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The Problem with Fidelity’s Crypto Trading Platform

October 16, 2018

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Three U.S. States Take Action On Cryptocurrency Use

September 21, 2018

 

New York - Warning Against Major Exchanges

 

The New York Office of the Attorney General (OAG) published a report claiming that several cryptocurrency exchanges that were investigated by the organization are vulnerable to market manipulation. Most notably, the report highlights that as many as 20% of Coinbase transactions are executed by the company itself not the customers.

 

Mike Lempres, Coinbase's chief policy officer spoke out at the deeper implications these claims have caused for their business:

 

"When Coinbase executes these trades, it does so on behalf of Coinbase Consumer customers, not…. for the benefit of the company on a proprietary basis."

 

He explained that those trades are signaled by consumer-driven volume through a Coinbase a service that executes users' orders for them, never “self-trading.”

 

Texas - Files Three Lawsuits

 

The Texas State Securities Board moved to an emergency action against three crypto investment systems. They allege that all three are explicit schemes made to defraud local investors.

 

Coins Miner Investment Ltd - the group has filed a cease and desist order to the company. The group has revealed that the company has been sending promotional emails to Texas residents as if they represent other major cryptocurrency companies, such as the Coinbase cryptocurrency exchange. However, the company is actually Russian based. The suit highlights images and video used to mislead state residents, the watchdog said.

 

DigitalBank Ltd - another cease and desist was sent to the supposed creator of a hack-proof cryptocurrency wallet. The firm went as far as to offer returns as high as 1,900% during their ICO phase, and use a video of Barack Obama in their promotional materials, claiming that he was speaking positively of their company. In addition, any funding recieved during their ICO would have been illegal, as the company was never registered under Texas law, according to the order.

 

Ultimate Assets - the third order was made against a company soliciting Texas residents for forex trading services. The firm claimed to be based in Arlington, Mass. but the investigation was not able to find a real corporate records for the company in that state. The company made promotional promises of $1,000 initial investments coming to $10,000 in just three weeks.

 

California - Rejecting Campaign Donations

 

At the federal level in the U.S., Bitcoin donations are accepted, but some states have moved to overturn this, such as South Carolina and now California. California’s campaign law has been adjusted to disallow Bitcoin (BTC) from political donations as of Thursday, September 21.

 

Back in August, the Fair Political Practices Commission (FPPC) considered allowing donations in cryptocurrencies, but has since ended the conversation after voting on the topic in favor of rejecting cryptocurrencies.

 

 

By: BGN Editorial Staff

 

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