July 6, 2019 | AtoZ Markets - Crypto wallet PlusToken disappeared with users’ funds in what is known of exit scam, and the new Binance futures platform allows 20x leverage.
A financial management group charged with fraud for manipulating users’ funds, while central banks may issue cryptos ‘sooner than we think’!
These are the hot headlines we are taking with us in our tour this week. Welcome to the AtoZ Markets’ crypto and forex news weekly brief.
To start with some cool news first, we take off from Tezos, the currency that both of BTG Pactual and Dalma Capital are planning to use in their new project to to launch $1bn STO!
The Latin American BTG Pactual investment bank and Dalma Capital, the Dubai-based asset manager, said they would launch security tokens on the Tezos blockchain, which is a “self-amending blockchain” and smart contracts platform, as the announcement described.
The step comes in pursuits by to “address a deal pipeline in excess of $1bn for existing and prospective token issuances,” As they referred to in their press release.
SEC sets minimum security futures margin requirement at 15%
The United States Securities and Exchange Commission (SEC) published a new proposal with regard to the minimum security futures margin.
Mid this week, the commission proposed to set a rate of 15% for the current market value of each security future, in pursuits to align the minimum required on security futures with other similar financial products.
The CFTC and the SEC, both set the rate at 20% in 2002 as for the margin requirements for unhedged security futures products.
Today, the SEC sees a necessity to change the currently-adopted lower margin requirements comparable financial products, in the light of the real results produced on the ground.
Crypto wallet PlusToken disappears in an Exit Scam!
The South Korean Crypto wallet PlusToken disappeared with users’ funds, amid news of what is described to be an exit scam.
On June 29th, a PlusToken user of the virtual asset wallet application continued to report that the platform was difficult to pay, and the coin-raising process was not completed within 24 hours. In the PlusToken application, the platform token price had stagnated at $139.237 since the evening of the 29th, with no price fluctuations for dozens of hours. The user questioned that no staff has maintained the related services.
After tracing out the suspected PlusToken Ethereum wallet address, only one Ethereum address holds 780,000 ETHs, involving an amount of about 1.4 billion yuan.
And Fieldstone Financial Management Group charged with fraud
The U.S. Securities and Exchange Commission (SEC) recently charged Fieldstone Financial Management Group LLC and its principal Kristofor R. Behn with fraud, for misconduct with retail investment advisory clients.
The notice the regulator published yesterday said that the Behn abused one of the investors’ funds that reached up to $500,000, to pay for personal expenses.
The regulator cited in its notice that around 40 retail clients of Behn and Fieldstone invested more than $7 million in Aequitas securities, which still were subject to a previous Commission enforcement action.
The SEC charged Behn and Fieldstone of deliberately concealing clients that Aequitas had provided Fieldstone with a $1.5 million loan and access to a $2 million line of credit.
86 months imprisonment for crypto fraudster Blake Kantor
Last Tuesday, the United States District Judge Sandra J. Feuerstein sentenced the binary options and crypto fraudster Blake Kantor to 86 months’ imprisonment.
Blake Kantor, also known as “Bill Gordon,” was operating binary options firm Blue Bit Banc or Blue Bit Analytics, Ltd. (BBB).
As the media reported, crypto fraudster Blake Kantor founded the company in 2014 and used approximately $10,000 drawn from a bank account established at a TD Bank branch located in Suffolk County within the Eastern District of New York.
Petro crypto in circulation in Venezuela overnight!
Venezuela’s president Nicolas Maduro ordered, mid this week, to put the national oil-backed Petro crypto in circulation in all branches of the country’s leading bank, Banco de Venezuela.
Ministry of Finance in Venezuela announced on Twitter on July 4, that country’s president Maduro gave “the express order” to open oil-backed national crypto desks in all Banco de Venezuela branches. The announcement was made during an event celebrating the tenth anniversary of the nationalization of the bank in question.
Earlier the President of Venezuela announced that 924 million bolivars (over $92.5 million) were allocated to the Digital Bank of Youth and Students “to open one million Petro wallet accounts for the country’s youth.”
ASIC’s new corporate guarantees more protection for whistleblowers
The Australian Securities & Investments Commission (ASIC) announced its new set of rules that guarantee more protection for corporate whistleblower.
ASIC corporate whistleblower protections rules, which enter into effect today, maintain confidentiality of whistleblowers and strengthen back up their safety.
“We value the people from inside companies and organisations who come to ASIC with reports of potential misconduct or breaches of the law. Whistleblowers provide ASIC with important information and help us enforce the laws we administer to address and prevent harm to consumers,” said ASIC Commissioner John Price.
That means, whistleblowers enjoy today stronger rights and protections in the Corporations Act 2001 for reporting misconduct about companies and company officers who break the regulations.
Central banks may issue cryptos sooner than we expect!
Agustin Carstens, Head of the Bank for International Settlements (BIS), reflected his views about cryptocurrencies in an interview with the Financial Times recently.
Carstens, who was known of his anti-crypto expectations, said in the interview that central banks are likely to issue their own digital currencies, as the need dictates today.
Carstens said that BIS – which acts like a central bank for central banks – supports global central banks’ efforts in researching and developing digital currencies based on national fiat currencies.
There are some central banks which are engaged in the aforementioned work, and “we are working on it, supporting them,” As per Carstens’ description.
With the exciting news about the probability of issuing cryptos sooner than we think, we have come to an end to our weekly tour today. Our appointment renews the next week. Until then, I give you AtoZ Markets’ family’s greetings.
Stay tuned for all you need to know.