All posts by pnik

SEC Charges Crowdfunding Portal, Issuer, and Related Individuals for Fraudulent Offerings

The Securities and Exchange Commission today charged three individuals and one issuer with conducting a fraudulent scheme to sell nearly $2 million of unregistered securities through two crowdfunding offerings. The SEC also charged the registered funding portal and its CEO, who placed the offerings on the portal’s platform.

According to the SEC’s complaint, Robert Shumake, alongside associates Nicole Birch and Willard Jackson, conducted fraudulent and unregistered crowdfunding offerings through two cannabis and hemp companies, Transatlantic Real Estate LLC and 420 Real Estate LLC.  Shumake, with assistance from Birch and Jackson, allegedly hid his involvement in the offerings from the public out of concern that his prior criminal conviction could deter prospective investors. The complaint alleges that Shumake and Birch raised $1,020,100 from retail investors through Transatlantic Real Estate, and Shumake and Jackson raised $888,180 through 420 Real Estate. Shumake, Birch, and Jackson allegedly diverted investor funds for personal use rather than using the funds for the purposes disclosed to investors. As alleged, TruCrowd Inc., a registered funding portal, and its CEO, Vincent Petrescu, hosted the Transatlantic Real Estate and 420 Real Estate offerings on TruCrowd’s platform. Petrescu allegedly failed to address red flags including Shumake’s criminal history and involvement in the crowdfunding offerings, and otherwise failed to reduce the risk of fraud to investors.

“Crowdfunding offerings enable issuers to cast a wide net for potential investors, emphasizing the importance of full and honest disclosure,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “As companies continue to raise funds through crowdfunding offerings, we will hold issuers, gatekeepers, and individuals accountable and enforce the protections in place for all investors.”

The SEC’s complaint, which was filed in the U.S. District Court for the Eastern District of Michigan, charges Shumake, Birch, Jackson, and 420 Real Estate with violating the antifraud and registration provisions of the Securities Act of 1933 and Securities Exchange Act of 1934, and seeks disgorgement plus pre-judgment interest, penalties, permanent injunctions, and officer and director bars. The complaint also charges TruCrowd and Petrescu with violating the crowdfunding rules of the Securities Act and seeks disgorgement plus pre-judgment interest, penalties, and permanent injunctions.

The SEC’s Office of Investor Education and Advocacy has issued an investor bulletin on crowdfunding and investor alerts on the red flags of investment fraud. Additional information is available at Investor.gov.

The SEC’s investigation was conducted by Jerrold H. Kohn, Dante A. Roldán, Pesach Glaser, and Kristine Rodriguez, and supervised by Ana D. Petrovic, and the litigation will be led by John Birkenheier, all of the Chicago Regional Office. The SEC appreciates the assistance of the Financial Industry Regulatory Authority.

Sinic Chinese Real Estate Developer Slumps 87%

Sinic Holdings one of the biggest Chinese real estate developers slumped 87% at 0.50 and trading halted in Hong Kong as fears of Evergrande contagion grow in the region. The stock hit the daily low at 0.37, on Friday Sinic stock closed at 3.85.

Investors fear that Sinic will follow Evergrande in a panic effect through the Chinese economy and around the globe. Evergrande is trading 15% lower in Hong Kong on fears that the company will fail to meet the financial obligations expiring this week.

Last Wednesday, Fitch Ratings cut the outlook on Sinic (2103) Long Term Issuer Default Rating to Negative from Stable with a “B+” rating. Sinic Holdings faces a 9.5% 246 million bond expiring on October 18. Reports indicate that the company is planning a pay cut up to 70% to its senior management staff.

Stocks around the globe are under heavy selling pressure, Hang Seng index ended 3.30% lower at 24099. In Australia, the ASX 200 had its worst trading session in the last seven months with a loss of over 2%.

European Stocks in Deep Red

European stock markets followed Asian indices as investors dump stocks. The DAX index as of writing is 2.12% lower at 15160 while the FTSE 100 in London is giving up 1.72% at 6857. In Wall Street, the futures are also lower. S&P500 futures trading 1.04% lower at 4379 and the Nasdaq futures are 0.84% lower at 15183.

