ASIC stamps down on cryptos

[StroppyChops]

ASIC stamps on more cryptocurrency scams as market dives
By business reporter Stephen Letts

The recent plunge in cryptocurrency values appears to have done little to put the brakes on scams targeting retail investors.

The Australian Securities and Investments Commission has confirmed it recently shut down several "initial coin offerings" (ICOs) which were either illegal or using misleading statements in their marketing.

ASIC also recently stopped the issue of a product disclosure statement (PDS) for a crypto-asset managed investment scheme.

Since April, in five other separate matters, the regulator successfully acted to prevent ICOs raising capital without the appropriate investor protections.

"If you raise money from the public, you have important legal obligations. It is the legal substance of your offer — not what it is called —that matters," ASIC commissioner John Price said.

"You should not simply assume that using an ICO structure allows you to ignore key protections there for the investing public, and you should always ensure disclosure about your offer is complete and accurate."

The scams are not new and ASIC has identified a number of issues that keep showing up.

• The use of misleading or deceptive statements in sales and marketing materials

• Operating an illegal unregistered managed investment scheme (MIS)

• Not holding an Australian financial services licence.

Last week, ASIC issued a final stop order on a PDS issued by Investors Exchange Limited for units in the New Dawn Fund.

The Fund was proposing to invest in a range of cryptocurrency assets. It has now agreed to pull its offer.

Read the full article here.

Spoiler:

[Beerinthemorning]

ASIC stamps on more cryptocurrency scams as market dives
By business reporter Stephen Letts

The recent plunge in cryptocurrency values appears to have done little to put the brakes on scams targeting retail investors.

The Australian Securities and Investments Commission has confirmed it recently shut down several "initial coin offerings" (ICOs) which were either illegal or using misleading statements in their marketing.

ASIC also recently stopped the issue of a product disclosure statement (PDS) for a crypto-asset managed investment scheme.

Since April, in five other separate matters, the regulator successfully acted to prevent ICOs raising capital without the appropriate investor protections.

"If you raise money from the public, you have important legal obligations. It is the legal substance of your offer — not what it is called —that matters," ASIC commissioner John Price said.

"You should not simply assume that using an ICO structure allows you to ignore key protections there for the investing public, and you should always ensure disclosure about your offer is complete and accurate."

The scams are not new and ASIC has identified a number of issues that keep showing up.

• The use of misleading or deceptive statements in sales and marketing materials

• Operating an illegal unregistered managed investment scheme (MIS)

• Not holding an Australian financial services licence.

Last week, ASIC issued a final stop order on a PDS issued by Investors Exchange Limited for units in the New Dawn Fund.

The Fund was proposing to invest in a range of cryptocurrency assets. It has now agreed to pull its offer.

Read the full article here.

Spoiler:

Australia wants to ban anything

[Username Taken]

Misleading thread title. They are not stamping down on crytos, they are stamping down on cryto SCAMS. And, that's a good thing.

[explorer]

Misleading thread title. They are not stamping down on crytos, they are stamping down on cryto SCAMS. And, that's a good thing.

I agree

Australia used to be a place here most people were honest. In recent times, a lot of financial advisors have been scamming people.

[Beerinthemorning]

Misleading thread title. They are not stamping down on crytos, they are stamping down on cryto SCAMS. And, that's a good thing.

I agree

Australia used to be a place here most people were honest. In recent times, a lot of financial advisors have been scamming people.

Cunt of a place mate, full of the the planets gyspy slime and rich chinese.....




At least we have something in common with KoW

[StroppyChops]

Misleading thread title. They are not stamping down on crytos, they are stamping down on cryto SCAMS. And, that's a good thing.

Happy for it to be changed.

[Barang chgout]

Misleading thread title. They are not stamping down on crytos, they are stamping down on cryto SCAMS. And, that's a good thing.

I agree

Australia used to be a place here most people were honest. In recent times, a lot of financial advisors have been scamming people.

Cunt of a place mate, full of the the planets gyspy slime and rich chinese.....




At least we have something in common with KoW

Everywhere you go seems to be a cunt of a place.....
What is it all these places have in common?

Sent from my SM-G570Y using Tapatalk

[Beerinthemorning]

Misleading thread title. They are not stamping down on crytos, they are stamping down on cryto SCAMS. And, that's a good thing.

I agree

Australia used to be a place here most people were honest. In recent times, a lot of financial advisors have been scamming people.

Cunt of a place mate, full of the the planets gyspy slime and rich chinese.....




At least we have something in common with KoW

Everywhere you go seems to be a cunt of a place.....
What is it all these places have in common?

Sent from my SM-G570Y using Tapatalk

Where isnt a shithole in 2018?

Good fucking question.

[Barang chgout]

Misleading thread title. They are not stamping down on crytos, they are stamping down on cryto SCAMS. And, that's a good thing.

I agree

Australia used to be a place here most people were honest. In recent times, a lot of financial advisors have been scamming people.

Cunt of a place mate, full of the the planets gyspy slime and rich chinese.....




At least we have something in common with KoW

Everywhere you go seems to be a cunt of a place.....
What is it all these places have in common?

Sent from my SM-G570Y using Tapatalk

Where isnt a shithole in 2018?

Good fucking question.

Lol! I disagree. I enjoy myself in many places. Perhaps it is but your own company that you find so disagreeable wherever you go....?

Sent from my SM-G570Y using Tapatalk

[Beerinthemorning]

I agree

Australia used to be a place here most people were honest. In recent times, a lot of financial advisors have been scamming people.

Cunt of a place mate, full of the the planets gyspy slime and rich chinese.....




At least we have something in common with KoW

Everywhere you go seems to be a cunt of a place.....
What is it all these places have in common?

Sent from my SM-G570Y using Tapatalk

Where isnt a shithole in 2018?

Good fucking question.

Lol! I disagree. I enjoy myself in many places. Perhaps it is but your own company that you find so disagreeable wherever you go....?

Sent from my SM-G570Y using Tapatalk

Nope.

No way.

Its the feminazis who ruined the western world then the minnenial snowflakes plus immigrants/refugees.


Everything is over censored and PC to the point of borefom