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Trading Sanctions Imposed on Tezos Co-Founder Amid FINRA Settlement

April 22, 2018 |

Trading Sanctions Imposed on Tezos Co-Founder Amid FINRA Settlement

The Financial Industry Regulatory Authority (FINRA), has taken action against Tezos co-founder Arthur Breitman. The Wall Street regulator has fined Mr. Breitman $ 20,000 USD, banning Tezos from associating with broker-dealers for two years. It’s part of a settlement following FINRA’s accusations that the crypto company’s co-founder made false statements regarding the project whilst employed at Morgan Stanley.

Also Read: Bitcoin Cash Smashes Through $ 1,000 USD

Tezos Co-Founder Settles With FINRA

Trading Sanctions Imposed on Tezos Co-Founder Amid FINRA SettlementArthur Breitman and FINRA have agreed to a settlement pertaining to allegations that Mr. Breitman made false statements regarding the project whilst he was an employee of Morgan Stanley. The allegations appear to have spurred by an October 2017 article published by Reuters that purported to evidence Mr. Breitman’s deliberate attempts to conceal his involvement with Tezos while working at the firm.

The report stated that “In the summer of 2014, while working at Morgan Stanley in quantitative finance, Breitman released two papers online that presented his concept for a new type of blockchain,” which were authored under the pseudonym “L.M Goodman.” Reuters claims to have reviewed “emails and messages” sent by Mr. Breitman that confirmed he authored said 2014 documents, in addition to an email sent by Mr. Breitman in early 2015 outlining that “he was seeking to create a business based on Tezos but was trying not to be associated publicly with the project at the time” due to concerns “that his activities might conflict with his employment at Morgan Stanley.”

Mr. Breitman Conceals Involvement With Tezos

Trading Sanctions Imposed on Tezos Co-Founder Amid FINRA SettlementReuters also detailed an early 2015 “Tezos Business Plan” that listed Mr. Breitman as the company’s chief executive. In August of the same year, Mr. Breitman established the company Dynamic Ledger Solutions Inc with himself as the chief executive, through which Tezos would be developed.

FINRA mandates that registered securities professionals divulge information pertaining to external business activities to their employers in the event that there is a “reasonable expectation of compensation.” As the 2015 Tezos Business Plan had anticipated that Mr. Breitman should receive a $ 212,180 USD annual salary by the third year of the company’s existence, Mr. Breitman was determined to have failed to report his “other business activities,” prompting action from FINRA.

In the settlement agreement between Mr. Breitman and FINRA, the regulator concluded that “Breitman did not notify Morgan Stanley at any time that he was engaging in these outside business activities.” The agreement also noted that “Breitman’s use of the L.M. Goodman pseudonym to promote Tezos […] effectively concealed Breitman’s involvement with Tezos from” his former employer.

Sarah Lightdale, an attorney representing Mr. Breitman, has sought to move the attention away from the settlement. “The settlement with FINRA is unrelated to and has no impact on the launch of the Tezos network. Arthur cooperated fully with FINRA at all times and Arthur is pleased to put this personal matter behind him,” she said.

Crypto Industry Must Exercise Greater Regulatory Savvy

Trading Sanctions Imposed on Tezos Co-Founder Amid FINRA SettlementThe ever complicating Tezos story highlights the need for initial coin offering issuers to fully comprehend the regulatory requirements of their jurisdiction, and the potential legal ramifications of non-compliance.

Speaking to Reuters in June, Tezos co-founder and chief executive officer, Kathleen Breitman, sought to address concerns pertaining to the adequacy of the couple’s previous disclosures of pertinent information during the project’s infancy. “We made all the proper disclosures. It was a hobby, you know. And like there was never any intention to really commercialize any of the software. We had some meetings with like C-suite executives at banks … but honestly nothing serious.”

Do you think that the regulatory and legal issues that have beleaguered Tezos will negativity how the markets preform once the company’s network is launched? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Tezos


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The post Trading Sanctions Imposed on Tezos Co-Founder Amid FINRA Settlement appeared first on Bitcoin News.

Bitcoin News

Taiwan Mining Chip Manufacturer Sees Record Sales Amid BTC Bounce

April 21, 2018 |

Taiwan Mining Chip Manufacturer Sees Record Sales Amid BTC Bounce

The world’s largest independent semiconductor manufacturer, Taiwan Semiconductor Manufacturing Company (TSMC) has reported record sales during  March 2018. TSMC’s president has attributed the company’s performance in part to demand for the hardware required to mine cryptocurrencies.

