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Spanish Financial Watchdog Warns Against Unregulated ICO Scheme

A Spanish financial watchdog has issued a warning against Ethereum (ETH)-based token dubbed AlyCoin. As Financial Magnates reported on Nov. 18, the Comisión Nacional del Mercado de Valores warned the public against AlyCoin as it the coin is registered neither in Spain nor in the corresponding registry and thus promotes unregulated initial coin offerings (ICOs). Specifically, AlyCoin purportedly provides its customers with financial services in violation of the second paragraph of Article 17 of the …

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Kik Messenger Saved From the Verge of Shutdown

On Oct. 13, Canadian social media and messaging app Kik revealed it’s “here to stay.” This was an apparent reversal from what the company’s CEO, Ted Livingston, said in a blog post — that it was considering shutting down. It became clear just five days later why it was “here to stay.” A Santa Monica-based holding company, MediaLab, had signed an agreement with Kik Interactive to buy its Kik messaging platform.  From angel investment to …

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Kik Messaging App Now Has New Owner, Will Continue Work on Kin Token

MediaLab, a Santa Monica-based holding company, has finalized an agreement with Kik Interactive to acquire the Kik messaging platform. MediaLab sees the long-term potential of Kik and Kin token On Oct. 18, in a blog post to the millions of members of the Kik community, MediaLab announced that it has acquired the Kik messaging app and explained how the acquisition will impact the app’s future. MediaLab said that the company is committed to Kik for …

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China Merchants Bank’s Latest Crypto Partnership Includes STO Investment

The Chinese government is indirectly participating in a security token offering (STO). The Nervos Network STO kicks off on Oct. 16, aiming to raise an undisclosed amount within two weeks through the CoinList platform. So far, Polychain Capital confirmed to CoinDesk it will contribute $5.7 million to the STO, in addition to previous investments. Nervos project co-founder Kevin Wang told CoinDesk that the Hong Kong-based China Merchants Bank International (CMBI), a wholly-owned subsidiary of China …

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‘Gold-Backed’ Crypto Token’s Promoter Investigated by Florida Regulators

The Takeaway Florida regulators are investigating Karatbars, a German company that’s been promoting a token tied to a Miami “crypto bank” without any banking license in the state. Karatbars previously issued a cryptocurrency purportedly backed by gold, but CoinDesk has been unable to verify the existence of the mine the company says produced the gold. Before it entered the crypto space, Karatbars sold gold products online through an affiliate marketing system that regulators in three …

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What’s Next for the Industry as ‘Crypto Winter’ Thaws?

It’s hard to tell who was the first to coin — if you’ll forgive the pun — the name for the dramatic price drop of Bitcoin (BTC) and altcoins as the “crypto winter.” But the name accurately captures the simultaneous collapse of around 2,000 global cryptocurrencies that lost a total of 80% of their aggregate market cap.  The term “crypto winter” probably came into more widespread use after BTC’s price drifted south to around $3,000 …

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Court Orders Purported Crypto Company Longfin to Pay $6.7M Penalty

The United States District Court for the Southern District of New York has ordered purported cryptocurrency company Longfin to pay a total of $6,755,848 million in penalties. Falsely obtained qualification for Regulation A+ offering On Sept. 30, the Securities and Exchange Commission (SEC) announced that a New York federal court entered a default ruling against the fintech company for “fraudulent public offering and falsifying revenue from sham commodities transactions.” According to the SEC, Longfin and …

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Kik Shutting Down Popular Messaging App Due to ICO Legal Battle

Disclaimer: This report previously stated that Kik was only considering shutting down its app and has been updated following new information from Kik. The Canadian social media and messaging app company Kik is considering shutting down its popular Kik messaging app. 70 reported layoffs at Kin subsidiary  In a Sept. 23 article, Israeli tech publication CTech Calcalistit cites two anonymous sources at Kik, claiming that the Canada-based firm is considering closing down its messaging app.  …

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SEC Charges Fantasy Market Founder With Orchestrating a Fraudulent ICO

The United States Securities and Exchange Commission (SEC) has charged Jonathan C. Lucas, the founder of adult entertainment marketplace Fantasy Market, with orchestrating a fraudulent initial coin offering (ICO). According to the SEC complaint published on Sept. 23, Lucas received around $63,000 in cryptocurrency from more than 100 investors “through the fraudulent offer and sale of unregistered digital securities of Fantasy Market.” The document states: “As alleged in the complaint, Lucas made numerous materially false …

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How Tokenization Is Transforming Film Financing, Wesley Snipes’ Fund

As the world of finance continues adapting to contemporary innovations, it almost cannot help but drag other industries along for the ride — willingly or otherwise. Film is one such sector currently undergoing a quiet revolt, concocting a radical subversion to traditional models of financing. This is partly due to the emergence of distributed technologies such as blockchain, and it has led to a new concept: the tokenization of everything.  In its purest form, tokenization …

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