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Kik’s CEO: Firm Spends $5 million after SEC Negotiations

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  • SEC announced that the sale might have violated U.S. security law.
  • Livingston does not plan on suing SEC, yet he seeks clear guidance from it. 

Kik’s CEO reported that the company had spent $5 million after its engagement with the U.S. Securities and Exchange Commission (SEC). The regulator claims that it was an unregistered securities sale.

Founded by a Canadian entrepreneur Ted Livingston in 2010, Kik is a messaging app that garnered $98 million in an initial coin offering (ICO) at the end of 2017. Later, SEC announced that the sale may have violated U.S. security law and that SEC staff would suggest bringing an enforcement action against the company. Livingston reported on Thursday that his firm and the regulator have been in talks since late 2017. He said:

“We’ve spent a lot of money on this, over $5 million. We’ve spent a lot of time on this, we’ve spent the last 18 months traveling to Washington.”

SEC had filed a formal letter known as the Wells notice in November 2018 to which Kik replied that the company highlighted a clause in existing law that says currencies are not securities. Livingston said:

“In the last month alone, over a million people earned kin from 40 different apps, from 40 different companies. Over a quarter million people used kin, making it the most-used cryptocurrency in the world, and they’re not even willing to say that’s not a security.”

Livingston said he does want to work with the SEC, however, he said, “We want to find a win-win with you, we understand the tough position you’re in, but at the same time innovation needs to move forward.”

Regulatory uncertainty may be holding back the U.S. cryptocurrency industry.

 

source:fxstreet

Binance

Binance CEO Changpeng Zhao Awarded With The “Dumbest Crypto Tweet” By Community

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  • Changpeng Zhao gets trolled for having a conversation with a 14-year old refusing to “discuss numbers in USD” rather insisting on BNB numbers
  • Meanwhile, just a day before this, Binance jersey Twitter got hacked while KYC hacker is “warming up” to release new leaks.

On Aug 17, Changpeng Zhao, the CEO of the world’s largest cryptocurrency exchange Binance got trolled for his tweet that actually sounds “dumb.”

Zhao apparently had a conversation with a 14-year old who is a fan of BNB — Binance’s native digital currency, Binance Coin.

This didn’t go well with the crypto community and they simply refuse to believe anything of this sort actually took place.

Source: https://twitter.com/ltc_angel

Popular cryptocurrency podcaster Dr. Peter McCormack hoped that Zhao referred the “14-year old” to the Binance’ terms of service.

As per Binance terms of use, a user must be 18 years old or of legal age to form a binding contract under applicable law.

“I’ll take “things that never happened” for 50 BNB Alex,” trolled Mansa_Godson, Bitcoin accumulator and founder of Mutual Capital.

This has the Dumbest Tweet Hub, a Twitter page featuring the daily dumbest tweets from crypto Twitter nominating Zhao for the “Dumbest Tweet of Crypto Twitter,” that he finally won.

“Had an interesting chat with a 14yr old Today. He refused to discuss numbers in USD, and insisted on Pokémon monster values instead. The next generation will catch them all,” wrote the Dumbest Tweet Hub.

A Series of Hacks

A day before Zhao took to Twitter to share his experience of talking to a 14-year old about BNB, Binance Jersey’s Twitter account was hacked by an anonymous user called @LightningNetwo9.

Per the tweets posted by the hacker, the individual is a security researcher claiming to have done so with altruistic motives.

The Twitter hacks came about three months after the successful hacking of Binance’s exchange that cost them over 7,000 BTC and around 10 days after a hacker exposed KYC images of 10,000 Binance users on Telegram, demanding 300 BTC in exchange.

Binance said in a statement it was false KYC leak and that there was no evidence that confirms the images obtained are actually from Binance.

In the latest series of Tweets, the hacker is “warming up” for another set of KYC leaks.

The hacker with the Twitter account ‘Bnatov Platon’ is preparing to release further material that “will be released day by day” while asking people to “be aware of scammers” as he is not asking for BTC from them.

While no time frame has been provided for the KYC release, the hacker also shared records of Telegram chats, with a user described as a member of Binance’s customer service team.

Source. bitcoinexchangeguide.

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Swiss SIX Digital Exchange CEO Departs Due to ‘Strategic Differences’

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The CEO of Switzerland’s SIX Digital Exchange (SDX), the cryptocurrency-focused arm of the the country’s principal SIX Swiss Exchange, is departing the company, local news outlet SwissInfo reported on Aug. 14. 

CEO departs before SDX launch

Martin Halblaub will step down after eight months into his job when his contract expires at the end of August following disagreements on how the trading platform should be run. 

Halblaub reportedly wanted SDX to launch as an independent company, while the board of the parent company — SIX Group — disagreed. He commented on the decision:

“I fully support SDX’s ambition and business model and would have loved to lead SDX into the future. However, I have decided with a heavy heart — given our differing ideas on strategy, combined with the stretch the role is for my life model — that I cannot engage in a long term commitment as Head of SDX.”

Halblaub’s temporary successor will be Tomas Kindler, who will take place as the firm’s CEO on Sept. 1. SIX Group CEO Jos Dijsselhof also thanked Halblaub in an internal company memo, saying that he successfully led the company through its initial phase.

SIX Digital Exchange known for pioneering crypto products

SIX is known for being one of the first stock exchanges in the world to offer a Bitcoin and crypto exchange product. In November 2018, SIX listed a pioneering cryptocurrency exchange-traded product, which tracks five major cryptos including Bitcoin.

As Cointelegraph reported in May, a top SIX Exchange executive has revealed the company will look to issue its own digital tokens as part of its forthcoming blockchain-powered digital exchange.   

In July 2019, SIX also announced that it hopes to become the first market infrastructure in the world to offer a fully integrated end to end trading, settlement and custody service for digital assets.

Ultimately, SIX expects its blockchain-based SDX digital exchange to supersede its existing marketplace within a decade. The company is also considering launching its own Security Token Offering — pending regulator approval — which will offer investors an equity stake in exchange for capital.

Source:cointelegraph

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CEO of IOHK, Charles Hoskinson Reveals 1.6 Cardano Blockchain Update Release

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In a tweet made on Tuesday, August 13, the CEO of IOHK, Charles Hoskinson revealed that the 1.6 Cardano update will roll out in “the next few days”. The tweet further read,

“Send me some screenshots of the new Daedalus and let me know if you like it.”

As for what this release means, it has been previously reported that user interface changes are expected to improve Daedalus usability.

Other added features include status icons indicating the overall functioning of its core system, user customization, guided manual updates, wallet UTXO distribution screen and new icons for linking external content among others.

In terms of the problems that will be resolved upon updating to the latest version, users have been advised that Daedalus will no longer require administrative privileges on Windows when starting and that the notable configuration issue with TLS certificates will automatically be detected and fixed.

Hoskinson Works With Polymath to Initiate Blockchain for Regulations-based Tokens

Coin Telegraph reported on another endeavor Charles Hoskinson is part of, which also involves security token platform, Polymath.

The duo is working on a project called Polymesh, which aims to creating a blockchain for tokens working towards abiding by regulators. Hoskinson was quoted saying:

“After co-founding Ethereum and Cardano, two of the most widely used blockchains in the world. I am looking forward to working on Polymesh. There are quadrillions of dollars of financial securities and building a blockchain to secure them in an incredibly exciting task.”

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