Connect with us

Cryptocurrency

Safex Fends Off Trademark Infringement and Enterprise Disinformation

Published

on


As part of the Safex legal response, a cease-and-desist letter was sent December 29, but Safeth’s website still uses the Safex brand in rather confusing ways.

A new blockchain e-commerce system is struggling to respond to a series of bizarre attacks from a little-known challenger. The Safex peer to peer e-commerce system made headlines last year with its Safex Token (SFT) and related ecosystem for decentralized transactions.

Now, in a court complaint filed just a few days ago on Jan. 18, the company claims that a party called Safeth LTD is using its logo and trademarks in malicious ways, and that this has caused significant business problems for the plaintiff.

Part of the legal complaint explains that after collaborative work, Joseph Lathus (identified as the head of Safeth LTD) asked to become a paid marketing consultant and was rejected by Safex. After that point, Safex alleges, Lathus and related parties at Safeth started to use company trademarks, and developed a platform based on a “Safex Platinum Token” that created all kinds of confusion and consternation about which company was which. Clearly, naming an equity a “Safex Platinum Token” when there is already a Safex ecosystem is abundantly confusing and probably wildly illegal.

Representatives for Safex further claim that the activity of Safeth LTD went “far beyond trolling” online, and into the area of extreme business infringement. Safex says its social media accounts were compromised, and goes into detail about how Safeth sent out communications comparing Safex to the illegal “silk road” marketplace of Ross Ulbricht, who is now incarcerated for his online piracy.

As part of the Safex legal response, a cease-and-desist letter was sent December 29, but Safeth’s website still uses the Safex brand in rather confusing ways.

“Borrow against collateralized reward-earning cryptocurrency that you can spend, save, or invest with,” reads a site directive under the headline: Pay Back Free Privacy Loans, itself rather incoherent. “Our signature ‘Pay Back Free Privacy Loans’ allow users to borrow up to 10x the value of their collateralized Safex Platinum Tokens in the form of Safeth Cash from our hot wallet known as the Treasury. … Vendors and Shoppers alike will also be rewarded for every purchase they make in both our wallet Decentralized marketplace as well as online at Safethmarket.com. Users will earn free Safeth Cash for engaging with our platform with gamification.”

Safex Business Impact

One of the types of fallout that Safex is showing resulted from this spurious use of enterprise trademarks is delisting from various exchanges.

Safex specifically cites pullout at CoinGecko, where it says the Safex token was delisted following some of Safeth’s activity. It’s not the first time that CoinGecko has delisted the Safex token, but plaintiff’s representatives are hoping the cause and effect is a clear example of how Safeth has distorted its corporate image online and elsewhere.

Safex also alleges that Safeth’s activity led to the Safex platform being labeled an “exit scam” and caused loss of business, along with the aforementioned delistings and other troublesome market changes.

As the court case makes its way through the courts, we’ll see more of exactly how this struggle took place, and what transpired as two companies wrestled over one set of brand names.

next Altcoin News, Blockchain News, Cryptocurrency news, News

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.



Source link

Cryptocurrency

UK’s Financial Conduct Authority Working with Binance to Understand Tradable Stock Token Services Recently Unveiled

Published

on

By


Currently, it is not clear what the UK’s Financial Conduct Authority will see fit for the new Binance tradable stock tokens services.

The UK’s Financial Conduct Authority speaking to the Financial Times noted that it is working with cryptocurrency exchange Binance to understand its latest services that entail Tradable Stock Tokens. Reportedly, the regulator wants to understand the regulations that may apply to it and also how the firm markets the new feature.

Speaking to the FT, the regulator said that it is “working with the firm to understand the product, the regulations that may apply to it and how it is marketed”. Additionally, the regulator noted that the “firms and their senior management teams are responsible for determining whether their products and services fall within the remit of the FCA”.

Notably, the news outlet also talked to the German regulators who declined to comment on any private matter. “We cannot comment on the specific case due to confidentiality obligations. Fundamentally, however, the following applies: if tokens are transferable, can be traded at a crypto exchange and are equipped with economic entitlements like dividends or cash settlements, they represent securities and are subject to the obligation to publish a prospectus,” the German regulator noted.

Bigger Picture on UK’s Financial Conduct Authority Investigations on Binance

Binance, the largest cryptocurrency exchange by traded volume and ecosystem growth, recently unveiled a zero commission tradable stock token. Initially, the firm only listed Tesla Inc (NASDAQ: TSLA) stocks, whereby it later added the recently launched Coinbase Global Inc (NASDAQ: COIN) stocks. According to Binance, each stock token that is provided through its system will represent one share of equity stock. Additionally, the firm noted that the tradable stock tokens are “fully backed by shares stored in a depository portfolio of underlying securities, in cooperation with investment firm CM-Equity AG and asset tokenization platform Digital Assets AG.”

On its defense, Binance noted that the tradable-stock tokens are a CM-Equity product that is compliant with the European Union’s Mifid II markets rules and also BaFin’s banking regulations. “Currently users only buy and sell the tokens from and to CM-Equity AG, which does not require a prospectus,” Binance said.

During the launch date, Binance Chief Executive Officer Changpeng Zhao alias ‘CZ’ said that the “Stock tokens demonstrate how we can democratize value transfer more seamlessly, reduce friction and costs to accessibility, without compromising on compliance or security.” Further, added that “Through connecting traditional and crypto markets, we are building another technological bridge for a more inclusive financial future.”