Also Read: Bitcoin Cash Smashes Through $ 1,000 USD 

World’s Largest Semiconductor Manufacturer Reports Record Sales

Taiwan Mining Chip Manufacturer Sees Record Sales Amid BTC BounceDuring a recent shareholder conference call, the Taiwan Semiconductor Manufacturing company announced revenues of 248 billion TWD (approximately $ 8.46 billion USD) during the first quarter of 2018 – a 6.1 percent year-on-year increase.

The company also recently revealed that March comprised the best performing month in TMSC’s history, with the company reporting approximately $ 3.5 billion USD in revenue in March alone. TMSC’s March profits comprised roughly 41 percent of the company’s earnings during Q1 2018.

Cryptocurrency Mining Drives Demand for TSMC Chips

Taiwan Mining Chip Manufacturer Sees Record Sales Amid BTC BounceC.C. Wei, the TSMC’s president and co-chief executive officer (CEO), has described cryptocurrency mining as a notable driver of demand for TSMC’s products, stating that “These results were mainly driven by strong demand from high-performance computing such as cryptocurrency mining.”

Mark Liu, TSMC’s other co-CEO, expressed the company’s expectation that demand from the cryptocurrency mining industry will continue to be strong throughout 2018, despite anticipating reduced sales for its 28mm chip. “We see very strong demand in the first quarter from cryptocurrencies. During the second quarter, while we do see some weakness in the 28mm chip, the [demand for] the rest of the technology is still very strong on cryptocurrency,” said Mr. Liu.

Despite the impressive performance during March, overall, TSMC performed slightly below expectations during the first quarter of 2018, with the company’s earnings per share of 59 U.S cents falling just one cent below consensus estimates.

TSMC Stock Prices Fall Amid Decreasing Smartphone Demand

Taiwan Mining Chip Manufacturer Sees Record Sales Amid BTC BounceDespite the record performance in March, TSMC shares have experienced a slump in recent days, as waning demand for smartphones prompted the company to adjust its end of year revenue prediction. TSMC now anticipates growth of 10 percent during 2018, down from its previous prediction of 15 percent.

Medhi Hosseini, an analyst for Susquehanna Financial Group, has stated: “We are lowering our estimates for [TSMC] to account for a steeper-than-expected inventory digestion by premium smartphone customers, particularly Apple.”

Do you think that demand for mining hardware will continue to grow, or stagnate during 2018? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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The post Taiwan Mining Chip Manufacturer Sees Record Sales Amid BTC Bounce appeared first on Bitcoin News.

Bitcoin News

China Wary of Qualcomm’s $44 Billion NXP Deal Amid U.S. Tensions

April 19, 2018 |

Antitrust regulator’s initial pessimistic review of Qualcomm’s $ 44 billion purchase of NXP Semiconductors raises questions about a critical deal for the American company and whether trade friction with the U.S. is playing a role.
WSJ.com: US Business

Miranda Lambert walks ACM Awards red carpet solo amid rumors she and boyfriend Anderson East split

April 16, 2018 |

Miranda Lambert looked ravishing in a red sequin dress with a prominent cut-out at the 2018 ACM Awards in Las Vegas.
FOX News

Gas prices at highest level since 2015 amid fears of another oil shock

April 15, 2018 |

Southern California drivers are paying the highest pump prices for gasoline in 2 1/2 years amid fears that prices could jump even further if the United States takes military action against Syria.

The upswing in prices reflects not only rising crude-oil prices but also a higher state gasoline tax,…


L.A. Times – Business

Barbara Bush to focus on comfort care amid ‘failing health,’ spokesman says

April 15, 2018 |

Former first lady Barbara Bush is in “failing health” and will not seek additional medical treatment after a series of recent hospitalizations, a family spokesman said Sunday.
FOX News

200M Eggs Recalled Amid Salmonella Fears

April 15, 2018 |

Double-check your eggs—there’s a massive egg recall in progress over salmonella fears, USA Today reports. A farm in Seymour, Indiana, is recalling over 200 million eggs amid an FDA report that 22 people have been sickened. The eggs have reached restaurants and retail stores in West Virginia, Virginia, South…
Newser

Glencore CEO off Rusal board amid sanctions fallout

April 10, 2018 |

The chief executive of commodities giant Glencore, Ivan Glasenberg, has left the board of aluminum producer Rusal as the fallout continues from fresh U.S. sanctions against Russia.
FOX News

Coindcx Launches Indian Crypto-to-Crypto Exchange Amid Regulations

April 8, 2018 |

Coindcx Launches Indian Crypto-to-Crypto Exchange Amid Regulations

This week the Reserve Bank of India (RBI), the country’s central bank, has banned banks from dealing with cryptocurrency businesses. Indian financial institutions have three months to cease doing business with digital asset operations but some of them may stop facilitating INR settlements. News.Bitcoin.com spoke with Sumit Gupta the founder and CEO of a new Indian digital currency exchange called Coindcx. Gupta told us about his team launching a cryptocurrency trading platform in the midst of regulatory uncertainty.

