Initial coin offering (ICO) consultant CoinLaunch will pay $50,000 to settle with the Ontario Securities Commission (OSC).
According to the regulator’s website, CoinLaunch was consulted on two ICOs, with both determined to be securities. CoinLaunch reportedly created the tokens, white papers and websites, advised on the sale structure and made introductions, which was found to be an act beyond the trade of the security tokens. As a result, CoinLaunch has agreed to pay a $50,000 fine.
“Although regulators cracking down on ICOs have tended to focus on issuers, the big lesson here is that securities laws can apply to activities beyond issuing tokens, including activities that don’t involve buying or selling tokens,” said commercial litigator and former programer Evan Thomas, according to Cointelegraph.
In other news, Alkiviades David and his Swiss-based consortium announced the launch of The Swissx Bank of Cannabis, which will operate SWX Coin, a cryptocurrency pegged directly to the median global price of premium hemp flower.
“First we changed the game for CBD products, then we created tremendous opportunity for farmers and their regional economies throughout the Caribbean,” said David in a press release. “Now we’ve used Swiss financial know-how to create the first bank and cryptocurrency entirely optimized for the legal cannabis industry. The Swissx Global Exchange will be an authoritative resource for the entire industry, better than Nielsen, bigger than Nasdaq. Together, the Bank and Currency and Exchange don’t just insure Swissx’s international operations run perfectly, it will become the engine for the fastest growing business sector in the world.”
Lolli, a bitcoin rewards app, has entered a partnership with Safeway so that Lolli users can now receive 3.5 percent bitcoin back on all online purchases at Safeway.com.
This is the first major collaboration between a large grocery chain and a bitcoin rewards company in the United States. Safeway has 894 locations across 17 states.
“I’m extremely proud to partner with Safeway, one of the most well-recognized food retailers in the United States,” said Alex Adelman, CEO and co-founder of Lolli. “Americans are already shopping for groceries at least once a week, why not earn some bitcoin off those frequent purchases? I’m excited to now offer Safeway, a top food retailer, as another option for our users to earn bitcoin. Hopefully this will give people to ability to get involved in holding and owning bitcoin — perhaps for the first time.”
And BankLine announced that it has partnered with a third crypto-friendly banking partner, offering services exclusively to companies engaged in online cryptocurrency sales.
This new partner joins the firm’s two existing crypto-friendly Depository Institutions, supporting cash logistics services in over 50 markets nationwide for the BTM industry.
“Our recent expansion of services and our continued dedication to serving the BTM industry helps our clients to simplify their banking relationships while reducing the time it takes for their cash to cycle to and from the business operating account and their kiosks,” said Mark Ochab, president and CEO of BankLine, in a press release.