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The U.S. Department of Labor said logistics firm California Cartage Co. will pay $ 3.5 million to nearly 1,500 warehouse workers, after investigators found the Long Beach company failed to pay wages and benefits required under federal law.
The penalty, announced last week, covers employees who from…
Theranos Inc., the Silicon Valley blood-testing company accused of defrauding investors, will formally dissolve, the Wall Street Journal reported.
The company will seek to pay unsecured creditors its remaining cash in coming months, the Journal said, citing a shareholder email. The move comes after…
The Thai Securities and Exchange Commission has revealed the number of applications it has received from businesses wanting to operate initial coin offering portals in the country. However, at least one company is already issuing a token without obtaining approval. Meanwhile, the first Thai Stock Exchange-listed company to launch a token has a new plan to revitalize its coin.
ICO Portal Applications
The Thai Securities and Exchange Commission (SEC), the country’s main cryptocurrency regulator, has revealed the number of companies that have applied to operate initial coin offering (ICO) portals in the country.
According to the Bangkok Insight, Mrs. Praopon Senanarong, the Assistant Secretary of the Thai SEC, said that the regulator is reviewing six applications for ICO portals, which are expected to be approved in the fourth quarter of this year. In addition, 12 more portals are interested but have not formally applied for a license.
Furthermore, the SEC will set up a committee of ICO experts and SEC representatives to oversee ICOs and ICO portals in September.
Firm Issuing Token Without License
The SEC issued a public warning last week about DB Hold Plc soliciting investments in shares and a token without approval after receiving inquiries from investors regarding the company.
After investigating, the SEC found that the company has been soliciting investors through social media for company shares and pre-ICO tokens in the amount of 500 million baht (~US$ 15,346,130).
Emphasizing that DB Hold Plc is not authorized to issue tokens, the SEC says that it has ordered the company to cease all activities relating to the issuance of the token. Furthermore, the regulator reiterates that no company has been granted approval to issue new tokens. Companies that launched their tokens prior to the adoption of the country’s crypto regulations, however, are exempt from having to apply for a license.
New Plan for First ICO by Thai Stock Exchange-listed Company
Jmart Plc is the first company listed on the Stock Exchange of Thailand to issue a token. The company issued Jfincoin through its subsidiary, Jventures Plc. Despite much effort, the coin’s value has fallen from 6.60 baht (~$ 0.20) per coin in February to about 1.70 baht (~$ 0.05) within 6 months of launch, Mgr Online reported.
Adding to the loss of investor confidence is the allegation that a former Jventures executive was involved in the high-profile bitcoin fraud case involving a well-known soap actor scamming a Finnish bitcoiner, the news outlet detailed.
The company has now come up with a new plan. Jmart is seeking permission from the Bank of Thailand and the SEC to use Jfincoin for payments in stores, starting with its own Jmart stores. If approved, this coin will be the first legal token that can be used for payments in the country, the publication conveyed.
What do you think of the way Thailand is handling ICOs? Let us know in the comments section below.
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The post Thailand Updates ICO Licensing Progress, Warns Firm Issuing Token Without License appeared first on Bitcoin News.
Determination born of childhood hardship pushed a temp worker to chief operating officer of a top investment firmAugust 26, 2018 | dailybusinessnews
Jeannine G. Vanian, 51, is chief operating officer of Kayne Anderson Rudnick, a boutique investment advisory firm in Los Angeles that manages nearly $ 24 billion in assets for institutional, broker-dealer and high-net-worth clients. The 29-year-old company has 90 employees.
In 2017, Kayne Anderson…
The Japanese cryptocurrency Spindle, known for being promoted by the Japanese popular singer, actor and talent Gakuto Oshiro (45), aka GACKT, has announced it’s withdrawing from Tokyo to relocate its headquarters in London, amidst rumors that the Tokyo Metropolitan Police is investigating unregistered sales of cryptocurrencies made by the company.
Japan Unsuitable for Crypto Business
GACKT told news.Bitcoin.com in an interview online that there is a considerable disparity in Japan compared to overseas in regard to crypto, explaining, “Black Star&Co. decided to move to London, where it originally started, because [in Japan] it takes a tremendous amount of time for various procedures to take place. [They decided] it would not be suitable for a cryptocurrency business, which essentially needs to be speedy, to remain in such an environment.”
Black Star&Co, the developer company behind Spindle, said it will withdraw from Tokyo to take up an office in London from August 15th, where it shall be known as Black Star Capital Ltd (UK). The company was earlier involved in a scandal that shook the Japanese Minister of Internal Affairs and Communications, Seiko Noda, accused by Japanese media of exercising pressure on a government investigation into a crypto exchange company.
In January 2018, Noda’s secretary and aide allegedly invited an agent of the Financial Service Agency (FSA) and a representative of the cryptocurrency exchange operator to her parliamentary office to ask general questions. As a cabinet minister, Noda was accused of exerting pressure on an official government investigation.
