13.09.2018
1 065

FINRA Has Taken Its First Crypto Disciplinary Action

The U.S. Financial Industry Regulatory Authority (FINRA) has issued its first crypto-related disciplinary action. On 11th of September FINRA filed a complaint against Timothy Tilton Ayre of Agawam, Massachusetts. He was charging with securities fraud and the unlawful distribution of an unregistered cryptocurrency security called Hempcoin. 

FINRA is a not-for-profit organization whichprotect investors in the US. Although the organization is not part of the government, it is overseen by the U.S. Securities and Exchange Commission (SEC). 

FINRA states that Timothy Tilton Ayre bought the rights to Hempcoin in June 2015. He  repackaged the token as a security backed by RMTN common stock and marketed it as “the world’s first currency to represent equity ownership” in a publicly traded company.

Investors, promised that “each coin was equivalent to 0.10 shares of RMTN common stock,” proceeded to mine more than 81 million Hempcoin securities through late 2017. Hempcoin coins were traded on two crypto exchanges.

FINRA also consider that “Ayre defrauded investors in RMTN by making materially false statements and omissions regarding the nature of RMTN’s business, failing to disclose his creation and unlawful distribution of Hempcoin, and making multiple false and misleading statements in RMTN’s financial statements". 

ALL News

  • 28.09.2018
    4 023

    SEC and CFTC Charge 1Broker With Securities Law Violations

    The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are suing a Marshall Islands-based Bitcoin futures firm for allegedly violating federal law reports Coindesk.

    Read More
  • 19.09.2018
    1 803

    New York Attorney General Reports that Crypto Exchanges are Ripe for Manipulation

    Cryptocurrency exchanges are vulnerable to market manipulation and lack standard consumer protections reports the investigation by the New York State Attorney General's office.

    Read More
  • 13.09.2018
    1 066

    FINRA Has Taken Its First Crypto Disciplinary Action

    The U.S. Financial Industry Regulatory Authority (FINRA) has issued its first crypto-related disciplinary action. On 11th of September FINRA filed a complaint against Timothy Tilton Ayre of Agawam, Massachusetts. He was charging with securities fraud and the unlawful distribution of an unregistered cryptocurrency security called Hempcoin. 

    Read More
  • 12.09.2018
    1 946

    South Korean Banks to Limit Services for Crypto Traders without Identity Verification

    South Korean banks are reportedly implementing new measures for crypto traders. They are going to limit the services offered to cryptocurrency traders and investors without identity verification, Korea local news report.

    Read More
Загрузить еще

Contact with us