#CryptoCorner: Bear Trend Continues, SEC Sues Kik Over $100 Million ICO, OKCoin Opens Malta Office in Euro Expansion and Malaysian Regulator Registers Three New #Crypto Exchanges
#CryptoCorner: Bear
Trend Continues, SEC Sues Kik Over $100 Million ICO, OKCoin Opens Malta Office
in Euro Expansion and Malaysian Regulator Registers Three New #Crypto Exchanges
Point Roberts WA, Delta BC, June 5, 2019
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The crypto market
has sunk further into the red since yesterday, with the vast majority of the
top 100 coins listed by market cap reporting losses this morning, according to
data from CoinMarketCap. At press time,
total market capitalization is $247 billion USD. A day ago Bitcoin (BTC) was clinging to
the $8K support level, but has since slipped down to a trading price of about
$7800 with a market cap of $138 billion. Notably Bitcoin SV (BSV), which
yesterday defied the broader market downtrend, has succumbed to the bear market
and has lost 8 percent in the last 24 hours.
The U.S. Securities
and Exchange Commission (SEC) has sued Canadian tech
startup Kik Interactive, Inc. over an allegedly illegal $100 million ICO
conducted by the latter in 2017. The SEC is seeking a permanent injunction,
disgorgement plus interest, and a penalty for its accusation that Kik violated
the registration requirements of Section 5 of the Securities Act of 1933.
Steven Peikin, Co-Director of the SEC’s Division of Enforcement, said:
“By selling $100 million in securities without
registering the offers or sales, we allege that Kik deprived investors of
information to which they were legally entitled, and prevented investors from
making informed investment decisions. Companies do not face a binary choice
between innovation and compliance with the federal securities laws.”
According to a blog
post
published yesterday, crypto exchange OKCoin is expanding its services to Europe
and opening an office in Malta. The company announced initial trading pairs
with the euro as Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash
(BCH). Jovan
Gavrilovic, General Manager of Europe at OKCoin, commented:
“Europe is essential to the evolution of the
cryptocurrency markets. It is home to many progressive ideas for innovating and
disrupting the status quo of the global financial system while maintaining a
balanced regulatory approach. We are very pleased to bring digital asset
trading to the European market in a secure and reliable manner, enabling users
to trade digital assets for euro easily and safely.”
The Securities
Commission of Malaysia announced the registration of three crypto exchanges in
a press
release
yesterday. Luno Malaysia, SINEGY Technologies (M) and Tokenize Technology (M)
were all approved as Recognized Market Operators (RMOs) and were given up to
nine months to fully comply with all regulatory requirements. Luno General
Manager of Southeast Asia David Low told Cointelegraph:
“We’ve been working closely with regulators and banks
to complete the groundwork for the buying, selling and storing of
cryptocurrencies and digital assets, which we believe are the future of money.
Regulation will ultimately bring clarity and protection to consumers, and will
ensure that all cryptocurrency businesses have adequate standards in place to
protect investors and their funds.”
Sam
Mowers, Investorideas
Read other editions of the Crypto Corner
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