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The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange Transactions

September 17, 2018 |

The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange Transactions

Wirex, the popular European crypto card provider, has announced it’s expanding to Canada and we have the details covered in The Daily. Also in the rubric, the Coin Stats mobile app now synchronizes transactions from several exchanges, a coin claiming to have AML and KYC features is listed on a major exchange, and the UK government is asked about its assessment of recent crypto market developments.    

Also read: Binance Tests Fiat Exchange, Russians Mull Crypto Platforms

Wirex Offers Crypto Wallets in Canada, Cards on the Way

The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange TransactionsUK-based crypto card issuer Wirex is expanding its operations to North America. In August, the company was awarded a Fintrac and Money Service Business registration by regulators in Canada where users can already take advantage of its wallet supporting several cryptocurrencies: bitcoin core (BTC), litecoin (LTC), ripple (XRP), and ethereum (ETH).

According to a blog post published recently, the company intends to next introduce traditional currency accounts and contactless Visa cards. Wirex plastics allow their holders to convert and spend cryptocurrency just like fiat money, both in shops and online. Their users can also benefit from the platform’s reward program offering 0.5% cashback in BTC on all in-store purchases.

The Wirex team notes that although the UK and the US are ahead in the rankings for traditional blockchain adoption, Canada leads the way when it comes to Ethereum technology implementation. They also point out that the country is currently second only to the US in terms of the number of operational bitcoin ATMs – more than 600 across the country.

Coin Stats Now Syncs Transactions From Binance, Bittrex and Kucoin

The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange TransactionsCryptocurrency portfolio management software Coin Stats has announced the release of new updates for its Android and iOS apps, available in Google Play and Apple Store. The main changes include the option to synchronize past transactions from several exchanges. Support for Binance, Bittrex and Kucoin is currently provided and developers promise to expand the list in the future. Coin Stats also comes as a web-based application.

According to a post on Medium detailing the updates in the app, “You can make it sync your past transactions of all of your portfolios by enabling the toggle in the update popup below. Please note, your Profit/Loss will most probably change but it will become more precise.” Another novelty is that the detail pages of some coins are now styled with the brand colors of the respective project.

AML Bitcoin Listed on Hitbtc

The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange TransactionsAML Bitcoin (ABTC), a cryptocurrency advertised as the coin with anti-money laundering (AML) and know-your-customer (KYC) technology built into its code, has been listed on Hitbtc, currently the sixth largest crypto exchange by daily trading volume. According to Marcus Andrade, Chief Executive Officer of NAC Foundation and creator of the crypto, “The tectonic shift by the world’s governments in the past year shows the urgent need for a digital currency that can both attract the crypto community and be used in commercial and governmental transactions. We are that coin!”

The US-headquartered NAC Foundation, which is the developer of ABTC, also claims the coin boasts some theft-resistant properties. The team behind the project insists AML Bitcoin is compliant with all major national security and financial protection laws and regulations, including the USA Patriot Act and the Bank Secrecy Act.

British Government Questioned About Recent Crypto Swings

The executive power in London has been facing a lot of questions pertaining to cryptocurrencies, with the latest one coming from Lord Taylor of Warwick, who asked Her Majesty’s Government about their assessment of the reports that “the value of cryptocurrencies in the United States is falling” as well as “the potential effects that such a decline might have on the UK blockchain industry.” It turns out not much has been done in that direction.

The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange Transactions“The Government has not made a formal assessment of any potential implications of recent changes in the value of cryptocurrencies. However, the Government continues to monitor developments in the cryptocurrency market,” Lord Bates, Minister of State at the Department for International Development, said in a response quoted by Finance Feeds.

The exchange comes while the British public is awaiting a report this fall from the Cryptoassets Taskforce, formed in March by the Chancellor of the Exchequer to evaluate the risks and potential benefits of cryptoassets and other applications of the underlying distributed ledger technology in financial services in the United Kingdom. The body is also charged with determining whether and what kind of regulatory approach is needed to address the developments in the crypto space.

