South African regulators also acted against the crypto company. Karatbars International GmbH issues the supposedly gold-backed KaratGold Coin, previously known as KaratBankCoin (KBC). The token, which currently runs on the Ethereum blockchain, is trading on nearly 30 exchanges, including Yobit,...

OKEx Arm in South Korea Delists 5 Coins, Including Monero and Dash

The South Korean subsidiary of a major cryptocurrency exchange OKEx announced plans to delist five major altcoins due to regulatory reasons. Starting Oct. 10, the exchange will stop providing support for Monero (XMR), Dash, Zcash (ZEC), Horizen (ZEN) and Super bitcoin (SBTC). OKEx dropped the 5 cryptocurrencies because they prioritize privacy, making it harder to...

Crypto Mining Must Be Regulated, Claims US Human-Trafficking Expert

Yesterday, an expert witness told a U.S. Senate subcommittee that cryptocurrencies are clearing the way for human trafficking, saying this industry can be much better controlled than it is now. David Murray, the vice president of product development and services at Financial Integrity Network began his speech by focusing on the immense profits human traffickers...

Thai AML Chief Pushes For Crackdown on Cryptocurrency

Preecha Charoensahayanon, the secretary-general of Thai Anti-Money Laundering Office (AMLO), has urged legislators to amend the current version of the Anti-Money Laundering Act, with an aim to oblige providers of cryptocurrency exchange services to report their activities to AMLO, Bangkok Post reports. The proposed change will likely result in bringing cryptos under the AML...