SEC Cracks Down on Unregulated ICOs in America – Meanwhile a New Zealand Based Financial Service Provider Launches an ICO for the First Time
A financial service provider in New Zealand launched their ICO this week, while two ICO startups in America have been penalized with registration charges. Can this New Zealand company revamp the ICO game?
The Securities and Exchange Commission announced last week that they have settled charges against two companies that each raised $15 million and $12 million. The companies have been ordered to pay a $250,000 fine, offer their investors’ money back, register their tokens as securities and file quarterly reports.
The ICO space has always been a controversial area when it comes to regulations. Authorities are aware of the risks involved and are cracking down on misleading or deceptive ICOs to ensure that ICOs can be a safe place for cryptocurrency investors.
Whilst the cryptocurrency market remains volatile, a new startup company based in New Zealand that claims to be following regulatory requirements launched their ICO on November 24, 2018. The team at Coingrid are looking to raise 140,000 Ethereum to build a cryptocurrency exchange that is both user-friendly and compliant with local laws and regulations (prototype: http://prototype.coingrid.co.nz/).
This announcement from Coingrid has gained a lot of attention as New Zealand is known to be one of the strictest countries in the world in terms of adapting cryptocurrency. It is worth mentioning that no cryptocurrency exchanges in New Zealand fully support fiat due to regulatory issues.
Many ICO projects in New Zealand have registered overseas to avoid having to deal with strict local laws and regulations. This is where Coingrid stands out. They have decided to tackle this issue directly. Coingrid has proven to communicate and liaise with regulatory bodies. This is the reason why many cryptocurrency enthusiasts wish to see Coingrid set an example as one of New Zealand’s first legitimate ICOs.
Chai Kim, CEO of Coingrid, stated that the company is planning for a “giant whitepaper update”, where they intend to explain the development of the exchange and its features in detail. The company has announced that their new Advisor, Paulius Uza, who has worked as the CTO of BDSwiss, a stock/forex exchange that has over €10 billion forex volume per month.
Find out more about Coingrid: https://coingrid.co.nz
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