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Paxtradings Crypto Minute: May 12, 2018

PAX Trading > Crypto Minute > Paxtradings Crypto Minute: May 12, 2018

Upbit, the Largest South Korean Cryptocurrency Exchange, Under Investigation for Fraud

South Korean authorities have raided the country’s biggest cryptocurrency exchange, Upbit, on Thursday and Friday to investigate possible cases of fraud at the exchange. According to Reuters, Upbit informed its clients that it is cooperating with the investigators and that all of its clients’ assets are secure. Neither Upbit nor the financial investigation team of the Seoul Southern District public prosecutors’ office has provided comment to Reuters yet.

Chinese Government Agency to Begin Releasing Ratings on Various Blockchain Projects

China’s Ministry of Industry and Information Technology announced it would begin releasing ratings for blockchain projects. According to the South China Morning Post, the agency will rate 28 projects at first — including Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, NEO, Verge, and Stratis. The agency has not specified how projects will be rated.

Prometheum Aiming to Conduct Reg A+ Compliant STO

Prometheum has announced is it aiming to conduct a Reg A+ compliant security token offering to fund the creation of its trading ecosystem for STO-related tokens. According to Crowdfund Insider, the company is aiming to raise the USD 50 million maximum under Reg A+ rules. The company claims it has been working for over a year to create a compliant trading ecosystem for security tokens.

Proposal to Exempt Some Cryptocurrencies from Colorado’s Securities Law Rejected in Final Round of Voting

House Bill 1426, a proposed law in Colorado that would have exempted some cryptocurrencies from the state’s securities law, was rejected in the final round of votes. According to Coingeek, several senators changed their votes in the final round after the Attorney General publicly opposed it, resulting in 17 votes in favor of the proposed law and 18 against. The main point of contention over the bill was a proposal for an open blockchain token, which was defined as “a digital unit capable of being traded or transferred between persons without intermediaries or any custodian of value.”

Crypto Facilities Begins Offering First Regulated Ethereum Futures

A U.K.-based trading platform, Crypto Facilities, has begun trading the first regulated Ethereum futures. According to Forbes, the Financial Conduct Authority (FCA) in the U.K. is responsible for regulating the company and its new futures. The company launched Bitcoin futures in 2015 and Ripple futures in 2016.

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