Currently, it is not clear what the UK’s Financial Conduct Authority will see fit for the new Binance tradable stock tokens services. Binance Coin is up approximately 1.1% in the past 24-hours and over 3659% in the past year. However, there is a minimal connection to the BNB than to its stablecoin BUSD as it might lack notable volume in the future if found against the law.

next Altcoin News, Blockchain News, Cryptocurrency news, Market News, News

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



Source link

Continue Reading

Cryptocurrency

Thodex Cryptocurrency Exchange Allegedly Pulls $2B Exit Scam

Published

on

By


It is estimated that the Thodex exchange has shut down with between $2-10 billion of investors’ hard-earned money irretrievable.

Some cryptocurrency investors are in a state of shock after another exchange based in Turkey pulled an exit scam, according to reports, Thodex has vanished out of thin air without notice with the investments of over 391,000 people locked up.

It is estimated that the Thodex exchange has shut down with between $2-10 billion of investors’ hard-earned money irretrievable. For now, the exchange has not made any official announcement about the situation on the ground, but activities surrounding the key players of the platform raise alarm about their intention.

It started when Thodex posted on their Twitter handle about their intention to improve customer satisfaction by the introduction of a Peer-to-Peer cryptocurrency investment service from outside. Thodex in another statement notified customers that they would suspend their trading activities for 4 to 5 days. However, the CEO of Thodex Faruk Fatih Ozer has deleted his social media account and disappeared without a trace.

It is suspected that the whole scheme was planned as the company introduced a program from March 15 to April 15 to attract more customers by freely giving out 150 Doge to new users who signed up within the period.

Oguz Evren Kilic, the lawyer who represents the unspecified number of customers has confirmed to have filed a legal complaint against the exchange, and the prosecutor of Istanbul has launched an investigation into the alleged exit scam.

Kilic alleged that the CEO of the Thodex exchange has fled from Turkey through a commercial flight on Wednesday. Other reports speculate that Fatih has fled to Albania. It is important to know that the cryptocurrency market has long been associated with crime.

Many believe that the decentralized asset acts as a tool for money laundering with the so-called exchanges taking advantage of its boom to scam enthusiasts. For this reason, the Turkish officials have called for a fast regulation of the market especially in this time where global crime associated with the industry is rising.

According to the senior economic advisor to President Recep Tayyip Erdogan, Cemil Ertem, a cryptocurrency-related pyramid scheme has been rampant in the area, hence the need for the government to put measures in place.

Ertem stated that beyond doubt, the country will take action against the recent industry occurrence by putting regulations in place based on the level of its economy. This being said, they will do this by monitoring global development.

Not only Thodex, but also many cryptocurrency exchanges have pulled an exit scam since Bitcoin started going mainstream. The ones that had no prior motive to shutdown operations were forced to do so after losing millions of dollars to hackers who got access to their administrative panel like MT.Gox.

next Altcoin News, Bitcoin News, Cryptocurrency news, News

Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.





Source link

Continue Reading

Cryptocurrency

Huobi Asset Management Lauches BTC, ETH and Crypro Mining Funds

Published

on

By


One of the funds launched by Huobi Asset Management is a private equity fund that will invest solely in cryptocurrency mining operations.

In a move that is geared to encourage institutional investors to adopt crypto, Huobi Asset Management, a subsidiary of Huobi Technology, has recently announced four cryptocurrency funds for institutional investors.

Huobi Asset Management is part of the publicly traded Huobi Technology which is listed on the Hong Kong stock exchange. With this initiative, it is expected that institutional investors will take advantage of this opportunity and the lenient laws of Singapore and Hong Kong to invest more in digital assets.

While Huobi Asset Management is independent of its parent company, it has its backing which many believe positions it to achieve its goal of becoming one of the reputable names when it comes to managing digital assets for institutional investors.

Of the four investment funds created, two are passive funds for Ethereum and Bitcoin. This is contained in a statement released by the company on Thursday through Technode. Another fund is for actively investing in several cryptocurrencies which forms one portfolio.

The fourth fund launched by Huobi Asset Management is a private equity fund that will invest solely in cryptocurrency mining operations.

Lily Zhang, CFO of Huobi Tech, in a recent interview says that “the bitcoin and ethereum tracker funds are fully compliant under the financial regulations in Hong Kong and give traditional investors a more liquid and compliant channel to directly invest in cryptocurrencies.” However, the top executive refused to reveal the management fees attached to the funds.

To restate the goal of the company which is to lure institutional investors, it has placed limitations on those who can invest in the funds. According to the company statement, only accredited professional investors like asset managers, high net worth individuals, and family offices can invest.

The exclusivity has not in any way limit the investment as the four funds have already raised $50 million from investors pledges, just half of the company target of $100 million by the third quarter of 2021.

Huobi Tech which is the parent company for Huobi Asset Management is owned by Huobi Global which operates the popular cryptocurrency exchange. It is the second-largest cryptocurrency exchange in the world, boasting a transaction volume of around $12 billion within the past 24 hours before this writing.

Back in March, The Hong Kong Securities and Futures Commission gave Huobi Asset management the license to manage digital assser portfolio, making. It one of the first to hold the license. Other companies are also seeking license in Hong Kong.

next Altcoin News, Bitcoin News, Blockchain News, Cryptocurrency news, Ethereum News

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.



Source link

Continue Reading

Trending