Bitcoin Peaks Again, London Police Raid Binary Options Offices: Best of the Week
- Catch up on last week's top stories.
Fine and ban
The Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) announced a series of financial penalties on the directors of Pegase Capital, and owner Michel Teman was banned from the financial sector for five years.
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The firm had its CIF licenses renounced last year.
Collectively, €200,000 was imposed. The biggest fine (€150,000) went to Teman, while executive directors Pantelis Ioakim and Giorgos Miltiadous were each fined €25,000.
Police raid
Binary options brokers robbed British citizens of more than £18 million in the first half of 2017 according to UK authorities. Last week, a police sting operation hit the offices of 20 binary options firms, in order to “review their compliance documents and gather intelligence on different types of investment fraud.”
Since 2012, the UK authorities have identified 2,065 victims who lost roughly £59.4 million, but detectives believe that this is just the tip of the iceberg.
Glenn Maleary, head of the economic crime directorate at the City of London Police, said in a statement: “With our partners, we want to ensure the City is a hostile environment for fraudsters to operate in and we will continue to do everything we can to ensure that this is the case."
Bitcoin surges
Bitcoin surpassed $6,000 on Friday, peaking at $6,003.81 during the session, according to figures provided by CoinDesk’s Bitcoin Price Index (BPI). By hitting this latest milestone, Bitcoin has surged more than 500% year-to-date.
The last few weeks saw widespread worry following China’s crackdown on ICOs and Bitcoin exchanges, which shut down the local industry. However Bitcoin’s latest price climb awarded loyalists with another fortune.
Russia joins in
Russia will issue its own cryptocurrency, to be called the CryptoRuble. This is according to Nikolai Nikiforov, Minister of Communications and Mass Communications, quoted in a report by Argumenty i Fakty (Аргументы и факты), a Russian language newspaper which is owned by the local government of Moscow.
“I so confidently declare that we will launch a cryptocurrency for one simple reason: if we do not, then in two months our neighbors in the Eurasian Economic Community will do it,” the minister said.
The minister also explained that the creation of a CryptoRuble does not equal the legalization of Bitcoin and other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.
Asian expansion
oneZero Financial Systems opened a new office in Singapore. The office will be headed by Sam Tjioe, an industry veteran who joins the group from Currenex, Finance Magnates has learned.
Mr. Tjioe commented on the new role: “I am very excited to be joining the team at oneZero and to be building out this important new geographical location."
Fine and ban
The Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) announced a series of financial penalties on the directors of Pegase Capital, and owner Michel Teman was banned from the financial sector for five years.
[gptAdvertisement]
The firm had its CIF licenses renounced last year.
Collectively, €200,000 was imposed. The biggest fine (€150,000) went to Teman, while executive directors Pantelis Ioakim and Giorgos Miltiadous were each fined €25,000.
Police raid
Binary options brokers robbed British citizens of more than £18 million in the first half of 2017 according to UK authorities. Last week, a police sting operation hit the offices of 20 binary options firms, in order to “review their compliance documents and gather intelligence on different types of investment fraud.”
Since 2012, the UK authorities have identified 2,065 victims who lost roughly £59.4 million, but detectives believe that this is just the tip of the iceberg.
Glenn Maleary, head of the economic crime directorate at the City of London Police, said in a statement: “With our partners, we want to ensure the City is a hostile environment for fraudsters to operate in and we will continue to do everything we can to ensure that this is the case."
Bitcoin surges
Bitcoin surpassed $6,000 on Friday, peaking at $6,003.81 during the session, according to figures provided by CoinDesk’s Bitcoin Price Index (BPI). By hitting this latest milestone, Bitcoin has surged more than 500% year-to-date.
The last few weeks saw widespread worry following China’s crackdown on ICOs and Bitcoin exchanges, which shut down the local industry. However Bitcoin’s latest price climb awarded loyalists with another fortune.
Russia joins in
Russia will issue its own cryptocurrency, to be called the CryptoRuble. This is according to Nikolai Nikiforov, Minister of Communications and Mass Communications, quoted in a report by Argumenty i Fakty (Аргументы и факты), a Russian language newspaper which is owned by the local government of Moscow.
“I so confidently declare that we will launch a cryptocurrency for one simple reason: if we do not, then in two months our neighbors in the Eurasian Economic Community will do it,” the minister said.
The minister also explained that the creation of a CryptoRuble does not equal the legalization of Bitcoin and other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.
Asian expansion
oneZero Financial Systems opened a new office in Singapore. The office will be headed by Sam Tjioe, an industry veteran who joins the group from Currenex, Finance Magnates has learned.
Mr. Tjioe commented on the new role: “I am very excited to be joining the team at oneZero and to be building out this important new geographical location."