US SEC Fines Delaware-Based Digital Asset Fund and Issues Cease and Desist Order

The United States Securities and Exchange Commission (SEC) has issued a cease and desist order against CoinAlpha Advisors LLC in addition to ordering a $50,000 penalty, according to a filing published Dec. 7. Delaware-registered CoinAlpha Advisors LLC was reportedly established in July 2017 to act as the managing member of and manager to fund CoinAlpha Falcon LP, which was formed in October 2017. By May 2018, the fund had allegedly raised over $600,000 from 22 investors from at least five states, which purchased limited partnership interests in the fund in…

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 Regulator Issues Cease and Desist Order to Russian ICO Mimicking Liechtenstein Bank

Securities Commissioner Karen Tyler of North Dakota, U.S., has issued a cease and desist order against a Russian Initial Coin Offering (ICO) that posed as Liechtenstein Union Bank, according to a Monday, Nov. 19 press release. The state Securities Department’s ICO Task Force conducted an investigation and found out that the website of the fraudulent ICO mimicked Union Bank Payment Coin (UBPC) — an existing token launched by Union Bank in Liechtenstein back in August. As per the regulator, the project’s website claimed to become the “world’s first security token…

IBM Thailand Promotes AI, Blockchain in Order to Create Regional Sales Hub

The Thai branch of U.S. global IT company IBM will promote blockchain and artificial intelligence (AI) in order to turn the country into a major sales hub in the surrounding region, English-language daily news outlet The Bangkok Post reports Wednesday, Nov. 14. According to the article, IBM is going to promote blockchain in collaboration with the country’s central bank, Bank of Thailand. A recent survey by IDC-IBM shows that global spending on blockchain will reach $9.7 billion by 2021. Moreover, IBM is also discussing the possibility of blockchain education in…

Buy Petro within 2018 In Order To Trade It against Other Digital Assets-Venezuelan President

Venezuelan President Nicolas Maduro, in addition to instituting forced farm labor among his own population as they are starving, has issued a timeline in which the nation’s cryptocurrency petro would be tradable against other digital assets if purchased. Ultimatum According to a translation of the president’s speech by cryptocurrency analyst Jill Carlson, the President asserts that only cryptos bought before the end of December 31 can be converted to other cryptocurrencies. In order to save the country’s economy from a punishing hyperinflation that some estimates say will hit the all-but-meaningless…

Judge Lifts Order to Freeze Charlie Shrem’s Assets in Winklevoss Case

Early bitcoin supporter and entrepreneur Charlie Shrem has won his first battle in an ongoing lawsuit filed against him by Tyler and Cameron Winklevoss and their firm, Winklevoss Capital Fund. According to a court document filed Thursday by federal Judge Jed Rakoff, of the U.S. District Court for the Southern District of New York, a $30 million attachment initially granted against Shrem was lifted after a hearing earlier in the day. The attachment order, which was granted on Oct. 2 but remained under seal until Oct. 26, allowed the U.S.…

Texas Regulator Issues Cease and Desist Order to Cloud Mining Company

The Texas State Securities Board has issued an emergency cease and desist order to an Australia-based cloud mining company AWS Mining PTY LTD for selling unregistered securities, according to an official notice filed Nov. 6. Per the document, AWS Mining along with its multiple agents and Chief Marketing Officer Josiah Kostek have violated the Texas Securities Act by luring the state’s residents in purchasing AWS’ unregistered cloud mining power contracts and promising a “200 percent passive return on every investment.” The company’s website also reportedly offers investors to join a…

Bitcoin (BTC) Price Watch: Reversal Pattern Confirmation on SEC Order

Bitcoin Price Key Highlights Bitcoin price looks ready to confirm its double bottom reversal formation as it tests the neckline. A break higher could lead to a rally that’s the same height as the chart formation, which spans $6,100 to $6,650. Technical indicators, however, are reflecting bullish exhaustion. Bitcoin price could be due for an uptrend as it tests the neckline of the short-term double bottom formation. Technical Indicators Signals The 100 SMA recently crossed below the longer-term 200 SMA to signal that the path of least resistance is to…

Firms With Digital Assets Still Need to Keep Their Books in Order

Wesley Bricker, chief accountant for the U.S. Securities and Exchange Commission (SEC), has said that the advent of digital assets and blockchain technology does not change the “fundamental responsibility” of firms when it comes to their financial reporting activities. Bricker’s remarks were made as part of a speech delivered before the AICPA National Conference on Banks & Saving Institutions in Washington, D.C. Monday, September 17. Bricker opened by stressing it was crucial for the accounting profession to keep abreast of emerging technologies to ensure it can adequately fulfil its role…

Bitcoin must hold $7k in order to rally expert says

Bitcoin surged in the price on Monday night after the Securities and Exchange Commission (SEC) rejected nine exchange-traded fund (ETF) applications last week. Michael Moro, CEO of Genesis Trading, told CNBC: “Once the news broke about the SEC rejection, the price actually held. We didn’t see the five, 10, 15 percent sell off that you’ve seen in previous reductions and that the technicals right around 5,800 and 5,900 levels held. “I think the bears have realised that they have run out of steam.” The cryptocurrency trader explained what will need to be…