Prices across crypto markets have recently experienced a short term recovery after plunging between 10 and 20 percent for most digital coins last week. Check our latest Markets Update to get more details on the latest developments.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


Images courtesy of Shutterstock.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post The Daily: Wirex Expands to Canada, Coin Stats Syncs Exchange Transactions appeared first on Bitcoin News.

Bitcoin News

U.S. securities laws may cover initial coin offerings, judge says in big win for feds

September 12, 2018 |

A federal judge has ruled that U.S. securities laws may cover an initial coin offering, handing the government a victory in its effort to regulate billions of dollars in cybercurrency offerings much as stocks are.

The ruling came in a criminal case against a man charged with promoting digital currencies…


L.A. Times – Business

Ku Coin Expands Into Australia After $3M Bitcoin Australia Deal

September 10, 2018 |

Ku Coin Expands Into Australia After $  3M Bitcoin Australia Deal

Ku Coin is expanding into Australia after it agreed to invest $ 3 million in Bitcoin Australia. The deal is seen as a win-win for both cryptocurrency exchanges, each seeking to expand into its own direction – Ku Coin establishing a niche in the rapidly growing Australian market. Bitcoin Australia is targeting the UK next.  

Also read: As Zimbabweans Struggle For Cash, Even The Country’s Only Bitcoin ATM Has Run Dry

Ku Coin Gets Leg Up In Australia

Ku Coin Expands Into Australia After $  3M Bitcoin Australia Deal
Mr. Gan

Ku Coin chief executive Michael Gan on Sunday announced the Singapore cryptocurrency exchange had injected $ 3 million into Bitcoin Australia in a deal that is expected to grow its footprint in Australia.

“Now, I would like to inform you about our latest key partnership,” Gan said in an update on Twitter. “I have been told that some users noted that Ku Coin has accomplished investing in Bitcoin Australia, a leading Australian cryptocurrency exchange. I want to confirm that this is true,” he said.

Earlier, Rupert Hackett, Bitcoin Australia’s chief executive, told the Australian Financial Review that the cash injection will help Bitcoin Australia expand operations into 27 new markets in the next two years. The company currently operates only in Australia, the Netherlands and Canada.

UK is Next Target

Hackett said the deal will result in increased demand for cryptocurrency from both Australian and international investors.

Ku Coin Expands Into Australia After $  3M Bitcoin Australia Deal

“It will effectively create an exchange for intermediate and advanced traders,” he was quoted as saying. “The UK is our next primary target. We want it to be seamless with the payment infrastructure in the UK and build up the brand,” Hackett said. He added that Bitcoin Australia presently offers the ability to purchase cryptocurrency, and wants to diversify to include a bespoke experience.

Ku Coin has more than four million users on its books and transacts over half a billion United States dollars per month. In the 24 hours to press time, about $ 13.1 million worth of bitcoin had changed hands on the exchange. “This (deal) is not only a great strategic decision but will be an excellent long-lasting partnership for us to help cryptocurrency grow,” said Gan, Ku Coin chief executive.

Threats Of Harm

Last week, Australian financial markets regulator, the Australian Securities and Investments Commission (ASIC), said it will tighten control of cryptocurrency exchanges and token sales to eliminate “potential harm” from emerging technologies. In its “Corporate Plan” plan for the next four years, ASIC revealed: “We will continue to focus on monitoring threats of harm from emerging products, cyber resilience, the adequate management of technological solutions by firms and markets, and misconduct that is facilitated by or through digital and/or cyber-based mechanisms.”

Ku Coin Expands Into Australia After $  3M Bitcoin Australia Deal

Hackett, the Bitcoin Australia chief executive, was not particularly perturbed by the state of regulation in the Pacific nation. He told the Australian Financial Review that the country’s regulatory environment was “very progressive based on the global climate.” He hopes that “because we’re a regulated cryptocurrency exchange, we can leverage that in these international markets and foster business relations on that foundation.”

Australia is booming as a market for cryptocurrency, both as means of payment and as a store of value. About 14 percent of Australians now own a cryptocurrency of one sort or another, according to a report by Hive Ex, and payments are increasingly being settled in bitcoin.

Do you think Ku Coin in Australia is a good venture for the company? Let us know what you think in the comments section below.


Images via Shutterstock.


 Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post Ku Coin Expands Into Australia After $ 3M Bitcoin Australia Deal appeared first on Bitcoin News.

Bitcoin News

PR: No More Waiting – Ronaldinho Soccer Coin Crowdsale Goes Live

August 21, 2018 |

No More Waiting - Ronaldinho Soccer Coin Crowdsale Goes Live

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Everything Ronaldinho does helps inspire others. If it’s in the playing field or off of it, he is sure to bring magic and joy to his fans. This is exactly what he did on February 2018 as he hinted to his Twitter followers that he would become a partner on a big project. On August 16, Ronaldinho Soccer Coin (RSC) has ended their exciting private sale stage and started their next phase for the offering of their token based on the NEO blockchain.

“I have a big announcement to share with you, today.” – read the tweet. Ronaldinho hinted about joining a new project and that more details would be revealed later.

Little fans expect the word “big” may have even been an understatement. Now, RSC project is a highly ambitious and highly anticipated blockchain and cryptocurrency project that aims to build an innovative fan experience for soccer lovers using services such as Digital Stadiums – where fans can buy tickets for games, betting platforms for users to place bets on real match results and including eSports too. Augmented Reality (AR) and Virtual Reality (VR) applications will also be a big part of what the RSC ecosystem offers audiences. Any fan will be able to view their favorite games and experience the action just as if they are playing alongside their favorite soccer heroes using such technologies and services.

A great way to summarize what RSC envisions about the future of soccer is looking at the phases of the project. On the first Quarter of 2019 the team plans to have the first working Ronaldinho Academy that will work to empower children who want to learn soccer and develop new talents as well as give back to children of low resources by donating via Smile Project which is using part of the revenue from their operations to give soccer balls to these children and help them pursue their sports dreams.

Next is the actual Ronaldinho Stadium Pilot project which intends to function as a fully operating stadium in which any fan can pay using the RSC Token saving costs in paying for intermediary fees and when making international payments to buy tickets for games.

The Ronaldinho Stadium will be fully equipped with AR and VR technologies for all spectators to experience the game action more closely than in traditional stadiums. Behind all of this a strong e-Commerce/ Marketplace will work using RSC as the preferred currency of payment adding to the demand for the token amongst soccer fans, a sport that has 3.5 billion followers making it the most popular sport in the world. And as soon as 2020 the RSC ecosystem will have its own eSports and betting exchange system where fans can earn cryptocurrency for winning on results for virtual teams like The Super League and real-life soccer leagues.

Ronaldinho also thanked all of his 17.8M followers on Twitter for the tremendous support received towards RSC project.

“When you play soccer, you are free. You are happy. “Alegria” to all soccer lovers in the world. Thank you for all your support! RONALDINHO SOCCER COIN PROJECT.” – read the tweet by the football superstar.

The RSC team has concluded their highly anticipated Private Sale and is inviting soccer fans who believe in a better soccer experience for all and a future where anyone can play and smile with Ronaldinho to join and become a part of this new era of services.

“The presale will soon start from 16th August!” – Ronaldinho Gaucho urged his Twitter followers one more time to not miss out on this exciting new venture.

Hurry and sign up to join! The RSC Presale began on 16 August 2018 at 12:00:00 AM (UTC time) and offered its token price at 0.22 USD but will only last until 26 August 2018 so you have 10 days to take advantage of a lower price.

Make sure you join Telegram to chat with us and get the latest updates about Ronaldinho Soccer Coin.

Contact Email Address
social@worldsoccercoin.eu

Supporting Link
https://www.soccercoin.eu

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted 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 the press release.

The post PR: No More Waiting – Ronaldinho Soccer Coin Crowdsale Goes Live appeared first on Bitcoin News.

Bitcoin News

Caribbean Central Bank Explores Issuing Its Own Digital Coin

August 14, 2018 |

Caribbean Central Bank Explores Issuing Its Own Digital Coin

A growing number of governments and central banks around the world are looking to the possibility of issuing their own digital coins these days. The latest financial institution to join this trend is the Caribbean central bank of Curaçao and Sint Maarten.

