Either Dusk or Dawn (Regulatory Digest, Nov 29 – Dec 6)

What's on? finbc and Malta Digital Exchange, US SEC and VanEck, CBOE, and SolidX, Mexico, Japan, Estonia, Islamic Development Bank Group, Bahamas, Vietnam, South Korea, and a bit of Venezuela

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United States SEC And CFTC Jointly Warn Investors About Fraudulent Crypto Investing Websites

United States SEC Warns Investors About Fraudulent Crypto Investing Websites The United States Securities and Exchange Commission (SEC) has issued an investor alert against fraudulent digital asset trading websites. The SEC and CFTC released the joint alert on April 24. The alert advises investors to be wary of websites claiming to operate advisory and trading […]
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SEC, CFTC Issue Investment Warning on Crypto Scams

Sensing a rise in crypto-related scams and fraudulent investment schemes, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have issued a joint warning to investors, encouraging them to take a more thorough approach to verifying potential investments in the space.The warning was published on April 24, 2019, by the SEC’s Office of Investor Education and Advocacy and the Office of Customer Education and Outreach at the CFTC.In the notice, the agencies described crypto-related investment scams in which perpetrators — disguised as cryptocurrency trading businesses and advisory firms — collect funds from unsuspecting investors.“In some cases, the fraudsters claim to invest customers’ funds in proprietary crypto trading systems or in ‘mining’ farms. The fraudsters promise high guaranteed returns (for example, 20-50%) with little or no risk,” according to the warning. “After the investors make an investment, typically using a digital asset such as Bitcoin, the fraudsters in some cases stop communicating with the investors altogether.”The agencies also provided six warning signs that investors should look for before making financial commitments in any crypto-related project.The agencies’ warning signs include “guaranteed” high investment returns, pressure to buy immediately, unsolicited offers, unlicensed sellers, complicated terminologies and jargon-filled documents, as well as the terms of the potential investment sounding just “too good to be true.”The SEC and the CFTC also urged potential crypto investors to check Investor.gov to cross-reference the licenses of any scheme operators with the SEC’s official database, as any investment that is unregistered or unlicensed is most likely a scam. Those who had invested in what they suspect to be a scam can also report the program and its operators on the site. This article originally appeared on Bitcoin Magazine.
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Venezuela President Urges Investors To Buy Petro As Citizens Prefer Bitcoin

The president of Venezuela has issued an open call for foreign investors to buy up the country’s notorious state-issued cryptocurrency, despite international sanctions. Maduro ‘Welcomes’ Petro Buyers On April 25, Nicolas Maduro stated that overseas cash was needed to shore up Venezuela’s failing economy. He was speaking during a live statement on messaging platform Periscope, following a common trend of issuing directives and policy updates via live media appearances. On this occasion, Maduro issued a plea to anyone willing to part with hard currency in exchange for Petro cryptocurrency, one of the remaining means by which the long-sanctioned regime is able to finance its operations. “We welcome all those who will invest in finance and banking sectors, and in the cryptocurrency Petro,” he said. As Bitcoinist reported, Petro received a highly sceptical reception when it debuted in 2018. Notionally backed by oil reserves, investigations quickly found its principal supporter – state-backed oil company – had debts multiple times higher than Petro’s total market cap. Many international governments also steered clear, with the U.S. being among the first to legally stop its citizens interacting with Petro. The backlash failed to stop Maduro’s publicity efforts, however, with reports claiming representatives had approached various cryptocurrency exchanges in a bid to gain liquidity for the token. Bitcoin Is Venezuela’s Preferred Cryptocurrency At the same time, Venezuelans themselves have notably voted with their wallets on Petro, instead opting overwhelmingly to purchase Bitcoin. On an almost weekly basis, the country transacts more and more of the largest cryptocurrency, citizens attempting to preserve their wealth in the face of inflation which will likely hit 8 million percent in 2019. As P2P trading platform Localbitcoins sees records shattered, dedicated aid ventures from the cryptocurrency sphere also continue. This week, charity scheme Airdrop Venezuela announced it had raised just over $270,000 in donations for a total of 60,000 beneficiaries. Steve Hanke, the John Hopkins University professor leading the campaign, revealed the figures during an interview with radio station NPR. “This will be a demonstration of how relief agencies all around the world can easily deliver aid and relief to people in need,” he said in light of the previous refusal of the Maduro regime to allow aid from Colombia. You won’t have to drive a pickup truck around filled with cash that you’re giving away or filled with medicine or clothing or food. That’s an inefficient and unsafe way to do things. You’ll have a very safe way to do it. I think it will be the – a – really, a new thing. Elsewhere, the Lightning Network’s Lightning Torch event, which has now completed, raised 0.41 BTC ($2220) for Venezuela. What do you think about Venezuela’s call to buy Petro? Let us know in the comments below! Images via Twitter, Shutterstock, coin.dance The post Venezuela President Urges Investors To Buy Petro As Citizens Prefer Bitcoin appeared first on Bitcoinist.com.

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