cease and desist order; UBPC is found to be operating fraudulently

A crypto company posing as a Liechtenstein-based Union Bank AG initiative is in the spotlight in North Dakota for fraud. According to the North Dakota Securities Department, it issued a cease and desist order for Union Bank Payment Coin. Cease and desist order for fraud In particular, the order targets the entity’s officers, directors, agents, and employees. The Securities department found Union Bank Payment Coin (UBPC) culpable for fraud. The entity promoted unregistered securities that were potentially fraudulent. According to Karen Tyler, North Dakota Securities Commissioner, the action is a…

US SEC Charges, Fines EtherDelta Founder with Operating Unregistered Securities Exchange

The U.S. Securities and Exchange Commission (SEC) has charged Zachary Coburn, the founder of crypto token trading platform EtherDelta, with operating an unregistered securities exchange, a press release by the SEC reveals Thursday, Nov. 8. EtherDelta, which served as a secondary marketplace for trading ERC20 tokens, allows its users to buy and sell digital assets by means of an order book and smart contracts based on the Ethereum blockchain. According to the SEC, over an 18-month operating period, EtherDelta’s users placed more than 3.6 million orders for tokens, including ones…

EtherDelta Founder Charged by SEC For Operating an Unregistered Exchange

In an apparent first, the U.S. Securities and Exchange Commission (SEC) has charged the founder of EtherDelta, Zachary Coburn, with running an “unregistered national securities exchange,” according to a press release from the regulator. “EtherDelta provided a marketplace for bringing together buyers and sellers for digital asset securities through the combined use of an order book, a website that displayed orders, and a ‘smart contract’ run on the Ethereum blockchain,” the agency noted. EtherDelta’s users have processed over 3.6 million orders for ERC20 tokens during an 18-month period, including those…

Ex-Fidelity Exec Joins Blockchain Company Bloq as Chief Operating Officer

A former executive at financial services giant Fidelity Investments has been appointed Chief Operating Officer (COO) at blockchain infrastructure firm Bloq, according to a press release Oct. 23. Bloq’s new COO, Hadley Stern, spent seventeen years at Fidelity, which administers over $7.2 trillion in client assets. His most recent role was at the helm of the crypto and blockchain incubator within the company’s innovation lab, Fidelity Labs – overseeing the launch last week of its new crypto-business, Fidelity Digital Assets. Bloq’s co-founder and chairman Matthew Roszak characterized the new appointment…

Coinbase Exec Says Japanese Crypto Crackdown a ‘Good’ Thing, Awaits Operating License

As it awaits its Japanese operating license, an executive from leading U.S. crypto exchange Coinbase has made positive remarks about the country’s toughened stance towards the crypto industry. In an interview with financial newspaper Nikkei Asian Review published Oct. 10, Coinbase chief policy officer Mike Lempres said that talks for obtaining the license are “going well” with the country’s top financial watchdog, adding that the regulator’s focus on security is “good for us.” As previously reported, Japan’s Financial Services Authority (FSA), has intensified its scrutiny of crypto exchanges in the…

Huobi Launches Huobi Cloud for Establishing and Operating Digital Assets Exchanges

Huobi Group has announced the launch of a new platform, Huobi Cloud, that will allow users to build digital asset exchanges on top of Huobi’s existing platform. According to a statement shared with Cointelegraph, more than ten multinational companies have already become partners with Huobi Cloud. The new product is aimed at establishing over-the-counter (OTC) and digital asset exchanges. Partners will also be able to use the order integration and wallet systems, as well as the asset management and clearing system of the Huobi Global platform. Leon Li, Chairman of…