On July 19th, it was reported that the company tied to Spindle and GACKT was suspected by the FSA of violating the fund settlement law and that it had been slapped with a warning in mid-January 2018. The company, which began dealing its own cryptocurrency, Spindle, aka GACKT Coins in October 2017, received administrative guidance from the FSA in February 2018 to discontinue selling cryptocurrencies.
However, the spindle (SPD) altcoin, which was listed on five foreign crypto exchanges in May, was pre-sold with one coin priced at 30 yen ($ 0.27 US), but the value later lowered to less than 0.4 yen ($ 0.0036 US). Investors who believed in GACKT, the promoter of Spindle, and purchased the coins made a significant loss. Moreover, GACKT and his allies sold immediately after the coin was listed, and made a lot money from doing so, news.livedoor.com reported. It was also reported that the Tokyo Metropolitan Police Cyber Crime Unit has been extremely attentive to such opaque transactions.
Spindle Investors Will Be Upset
In a press release, the company announced that it is moving its head office from Tokyo to London because it has more partners familiar with the technology and design in Europe and in the U.S. “We wish to keep in close contact with them,” the company said in the press release. “Given Japan’s current stance on [crypto] regulation and financial investments, it is difficult to expand further our business [here],” the company said in a statement. An individual involved in IT business told the Japanese press that Spindle had hired GACKT as a ‘publicity man’ in order to target Japanese people in general, including his fans. “If [GACKT] plans to move away from Japan now, many people will be really upset. Many will take this as he’s running away just before the authorities approach them,” the man told news.livedoor.com. The company also stated its intention to change its personnel related to project advisory.
“Japanese people are extremely dependent on statutory currencies issued by the country and the nation’s administration also has a low understanding of cryptocurrency itself,” GACKT told news.Bitcoin.com, “it is actually safer for investors to put Spindle in an infrastructure management where it can expand, grow and thrive,” he concluded.
What do you think of Spindle moving out of Japan as the police is reportedly investigating its earlier sales of spindle coins? Share your thoughts in the comments section below.
Images courtesy of Shutterstock and Paragon-style.com.
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The post Firm Behind Japanese Cryptocurrency ‘Spindle’ to Relocate to London Amid Investigation appeared first on Bitcoin News.
Private equity funds managed by Blackstone Group have agreed to invest in Santa Monica-based TaskUs, a fast-growing firm that handles customer service, call-center operations and other functions for start-ups as well as established firms.
TaskUs is already a major player in the outsourcing business,…
In a recent interview, Daumantas Dvilinskas, the founder and chief executive officer of Transfergo, a U.K.-based remittance firm that processes 1 million transactions each year on average, discussed the company’s decision to launch a cryptocurrency trading facility.
Transfergo Launches Cryptocurrency Trading Facility
When asked of the company’s decision to take on the “risk” associated with cryptocurrencies given Transfergo’s “dominant” position within the remittance industry, Mr. Dvilinskas stated:“The reason why we launched crypto today, to the world, is that our clients wanted it.”
“Over the last five years we have built a very vibrant customer group of more than 600,000 people who use us for their remittances, to send money to their families back home, Mr. Dvilinskas continued. “When we asked them, ‘hey, would you like to do crypto with us?’ they said ‘yes’, because currently, the market is highly underserved for a transparent, fair, and convenient solution for our current clients.”
The Transfergo CEO stated that for now, the company is looking into providing support for Bitcoin Core (BTC), Bitcoin Cash (BCH), Ripple (XRP), and Litecoin (LTC)
Cryptocurrencies are “Here to Stay”
With regards to Transfergo’s cryptocurrency trading product, Mr. Dvilinskas stated: “The remittance product and the crypto product are separate […] We still have our remittance product, [and] the crypto product is pretty much an ability to buy and sell crypto in a very convenient way. Today, they will not be sending crypto to their friends and families, they will just be buying and selling them for themselves.”
Mr. Dvilinskas stated that the majority of the demand for the company to launch cryptocurrency was coming from European countries wishing to send, and emerging markets wishing to receive virtual currencies.
When asked of his outlook for virtual currencies, Mr. Dvilinskas stated: “We have a very long-term perspective on crypto, and we have seen crypto go through multiple waves. […] We want to be able to provide our customers with a very easy and consumer-friendly way to get access to [cryptocurrencies]. […] “As a platform [cryptocurrencies] are here to stay.”
What is your response to Transfergo’s decision to enter the cryptocurrency industry? Join the discussion in the comments section below!
Images courtesy of Shutterstock, TransferGo
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The post Remittance Firm Transfergo Launches Cryptocurrency Trading appeared first on Bitcoin News.
A South Korean company on Thursday backed off its claim to have found a sunken Russian warship with an enormous cargo of gold as financial regulators began investigating whether the outlandish treasure tale involved stock market fraud.