AtoZ Crypto Weekly: Forex scam in Australia

March 24, 2019, | AtoZ Markets –The U.S SEC is all ears to the public about cryptocurrencies and the Japanese regulator unveils a new regulation set on the crypto margin trading. Nasdaq accommodates CoinMarketCap crypto indices now and a Forex brokerage scam in the Australian view.

Welcome to another tour of the AtoZ Markets weekly news brief.

Forex scam in Australia and the police raids the firm

The Australian Federal Police (AFP) officers, together with officials from ASIC, have recently executed a search warrant on a Forex broker scam company in Melbourne, Australia.

Last week the Australian financial authority together with the AFP made a raid on the Melbourne-based ForexCT office. An online foreign currency broker was charged with harassment and pressure on its clients that made them lose hundreds of thousands of dollars.

ASIC had issued the first retail Forex brokerage licence to a firm in the country after a gap of some two years.

New crypto regulations in Japan and bitcoin awaits its luck!

The Japanese financial regulators introduced this week new crypto margin trading regulations, as the local media reported.

The government approved draft amendments to local laws on financial instruments and payment services that limit leverage when trading cryptocurrency margins two to four times the initial deposit.

In a similar context, crypto experts believe that the next two weeks are the most important ones for Bitcoin, as price approaches yearly downtrend resistance and that has proven to trigger massive selloffs throughout 2018 and the ongoing bearish market, amid a swinging price.

AtoZ Markets readers’ break this week was with “how to create an STO”.

More banks open up for incorporating the blockchain technology

Six international banks have signed letters of intent to introduce their stablecoins via IBM Blockchain payment network the ‘World-Wire.’, in correspondence with the interest in blockchain IBM is currently displaying.

IBM had its cross-border payment network BWW go live was in September 2018, in collaboration with Stellar aims to leverage cryptocurrencies to facilitate real-time international settlements between banks.

Similarly, IBM blockchain payment network went live on Monday, March 18, 2019, and while the partner banks are awaiting authorization from their respective regulators, there is already one stablecoin that’s running on the World-Wire.

SEC seeks feedback on cryptos and Bithumb decreases its staff to 50%

The US Securities and Exchange Commission (SEC) was reported to have been soliciting industry input over this ending week, as it is reconsidering the existing custody labels with regard to particular cases of digital assets trading and settlement.

Up until the new verdict is made, it is the Custody Rule (Rule 206(4)-2) of the Investment Advisers Act of 1940 that determines the rules that aim to protect investors who delegate custody of their funds or securities to professional investment advisors.

Separately, the largest Bitcoin exchange in South Korea, Bithumb, was reported recently to have dismissed 50% of its staff.

The crypto exchange Bithumb major layoff is considered one of the outcomes of “crypto-winter.”

The exchange, due to major layoff, will reduce its staff from 310 to about 150.

We have come to an end in our crypto news tour together for this week. Keep tuned for more headlines to brief for you the next week.

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