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#CryptoCorner: Bear Trend Continues, SEC Sues Kik Over $100 Million ICO, OKCoin Opens Malta Office in Euro Expansion and Malaysian Regulator Registers Three New Crypto Exchanges

 

Point Roberts, WA and Delta, BC - June 5, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: Bear Trend Continues, SEC Sues Kik Over $100 Million ICO, OKCoin Opens Malta Office in Euro Expansion and Malaysian Regulator Registers Three New Crypto Exchanges

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Crypto Corner

The crypto market has sunk further into the red since yesterday, with the vast majority of the top 100 coins listed by market cap reporting losses this morning, according to data from CoinMarketCap. At press time, total market capitalization is $247 billion USD. A day ago Bitcoin (BTC) was clinging to the $8K support level, but has since slipped down to a trading price of about $7800 with a market cap of $138 billion. Notably Bitcoin SV (BSV), which yesterday defied the broader market downtrend, has succumbed to the bear market and has lost 8 percent in the last 24 hours.

The U.S. Securities and Exchange Commission (SEC) has sued Canadian tech startup Kik Interactive, Inc. over an allegedly illegal $100 million ICO conducted by the latter in 2017. The SEC is seeking a permanent injunction, disgorgement plus interest, and a penalty for its accusation that Kik violated the registration requirements of Section 5 of the Securities Act of 1933. Steven Peikin, Co-Director of the SEC's Division of Enforcement, said:

"By selling $100 million in securities without registering the offers or sales, we allege that Kik deprived investors of information to which they were legally entitled, and prevented investors from making informed investment decisions. Companies do not face a binary choice between innovation and compliance with the federal securities laws."

According to a blog post published yesterday, crypto exchange OKCoin is expanding its services to Europe and opening an office in Malta. The company announced initial trading pairs with the euro as Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH). Jovan Gavrilovic, General Manager of Europe at OKCoin, commented:

"Europe is essential to the evolution of the cryptocurrency markets. It is home to many progressive ideas for innovating and disrupting the status quo of the global financial system while maintaining a balanced regulatory approach. We are very pleased to bring digital asset trading to the European market in a secure and reliable manner, enabling users to trade digital assets for euro easily and safely."

The Securities Commission of Malaysia announced the registration of three crypto exchanges in a press release yesterday. Luno Malaysia, SINEGY Technologies (M) and Tokenize Technology (M) were all approved as Recognized Market Operators (RMOs) and were given up to nine months to fully comply with all regulatory requirements. Luno General Manager of Southeast Asia David Low told Cointelegraph:

"We've been working closely with regulators and banks to complete the groundwork for the buying, selling and storing of cryptocurrencies and digital assets, which we believe are the future of money. Regulation will ultimately bring clarity and protection to consumers, and will ensure that all cryptocurrency businesses have adequate standards in place to protect investors and their funds."

Sam Mowers, Investorideas

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