The call went out on Twitter: “For insane profits come and join the pump.” It was an invitation to a penny stock-style pump-and-dump scheme — only this one involved Bitcoin, the soaring, slightly scary virtual currency that has beckoned and bewildered people around the world. While such bid ’em up, sell ’em off scams are shut down in the financial…
The Department of Justice and Securities and Exchange Commission are telling a U.S. Senate committee that Bitcoins are legitimate financial instruments, boosting prospects for wider acceptance of the virtual currency. Representatives from the agencies told the U.S. Senate Committee on Homeland Security and Governmental Affairs ahead of a hearing today that the digital money offers benefits and carries risks, like…
An online Bitcoin trading platform aimed at Chinese investors has suddenly closed, leaving hundreds with more than $3.3 million (RM10.4 million) in combined losses, a newspaper said today. Hong Kong-registered Global Bond Limited shut down in late October and disappeared before users could withdraw investments from their accounts, the China Business News said. via Bitcoin trading platform defrauds China investors…
In a ruling this week, a federal court found that the virtual currency “Bitcoin” meets the definition of a security and is therefore subject to regulation. The ruling means that the SEC’s lawsuit last week alleging a Bitcoin Ponzi scheme may proceed in court. via Court Finds ‘Bitcoin’ Meets Definition of a Security, is Subject to Regulation – Compliance Week
Bitcoin? CFDs? SEC Shows Exotic Currencies and Securities Are Not Beyond Its Reach – Compliance Week
When you follow SEC enforcement closely for a while, you begin to think that you know the universe of currencies and securities that are at issue in these cases. In the last 10 days, however, the SEC has gone off of the usual menu a bit and brought two unusual cases involving “Bitcoin” and “CFDs.” via Bitcoin? CFDs? SEC Shows…