4 Utility Tokens Deserving of Your Due Diligence as the ICO Craze Tapers Out

A quick glance on CoinMarketCap shows that there are 2,169 coins and tokens in the market. For new traders and investors, the paradox of choice might make it somewhat difficult to know which coins or tokens deserve a place in your portfolio. Most people tend to follow the crowd to invest in ICOs based on headlines, influencer reports, and their “feelings”. The problem with following the crowd is that you could end up buying the coins with the largest marketing budgets without delving too much into their underlying value (if…

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…

ICO Market Down Almost 100% From a Year Ago, Raised $40 Million in Q1 2019

The initial coin offerings (ICO) market is down 97% on a year-on-year basis making $40 million so far in 2019, according to research by cryptocurrency exchange BitMEX released on May 13. In the first quarter (Q1) of 2019, the ICO market has reportedly dropped by 97% based on the amount of attracted capital. The slump followed the 2017–2018 cryptocurrency boom, with low investment returns among ICOs through most of 2018. Per the report, the top 10 ICO projects in terms of capital raised in 2018 were EOS, Telegram, blockchain-based cloud…

ICO fines PPI claims company £120,000 for millions of nuisance texts

The ICO has fined a PPI claims management company £120,000 for sending unlawful spam texts about its services. Hall and Hanley Ltd of Devonshire Street North, Manchester were responsible for sending 3,560,211 direct marketing text messages between 1 January 2018 and 26 June 2018 about PPI compensation claims. The ICO launched an investigation after it became aware of a large number of complaints about the company. It found that Hall and Hanley, which had used a third party for this work, but did not have valid consent as required by…

ICO says that voice data collected unlawfully by HMRC should be deleted

An ICO investigation into HMRC’s Voice ID service was prompted by a complaint from Big Brother Watch about the department’s conduct. The investigation focused on the use of voice authentication for customer verification on some of HMRC’s helplines since January 2017. The ICO found that HMRC failed to give customers sufficient information about how their biometric data would be processed and failed to give them the chance to give or withhold consent. This is a breach of the General Data Protection Regulation. The ICO issued a preliminary enforcement notice to…

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…

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…

ICO fines funeral plan firm and asks public to help elderly relatives to report nuisance calls

The Information Commissioner’s Office (ICO) wants people to support their elderly relatives or neighbours if they are receiving nuisance marketing calls.  The appeal came as a company selling funeral plans was fined £80,000 for making unlawful marketing calls to people who had made it explicitly clear they didn’t want to receive them. The ICO launched an investigation after a national newspaper had reported allegations of illegal practices at a call centre at Handforth Dean in Wilmslow, Cheshire, run by a company which at the time was called Plan My Funeral…

Whether It’s an ICO or an IEO, Regulatory Compliance Is Still an Issue

Changpeng Zhao, the CEO and founder of top crypto exchange Binance, has underscored that exchange-hosted token offerings are no less subject to regulatory hurdles than their initial coin offering (ICO) predecessors. The CEO, better known in the industry as “CZ,” made his remarks in an interview with Bloomberg on April 10. As previously reported, so-called initial exchange offerings (IEOs) have latterly emerged as an alternative model of token offering wherein a centralized crypto exchange acts as a form of underwriter. The exchange generally operates sales and ostensibly vets both the…

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,…