South Korea to Announce Its ICO Stance in NovemberSouth Korea to Announce Its ICO Stance in November
South Korean government will probably announce its official position on Initial Coin Offerings (ICOs) in November. South Korea first banned ICOs back in September 2017, saying that the practice of raising funds via the issuance of cryptocurrency tokens was almost “a gamble.” Hong Nam-Ki has revealed that the government has held a survey, because some companies are still trying to conduct ICOs despite a country-wide ban. The results of the poll are expected to be ready by late October. South Korea has recently launched a six-month youth training programme that includes courses on blockchain and other technologies. The announcement came after the news of the government’s plans to invest $4.4 billion in a number of areas of the domestic economy, including blockchain.
Crypto Exchange Bitfinex Suspends Fiat Deposits, Expects to Resume ‘Within a Week’
Major crypto exchange Bitfinex has temporarily suspended all fiat wire deposits for the Euro, U.S. Dollar, Japanese Yen and Pound Sterling. The exchange has recently been prompted to officially respond to online rumours that claimed Bitfinex was insolvent and/or facing banking issues. The exchange’s statement was partly prompted by reports that its banking partner, Puerto Rico’s Noble Bank International, is now seeking a buyer and had lost both Bitfinex and affiliated firm Tether as clients. Bitfinex’s history of banking relationships began in April 2017, when U.S. Wells Fargo & Co. allegedly refused to continue operating as a correspondent bank. Bitfinex then filed a lawsuit against the bank that was quickly dropped. Bitfinex is currently the 4th largest exchange globally by daily traded volume, seeing a 154 percent increase over the 24-hour period to see almost $633.4 million in trades on the day.
Regulators Sue ICO Company That Falsely Claimed SEC Approval
The Securities and Exchange Commission said Thursday that it secured an emergency court order against an initial coin offering and its organizer who had claimed to have received approval from the agency. Ringgold and BlockVest, the agency said, “were using the SEC seal without permission, a violation of federal law, and falsely claiming their crypto fund was ‘licensed and regulated. ” Blockvest and Ringgold also allegedly misrepresented Blockvest’s connections to a well-known accounting firm, and continued their fraudulent conduct even after the National Futures Association (NFA) sent them a cease-and-desist letter to stop them from using the NFA’s seal and from making false claims about their status with that organization, the SEC said in a statement.