Bitcoin Daily: Fake Stocks Used For Blockchain Tests; Regulators Want More Crypto Control

Fake versions of stocks from big name companies are circulating on blockchains as part of an experiment to see if the stock market can be put on a blockchain, Bloomberg reported.

Mirror Protocol and Synthetix are using fake stocks including Apple, Tesla and Amazon, according to Bloomberg.

The tokens are engineered to reflect the prices of securities they track, although no purchases are made. Crypto enthusiasts see the experiment as a new advancement to putting more on blockchain, Bloomberg reported.

In other news, regulators are looking to exercise more control over the burgeoning cryptocurrency market, The Wall Street Journal (WSJ) reported.

The issues are that crypto doesn’t have normal investor and consumer protections, and there’s no single regulator looking into crypto in the same way regulators do for traditional securities or derivatives, according to WSJ.

Meanwhile, Allied Payments Network, which deals in online and mobile payments, is working with NYDIG on new ways for customers to buy, sell and hold bitcoin, according to a press release.

Allied also plans to make new space for bitcoin in its corporate treasury, which NYDIG will facilitate, the release stated.

Allied Founder and CEO Ralph Marcuccilli said in the release that giving access to bitcoin helps the company “make it easier for financial institutions to provide value-based technology that differentiates them in the marketplace, attracts new depositors, retains through high engagement, and generates revenue.”

In other news, Binance is planning to suspend euro bank deposits from the Single Euro Payments Area (SEPA) network, due to “events beyond our control,” the company said, according to the Financial Times (FT).

This is the latest in a series of setbacks for Binance, which has seen regulatory crackdowns, FT reported.

SEPA is used to send euros to more than 35 countries to harmonize payments around the EU.

Lastly, Brazil’s federal police have launched Operation Daemon, which has led to the arrests of four members and a leader of the Bitcoin Banco group, Claudio Oliveira, for alleged involvement in an embezzlement scheme, CoinDesk reported.

Oliveira is a self-proclaimed “Bitcoin King,” according to CoinDesk.

The group is alleged to have embezzled $300 million, which hurt thousands of investors, CoinDesk reported.