Also read: Help Wanted! Japan Needs Crypto Engineers

Launching an Indian Cryptocurrency Exchange During Regulatory Uncertainty

Sumit Gupta is launching a cryptocurrency exchange called Coindcx that enables Indian residents to trade over 30 digital asset pairs legally in BTC/ETH markets with 0.1% trading fees. The founder explains that Coindcx wants to give India’s thriving blockchain community a chance to stay alive and give it the strength to keep pushing for progress. The launch is in the midst of the RBI publishing its first bi-monthly monetary policy on April 5th which forbid any entities regulated by it from providing services to entities who deal with cryptocurrencies. “In essence, this means Indian banks won’t be able to allow its customers to acquire bitcoin in exchange for INR,” Gupta explains to news.Bitcoin.com.

“You don’t have to get rid of your investment while the market is down, don’t sell at loss. Simply move your cryptos to Coindcx, where you’ll be able to enjoy faster deposits, lower trading fees, 30+ trading pairs, and the most intuitive platform, all without touching fiat currency (INR),” Gupta details. “Even though the government has given these financial institutions a timeline of three months to cease support, it seems like banks will stop giving services to these exchanges much sooner.”

So, in short, Indian Crypto Exchanges will have issues dealing with fiat pairs in India very soon.

Coindcx Launches Indian Crypto-to-Crypto Exchange Amid Regulations

Gupta explains that the central bank is planning to launch its own ‘digital rupee’ and jokingly says maybe the government will allow exchanges to deal in that asset. “We understand that RBI is bit hesitant in providing traditional banking and related services to cryptocurrency exchanges in India, however, this doesn’t convey any message on the legality of crypto assets of even cryptocurrency exchanges in India, and there is no official statement by Indian government about bitcoin or any mention of a ‘crypto ban.’”

With Coindcx even though our users will be trading in cryptocurrency pairs, they can still check equivalent coin prices, place buy or sell orders and even track your portfolio — all in Indian rupees (INR). At Coindcx, we are aiming to give our users as much comfort as possible, even with pure crypto pairs.

Coindcx Launches Indian Crypto-to-Crypto Exchange Amid Regulations

Following this topic, we asked Gupta why he thinks the RBI stopped banks from dealing with cryptocurrency exchanges. Gupta notes that the government wants to curb black money and levy tax on the transactions, they have to regulate all channels for fund flows. Shutting them down would ultimately defeat the purpose of regulation Gupta says.

“No one knows that yet, however, there is an independent committee by the Indian government that seems to be working on regulating cryptocurrencies in India, which might speed up now,” Gupta emphasizes. “This RBI’s decision might encourage hawala trading or illegal remittances and keep bitcoin/crypto trading out of the purview of income tax authorities which was difficult to do earlier — Exchanges asks for proper KYC for any customer to buy/sell crypto from their platform, now people will find alternative ways to do that — Some exchanges are even thinking to move out of the country (many have already planned),” he adds.

But at Coindcx, we’re aiming to launch with crypto-to-crypto trading pairs with a feel of INR trading and introduce fiat when government regulates it. Coindcx or other exchanges moving out of the country will bring India one step behind and might even put the whole blockchain revolution in India to hold, which is not good.

Coindcx Launches Indian Crypto-to-Crypto Exchange Amid Regulations

However, even though the regulatory crackdown is happening in India, Gupta believes cryptocurrency adoption in India will grow faster than most Asian countries.

“Indians, in general, have high affinity towards crypto investments, just look at the growth in awareness and money infused in cryptocurrency market in India in just last six months, and it’s growing day-by-day,” Gupta concludes.

In a democratic country like India, latest RBI’s decision hasn’t just ruled against cryptocurrencies but have put the whole blockchain revolution in India to hold — India encompasses one of the most talented technologists in the world — With the use of blockchain, we have an opportunity to bring this talent out to the world.

What do you think about Coincdx launching in the midst of regulatory uncertainty in India? Let us know what you think about this subject in the comments below.

Disclaimer: Bitcoin.com does not endorse this cryptocurrency product/service. When using exchanges and trading platforms readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images via Shutterstock, Coincdx, and Sumit Gupta


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The post Coindcx Launches Indian Crypto-to-Crypto Exchange Amid Regulations appeared first on Bitcoin News.

Bitcoin News

Tech Stocks Plunge Again Amid Growing Backlash

April 3, 2018 |

Investors rushed out of the biggest names in the tech industry, the latest sign that scrutiny from lawmakers and regulators, backlash from consumers and flagging share performance is threatening to undermine their dominance in the stock market.
WSJ.com: What’s News Asia