Also Read: Crypto Cafe and Coworking Space ‘Hash House’ Established in Xi’an, China

Crypto Guilder

Caribbean Central Bank Explores Issuing Its Own Digital CoinCentrale Bank van Curaçao en Sint Maarten (CBCS), the central bank for the Netherlands Antillean guilder, is set to explore the feasibility of issuing a digital guilder to facilitate financial payments within the monetary union of Curaçao and Sint Maarten. For this purpose, the bank signed a Memorandum of Understanding (MOU) with Barbados-based Bitt Inc., a crypto company which is part of the portfolio of Overstock.com’s Medici Ventures.

“The MOU clears the way for collaboration and information sharing regarding a feasibility study, designed to determine the viability and functionality of using a central bank-issued digital guilder within the financial ecosystems of each member, and across both members of the monetary union,” explained Rawdon Adams, CEO of Bitt.

Cashless Society

Caribbean Central Bank Explores Issuing Its Own Digital CoinGovernments and central banks who previously expressed interest in creating an altcoin of their own listed several types of reasons for the possibility. Countries with restricted access to the global financial markets, such as Venezuela, Iran, and Russia see cryptocurrencies as a way to bypass economic sanctions. In contrast, more well-connected institutions see digital coins as a way to increase supervision on transactions in their domain by eliminating fiat cash. The latter appears to be the reason in this case.

Mrs. Leila Matroos-Lasten, acting President of the CBCS, said: “The central bank is determined to address its challenges proactively by exploring the latest technology available, for example, to reduce the level of cash usage within the monetary union, and to facilitate more secure, more AML and KYC compliant, and more efficient financial transactions within and between Curaçao and Sint Maarten. The CBCS herewith recognizes the transformative potential of innovation and technology and is committed to exploring solutions regarding the efficiency of cross-jurisdictional transactions and digital payments whilst ensuring compliance and security assurances obtained by these state of the art (fintech) solutions. This would be beneficial to everyone.”

Should small island jurisdictions issue their own coins or just adopt a universal cryptocurrency like Bitcoin? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Caribbean Central Bank Explores Issuing Its Own Digital Coin appeared first on Bitcoin News.

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Bitcoin in Brief: Crypto Payments via SMS, Coin Tips for Tweets and Posts

August 11, 2018 |

Bitcoin in Brief: Crypto Payments via SMS, Coin Tips for Tweets and Posts

Financial software developer Intuit has been awarded a patent for processing BTC payments via SMS and we’ve covered the details in today’s edition of Bitcoin in Brief. Also in The Daily, Brave browser plans to enable BAT tips for tweets and Reddit posts, cryptocurrency is projected to constitute 5 percent of the portfolios of US investors next year, and in Thailand, a famous actor has been arrested for an alleged crypto investment fraud.

Also read: Ledger Adds Coins, Okex Launches Coinall, Exmo Partners with Mistertango

Intuit Awarded Patent for BTC Payments via SMS

California-based company Intuit, a financial software developer, has been awarded a patent for processing bitcoin core (BTC) payments via text messages (SMS), according to a filing published by the US Patent and Trademark Office on August 7. The patent that outlines a system to transfer BTC funds by sending text messages on smartphones was filed back in 2014. According to its abstract:

The method includes receiving, by a payment service, a payment text message comprising a payment amount and an identifier of a payee mobile device, validating the payment text message based on a payer balance of a virtual payer account maintained by the payment service for the payer […] transferring, in response to creating the virtual payee account, the payment amount from the virtual payer account to the virtual payee account […].

Despite the prolonged consideration of the patent application, Intuit has been continuously developing its crypto-cash payment solutions in the meantime. Earlier, the company announced it had reached a partnership agreement with the payment provider Veem to build a system for processing international cryptocurrency payments.

Brave Browser to Enable Tips for Tweets and Posts

Brave, the privacy-oriented web browser that supports opt-in ads and crypto payments between users and website publishers like Twitchers and Youtubers, is now planning to expand its service to Twitter and Reddit. The startup intends to introduce support for the two platforms in the fourth quarter of this year, according to an announcement quoted by CNET.

