In recent regulatory news, the United States Securities and Exchange Commission (SEC) has taken action against the Titanium Blockchain initial coin offering (ICO) for allegedly making false claims; the enactment of Israel’s cryptocurrency regulations have been delayed; and a Chinese professor has discussed the current legal status of bitcoin trading in China, asserting that it is currently not illegal for Chinese citizen to trade bitcoin.
Also Read: May Breaks 2018’s Down-Trend in Monthly Total Raised by ICOs
SEC Ceases Titanium Blockchain ICO for Elaborate False Claims
With North American regulators’ ‘Operation Cryptosweep‘ in high gear, news of regulatory action being taken against suspect initial coin offerings and investment schemes appears to break across the cryptocurrency world daily. The latest target of action from the United States SEC is Titanium Blockchain Infrastructure Services – which has become subject of a court order halting its ICO due to allegedly making fraudulent claims of business relationships with well-known businesses and the U.S. Federal Reserve.
An SEC press release states that the commission has “obtained a court order halting an ongoing fraud involving an initial coin offering (ICO) that raised as much as $21 million from investors in and outside the U.S.,” adding that the court also approved an emergency asset freeze and the appointment of a receiver for Titanium Blockchain Infrastructure Services Inc., the firm behind the alleged scheme.
The SEC complaint accuses the company’s president, Michael Alan Stollery, a/k/a Michael Stollaire, of having “lied about business relationships with the Federal Reserve and dozens of well-known firms, including PayPal, Verizon, Boeing, and The Walt Disney Company.”
Robert Cohen, the Chief of the SEC Enforcement Division’s Cyber Unit, stated: “This ICO was based on a social media marketing blitz that allegedly deceived investors with
