Circle society cryptocurrency
A federal court in Nevada issued a final judgment requiring Circle Society and Mr. Additionally, the federal court permanently banned Circle Society and Mr. Furthermore, the federal court permanently prohibited the defendants from registering with the CFTC, trading in any CFTC-regulated markets, and trading in any commodity interest. District Judge Jennifer A.
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A purported cryptocurrency and foreign exchange investment firm is in hot water with the U. In a press release on Wednesday, relating to a complaint filed Sept. The complaint says Saffron fraudulently solicited funds from at least 14 individuals to participate in an investment pool operated by Circle Society, making false claims about his trading expertise and "guaranteeing" gains of up to percent.
A court has ordered the freezing of any assets held by Saffron and Circle Society, as well as the preservation of financial records. A hearing over the case will take place Oct. The CFTC is seeking to retrieve the funds contributed to the scheme, alongside penalties and permanent registration and trading bans. The agency hopes to return invested funds to victims, though it said it cannot guarantee the full value can be obtained from Saffron and his firm.
CFTC image via Shutterstock. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups.
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Users will then receive their funds in their Crypto Wallet within three business days. Investors are preferably keying on the stablecoin asset on the account it regularly undergoes audit checks, ensuring Circle keeps as many USD in bank accounts as USDC in circulation. Our partnership with Circle is yet another example of our commitment to working with the best partners in the industry to provide safe, reliable, and easy money transfer solutions to our customers around the world. We are thrilled to partner with Crypto. This partnership enables users to seamlessly transfer funds from the traditional financial world to the crypto world, further supporting Crypto. Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter tokunboadesina. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment.
CircularChain, the circular economy blockchain
The U. The complaint was filed on Monday, September 30, On October 3, , the respective I. Digital assets and other 21st century commodities hold great promise for our economy. Fraudulent schemes, like that alleged in this case, not only cheat innocent people out of their hard-earned money, but they threaten to undermine the responsible development of these new and innovative markets.
Crypto.com partners Circle, offers U.S dollar deposits and withdrawals
Renowned cryptographer Philip Zimmermann, who moved his smartphone encryption firm Silent Circle to Switzerland four years ago, has signed up to the metals-backed crypto Tiberius Coin venture as chief science and security officer. More from this author English Department. Zimmermann, who was inducted into the Internet Hall of Fame by the Internet Society in , came to Switzerland to further develop his anti-snooping Blackphone away from invasive surveillance techniques in his native United States External link. He is also known for inventing the Pretty Good Privacy email encryption system in the early s. Tiberius coin External link presents something of a departure from the projects he is most closely associated with. Developed by Zug-based commodities investment group Tiberius Asset Management, Tiberius Coin T-Coin is a crypto token backed by a basket of metal assets that aims to reduce the type of price volatility associated with other cryptos, such as bitcoin.
New Stablecoin Bill Raises Concerns Among the Crypto Community
In recent years, none have been more contentious than the battles over which cryptocurrency and blockchain pair will eventually come to dominate the rest. Since the beginning of the crypto wave, the clear consensus choice has been Bitcoin, which has sat atop the market capitalization charts from the earliest days. As the grandfather of all cryptocurrencies, the Bitcoin blockchain is beginning to show its age. It suffers from a variety of real-world limitations, not least of which is its inability to scale. The one notable exception is Ethereum , which has long been the lone, large-scale competitor to Bitcoin. For its part, though more advanced than Bitcoin, Ethereum also suffers from some issues that it would need to overcome to achieve market dominance. One of the reasons that early blockchain implementations Bitcoin and Ethereum included suffered from performance issues was the fact that they rely on a processing-power-intensive process known as proof of work to validate and record transactions. In such a system, participating computer nodes compete to generate cryptographic hashes that satisfy a network-determined level of complexity.
circle society bitcoin
These funds were taken from investors on the promise that their 'investment' would be traded and exchanged for binary options on foreign currencies as well as various cryptocurrencies. Participants were reportedly promised a guaranteed return of percent. As is usually the case with a lure of huge returns for no effort, and guaranteed to boot, the promise was empty. The CFTC says that from December to the current date, a Ponzi pool was operated by Circle Society, backed by fraudulent claims concerning Saffron's trading experience.
Subscriber Account active since. It's not uncommon for crypto investors to draw comparisons between digital-currency markets and the early days of the internet. Jeremy Allaire is one of the few people who has had a role in the development of both. Founding the computer-software company Allaire Corp.
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The regulator unearthed the illicit activities of the scheme in September , but it has been operational since December The Las Vegas, Nevada-based Saffron used social media tools to lure people into his fraudulent schemes. He asked them to invest in a pool of funds for US dollars and Bitcoins that will eventually be used for trading instruments like forex contracts and binary options.
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