Bitcoin in Brief: Crypto Payments via SMS, Coin Tips for Tweets and PostsTo take advantage of the tipping system, which uses Brave’s basic attention token (BAT), users have to enable the payments in the browser. Then, if another Brave user decides that a tweet or a post is worth rewarding, they can send a BAT tip. “The model will be tipping – a user likes a tweet and can give BAT to the tweeter, and optionally tweet back that he tipped,” the company explained. The mechanism for Reddit users will be similar.

Brave is essentially trying to redefine how online advertising works. Its browser is blocking ads by default and people’s attention is rewarded with tokens. BAT payments can be made between users, publishers and advertisers. The opt-in system allows anyone who sees a Brave-placed ad to get a portion of the revenue from the advertiser. Brave claims to have more than 20,000 verified publishers and 3.25 million monthly active users who can send and receive BAT tips. The Brave browser project was funded through an Initial Coin Offering (ICO) and launched by Mozilla co-founder Brendan Eich.

Crypto Expected at 5% of US Investments in 2019

Despite declining prices of most cryptocurrencies amidst a continuous bearish trend in crypto markets this year, a new survey has found that digital coins are becoming a permanent part of many investment portfolios in the US, decreasing the dominance of traditional instruments such as stocks, bonds and real estate. The authors of the study have detected a growing desire among US investors to get exposed to cryptos, considered by many to be the next big asset group.

Bitcoin in Brief: Crypto Payments via SMS, Coin Tips for Tweets and PostsThe Harris Poll survey, conducted on behalf of the American Institute of CPAs (AICPA), has established that cryptocurrencies will represent 5 percent of the investments of those 35 percent of Americans that consider themselves investors or plan to invest in 2019. At the same time, Exchange Traded-Funds (ETFs), which have received much attention in the crypto space recently, account for 8 percent of the projected investments.

The study has attempted to assess the knowledge and awareness of cryptocurrencies among active investors in the United States. According to the published results, their levels remain relatively low with almost half of the respondents admitting having little or no understanding of the matter. “Cryptocurrency appears to be foreign to many investors. The survey found that nearly half of U.S. adults (48 percent) are not familiar with Bitcoin, Ethereum, or Litecoin,” the AICPA commented on the findings.

Thai Actor Arrested for Alleged Crypto Investment Fraud

Bitcoin in Brief: Crypto Payments via SMS, Coin Tips for Tweets and PostsPolice in Thailand have arrested Jiratpisit “Boom” Jaravijit, a famous Thai actor, for his alleged participation in a fraudulent crypto-investment scheme. According to local media reports, he lured a foreign national into investing 797 million baht (~$ 24 million USD) in digital currency. Mr. Jiratpisit, who was apprehended on Wednesday after the Thai Criminal Court issued an arrest warrant in July, has been also charged with collusion in money-laundering.

The actor is one of seven suspects who allegedly committed the crime, The Bangkok Post reported. Law enforcement officials said they acted after receiving a complaint that the accused had defrauded the foreigner into sending them the money in bitcoin (BTC). The fraudsters assured the person the funds would be used to buy shares in companies that had invested in the Dragon Coin digital currency. The investor, identified as the Finnish national Aarni Otava Saarimaa, met the suspects in June, 2017. The Thai actor has denied the charges.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


Images courtesy of Shutterstock.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post Bitcoin in Brief: Crypto Payments via SMS, Coin Tips for Tweets and Posts appeared first on Bitcoin News.

Bitcoin News

Boerse Stuttgart to Host Crypto Trading and Coin Offerings

August 3, 2018 |

Boerse Stuttgart to Host Crypto Trading and Coin Offerings

Boerse Stuttgart is going deeper into crypto. The German stock exchange is planning to set up a new trading venue that would allow the exchange of tokens from the ICOs it wants to host, as well as established cryptocurrencies. Custody services will also be offered to crypto investors.

 Also read: Coinbase Introduces GBP Pairs, Hitbtc Adds EURS, Bitpanda Offers EOS

Trading Venue, ICO Platform and Crypto Custody

Germany’s second largest stock exchange, Boerse Stuttgart, is expanding its crypto-related investments. It has announced intentions to create a “multilateral regulated trading venue” for cryptocurrencies with safe storage services for digital assets. The Boerse also intends to develop a new platform for conducting Initial Coin Offerings (ICOs).

