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Facebook lifts its ban on some cryptocurrency ads
At the end of January, Facebook banned any advertisements promoting cryptocurrencies because they are "frequently associated with misleading or deceptive promotional practices," the company wrote in a blog post. Now the platform has softened its position and will permit ads involving cryptocurrencies, but only from advertisers who have been approved by Facebook after a vetting process. Even then, ads about binary options an initial coin offerings are still prohibited, at least for now.
Massachusetts halts five ICOs for defying financial rules
It's not just the feds concerned about sketchy cryptocurrency fundraising. Massachusetts Secretary of the Commonwealth William Galvin has ordered a halt to the sale of five initial coin offerings (18 Moons, Across Platforms, Mattervest, Pink Ribbon and Sparkco) for offering "unregistered securities." All five listed the state as their place of business, but hadn't registered with the state to sell their wares. That should be a "red flag" to any potential investors, Galvin said.
Twitter will ban most cryptocurrency ads
It's not just the likes of Facebook and Google who are clamping down on cryptocurrency ads. Twitter has confirmed an earlier rumor by announcing plans to ban most cryptocurrency-related ads in the near future. The restrictions will cover initial coin offerings, crypto wallets and token sales, as well as most crypto exchanges (with "limited exceptions," according to Reuters). There's no timetable for the ban at the ban at this stage.
Nearly half of 2017's cryptocurrencies have already failed
The surging price of bitcoin (among others) in 2017 led more than a few companies to hop on the cryptocurrency bandwagon with hopes of striking it rich almost overnight. Many of their initial coin offerings seemed dodgy from the outset... and it turns out they were. Bitcoin.com has conducted a study of ICOs tracked by Tokendata, and a whopping 46 percent of the 902 crowdsale-based virtual currencies have already failed. Of these, 142 never got enough funding; another 276 have either slowly faded away or were out and out scams.
Facebook bans ads promoting cryptocurrencies
Most of Facebook's recent advertising changes have tried to curb the danger of, you know, a foreign government using the social network to influence elections. But Facebook believes other kinds of harmful ads prey on less-than-savvy users with get-rich-quick promises and trendy buzzwords. So the network is banning all advertisements that promote cryptocurrencies -- yes, even bitcoin -- because they are 'frequently associated with misleading or deceptive promotional practices.'
SEC is ‘looking closely’ at companies that dabble in blockchain
The Securities and Exchange Commission has had it with companies throwing around words like crypto and blockchain in order to bump up their stock prices. There have been quite a few instances of that lately and the SEC says it will be looking more closely at public companies that suddenly shift their interests to cryptocurrencies or blockchain technology.
Hackers are stealing millions in cryptocurrency during ICOs
A new report from Ernst & Young details just how big of a problem security is when it comes to cryptocurrencies. Researchers collected data on 372 initial coin offerings (ICOs) that took place between 2015 and 2017 and found that over 10 percent of ICO proceeds are stolen by hackers, a percentage that amounts to the theft of up to $1.5 million per month. And in addition to monetary theft, hackers are also gaining access to personal information like addresses, phone numbers, bank details and credit card numbers.
Kodak is jumping on the cryptocurrency bandwagon
Kodak's big film revival isn't working out as well as planned, which leaves it in a tough spot. How is it going to spark interest and raise a ton of cash in a hurry? Easy -- hop on the cryptocurrency bandwagon. The former legend has partnered with Wenn Digital to launch a KodakOne image-rights platform that takes advantage of KodakCoin, a photo-centric virtual currency. In theory, the monetary format creates a reliable photo economy -- the distributed trust of blockchain ensures you get paid instantly and securely the moment someone buys your pictures. KodakOne, meanwhile, continuously crawls the web looking for copyright violations.
South Korea enacts new cryptocurrency regulations
The South Korean government announced new cryptocurrency regulations today, which led to a 12 percent and eight percent drop in bitcoin and ethereum prices, respectively. After the US and Japan, South Korea is the world's third largest market for cryptocurrencies. Beginning next month, anonymous cryptocurrency accounts will no longer be allowed under the new legislation and regulators will continually monitor cryptocurrency exchanges going forward. In a statement, the government said, "Cryptocurrency speculation has been irrationally overheated in Korea. The government can't let this abnormal situation of speculation go on any longer."
Indiegogo makes it easy to hop on the cryptocurrency bandwagon
There's a frenzy over cryptocurrency at the moment (helped in no small part by bitcoin's sky-high value), and Indiegogo is determined to milk the trend for all it's worth. The crowdfunding site has partnered with MicroVentures to enable investments in the initial coin offerings (ICOs) that are all the rage as of late. If you think a new digital cash format is going to be the next big thing, you now have a potentially easier way to pour money into it -- and you don't need to be an accredited investor, which limits the scope of many ICOs. The first offering on tap is the Fan-Controlled Football League, which is running a pre-sale for $5 million tokens for 10 days after this writing.
SEC Cyber Unit's first charges target cryptocurrency fraud
The Securities and Exchange Commission's new Cyber Unit has filed its first charges since being formed in September. The unit's case is being brought against a company called PlexCorps, its founder Dominic Lacroix and his partner Sabrina Paradis-Royer and the SEC claims that Lacroix and Paradis-Royer were actively defrauding investors. PlexCorps was engaged in an initial coin offering (ICO) -- which was selling securities called PlexCoin -- that had already raised around $15 million since August and it was fraudulently promising that investors would see a 13-fold profit in just under one month. The SEC obtained an emergency asset freeze to halt the ICO.
SEC is getting serious about bitcoin fraud and fake news
The US' Securities and Exchange Commission has to deal with a lot more than classic financial crimes these days: it has to worry about everything from insider trading hacks to the integrity of the latest digital currencies. To that end, it's creating a Cyber Unit that will focus its enforcement team on digital offenses. These include hacks, such as attempts to obtain insider info or to compromise trading platforms and accounts, but that's really just the tip of the iceberg.