Boerse Stuttgart to Host Crypto Trading and Coin OfferingsThe news about these plans comes after earlier this year the exchange said it was developing a new cryptocurrency trading app called Bison which is expected to offer fee-free access to crypto investment. According to previous reports, the German version of the software is scheduled to be released this fall and will be followed by an English version shortly after. The app will initially support pairs with BTC, ETH, LTC, and XRP.

Boerse Stuttgart now wants to extend its crypto-related activities to the primary and secondary markets, Finextra reported. That involves the creation of the ICO platform which will allow the issuance of digital tokens used for either corporate financing or to represent rights and assets.

All Under One Roof

The exchange is also preparing to establish the regulated trading venue where the coins of the hosted ICOs will be traded in parallel with leading decentralized cryptos such as bitcoin core (BTC) and ethereum (ETH). Custody services will be provided to participating traders and investors. Speaking about these important developments, the Chief Executive Officer of Boerse Stuttgart, Alexander Höptner, said:

At the trading venue tokens issued via our ICO platform can be traded on the secondary market. This is an important success factor for ICOs. At the same time, we are responding to demand from both retail and institutional investors for a regulated and reliable environment for trading cryptocurrencies.

According to further comments by Mr. Höptner, all this will allow the exchange to offer “central services along the value chain for digital assets, all under one roof.” The announcement of the new projects follows last year’s establishment of a “Digital Ventures” unit and the subsequent acquisition of local data analytics startup Sowa Labs. The subsidiary is currently developing the Bison crypto trading app claimed to be the first that has the support of a major traditional stock exchange.

Boerse Stuttgart to Host Crypto Trading and Coin OfferingsBoerse Stuttgart is the second largest stock exchange in Germany, after Frankfurter Wertpapierbörse, and the ninth largest in Europe. So far, Germany has treated carefully cryptocurrencies and the related industry. In the Bundesrepublik, cryptos are not subject to VAT when exchanged with fiat, and profits from long-term crypto investments are exempt from capital gains tax.

Do you think other traditional financial institutions in Germany will follow Boerse Stuttgart’s example and expand operations in the crypto space? Share your expectations in the comments section below.


Images courtesy of Shutterstock.


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The post Boerse Stuttgart to Host Crypto Trading and Coin Offerings appeared first on Bitcoin News.

Bitcoin News

SEC’s new crypto czar wants digital coin industry to step out of the shadows

July 31, 2018 |

The U.S. Securities and Exchange Commission is well known for bringing landmark cases against the biggest names in finance.

But its powers to punish individuals and companies can also be intimidating, something that’s very much on the mind of Valerie Szczepanik, the SEC’s new top official overseeing…


L.A. Times – Business

Cops’ Infamous Coin Toss Costs Them Their Jobs

July 27, 2018 |

Heads, you get fired. Tails … you get fired. Two police officers seen using a coin-flip app to determine whether to arrest a woman pulled over for speeding in Georgia have lost their jobs. Courtney Brown and Kristee Wilson failed to perform at an “acceptable level” in engaging in conduct “which…
Newser

Japanese Class Action Against Gambling Coin Claims $12m Damages

July 27, 2018 |

Withcoin, a virtual currency reportedly designed for casinos, and listed on the Hitbtc exchange around May, is accused of selling coins using a promotional video propagating alleged lies and misleading information. In April 2018, a video promoting Withcoin went viral on the internet, inviting investors to purchase in advance a coin that was going to be listed on a crypto exchange in May, the message said.

Also read: The Daily: Exchange Operator Pleads Guilty, Scammer Fined Over $ 1.9 Million

“If You Buy It Today You Can Become a Millionaire”

The propaganda video was spread by an individual called Matsuyama. Matsuyama, also known on other sites as Koichi Matsuyama, enumerated attractive selling points for buyers, but it was later discovered that most of what he was saying was a lie, according to an overview explanation listed on the Enjin crowdfunding Class Action site. In a project called “Final ICO,” Matsuyama aimed at pre-selling a listed fixed coin that had the potential to increase its price a thousand times. The pre-sale allegedly started in January of 2018 with 1 Withcoin valued at 0.5 yen. However, it was reportedly only possible to purchase the coins by large chunks of 10 million yen. Buyers therefore seemingly purchased Withcoin in groups.

Matsuyama allegedly operated his business without disclosing any company name, and reportedly claimed having a career as a system engineer. He also made affirmations stating that Withcoin would be listed on Binance, then changed the exchange to Hitbtc. He also allegedly claimed in his project that the coin could be exchanged at Okada Manila, a casino in the Philippines, which denied any involvement with cryptocurrencies on its homepage.Japan Class Action Against A "Casino" Coin Claims $  12M Damage

Soon after the coin was listed on the crypto exchange, its price fell to about 1/10 of the ICO price, which made purchasers suffer large losses. Enjin explains on its class action page that the business was selling a cryptocurrency giving false information therefore, the sales contract being invalid, the victims can now claim a full refund in Japanese yen at the rate of the time when the coins were sold.

Coin Crashed to 1/20th Its Price

About two weeks after being listed, Withcoin crashed to 0.139 yen. Many investors were tricked and directed to a site after viewing a Youtube video that was inviting viewers to purchase the seemingly attractive coin. As of June, more than 420 victims gathered on the crowdfunding class action litigation project Enjin for reported damages of over 1.3 billion yen ($ 12m). The number of victims claiming to have been duped in the same case has grown ever since. The question now lies in whether Matsuyama was intentionally aiming at tricking investors, which is seemingly difficult to prove. However, testimonies show the Withcoin management team could be proven as having given false explanations to its clients. Youtube is also accused of expanding the damage by introducing Withcoin, according to FXinspect.com, a site that verifies and reviews information on commodity materials mainly sold on the internet.Japan Class Action Against A "Casino" Coin Claims $  12M Damage

“I will introduce a very attractive coin,” the man allegedly said, “you can buy it now for 3 yen, but after the coin will be listed, it will be valued at 5 yen. The price will never break […]” the man in the video promised. The investors who viewed the video where guided to a mail magazine online, where the actual trades were carried out.

Considering the lowest offering price as an opportunity, the manager behind Withcoin sold a massive amount of his coins, whose price later fell to 0.14 yen. If the value of the coin had risen from its initial 3 yen, it was theoretically possible to make an expected profit of about 20 times the price of the coin, FXinspect explains. WithCoin had existed since about the end of 2017 or February 2018, however publicity for it started on Youtube around March 2018, the site explaining the class action stated.  

Japan Class Action Against A "Casino" Coin Claims $  12M Damage

Its white paper says that Withcoin is a digital currency “specialized in casinos,” and mentions a casino in the Philippines, without naming any specific venue. “We will realize a digital-currency platform for anyone to easily participate in casinos,” the white paper boldly states.

Okada Manila hotel was unavailable for news.Bitcoin.com’s request for confirmation of whether WithCoin could be exchanged at its casino. However its homepage stated that Okada Manila does not offer or allow the use of bitcoin or other cryptocurrency in its casino or anywhere else in its property. “Okada Manila has never authorized or partnered with anyone regarding the use of bitcoin or other cryptocurrency. Any claim or report that Okada Manila is offering or allowing the use of bitcoin or other cryptocurrency is false, inaccurate and unauthorized,” the hotel homepage says.

A Digital Currency “Specialized in Casinos”

“Okada is well-known as a casino mogul in Japan and Asia, and using his name is clearly an attempt to add an air of legitimacy to an allegedly fraudulent scheme. It also ironically illustrates that for many cryptocurrency isn’t seen primarily as an investment, but more like a gamble,” Jake Adelstein, an investigative journalist and yakuza expert based in Tokyo told news.Bitcoin.com by email.

FXinspect said most videos and websites allegedly created by Withcoin were removed from the internet since the collapse of Withcoin.

What do you think of this class action case against Withcoin? Share your thoughts in the comments section below.


Images courtesy of Shutterstock, FXinspect.com, Enjinclassaction.com, Haji Bashi Coin.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Japanese Class Action Against Gambling Coin Claims $ 12m Damages appeared first on Bitcoin News.

Bitcoin News