CFTC Charges Former Hawaii Resident in Forex and Futures Ponzi Scheme

The Commodity Futures Trading Commission today filed a civil enforcement action in the U.S. District Court for the District of Hawaii against Gregory Demetrius Bryant, Jr., formerly of Hawaii, for fraudulent solicitation, misappropriation, operation of an unlawful commodity pool, and failure to register with the CFTC.

According to the complaint, Bryant fraudulently solicited approximately $426,000 from at least 35 participants for pooled futures and foreign currency (forex) trading—misappropriating at least $356,000 to pay personal expenses, including international travel, shopping, and rent, as well as at least $66,000 to make Ponzi payments to conceal and further his fraudulent scheme.

Case Background

The complaint alleges that since approximately September 2016 through at least June 2020, Bryant—while using the alias “Gregory Surrey England,” purported president of the nonexistent company “Surrey Libor Capital, LLC”—falsely guaranteed monthly futures and forex trading returns of $6,000 to $8,000 in some instances and 60 percent to 80 percent in other instances. It is further alleged that Bryant made numerous false statements to prospective and current pool participants about his trading experience, his trading success, and being registered with the National Futures Association. According to the complaint, Bryant also failed to tell pool participants that he was a convicted criminal with a history of financial problems, including three bankruptcies.

Rather than trade futures and forex as he represented in his solicitations, Bryant, as alleged, misappropriated the vast majority of pool funds for personal expenses and to make purported “returns” to pool participants. Bryant further concealed his fraud and misappropriation of pool participants’ funds by falsely telling them their accounts were “in great shape,” to expect returns or disbursements soon, and/or that his business was being impacted by the coronavirus pandemic.

In its continuing litigation, the CFTC seeks restitution, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA) and CFTC regulations, as charged.

The CFTC acknowledges and thanks the National Futures Association, the Federal Bureau of Investigation, and the U.S. Attorney’s Office for the District of Hawaii for their assistance.

The Division of Enforcement staff members responsible for this case are Elsie Robinson, Rachel Hayes, Jenny Chapin, Jeff Le Riche, Christopher Reed, Charles Marvine, and former staff member Jo Mettenburg.

CFTC’s Commodity Pool and Forex Fraud Advisories

The CFTC has issued several customer protection Fraud Advisories that provide the warning signs of fraud, including the Commodity Pool Fraud Advisory and the Forex Fraud Advisory, which alert customers these types of fraud and list simple ways to spot them.

The CFTC also strongly urges the public to verify a company’s or individual’s registration with the CFTC before committing funds. If unregistered, a customer should be wary of providing funds to that company or individual. A company’s or individual’s registration status can be found using NFA BASIC.

Customers and other individuals can report suspicious activities or information, such as possible violations of commodity trading laws, to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382), file a tip or complaint online, or contact the Whistleblower Office. Whistleblowers are eligible to receive between 10 and 30 percent of the monetary sanctions collected paid from the Customer Protection Fund financed through monetary sanctions paid to the CFTC by violators of the CEA. 

AMC Theaters Will Accept Ethereum, Litecoin and Bitcoin Cash

In a tweet yesterday night, Adam Aron the CEO of AMC Theaters announced that the company will accept Ethereum, Litecoin and Bitcoin Cash as payment methods by year-end.

AMC Theaters announced in August that it will accept bitcoin as payment. The company also added google pay and Apple pay in its payment methods.

The Cryptocurrencies market has seen a lot of good news during 2021. Tesla announced that it will accept bitcoin as payment and paypal also run into the crypto world.

In premarket trading, AMC is 1.39% lower at 46.19, the stock closed at $46,84 yesterday. The stock is up 38.50% the last month and 2,109% higher year-to-date.  

As of writing Ethereum (ETHUSD) trades 1.62% higher at 3610, Litecoin (LTCUSD) is adding 1.99% at 193.10, on the other hand Bitcoin Cash is 1.75% lower at 641.66.

Guy Debelle: The FX Global Code

Speech by Mr Guy Debelle, Deputy Governor of the Reserve Bank of Australia, at Tradetech FX EU, Hybrid Conference, 8 September 2021

Thanks to Matt Boge for his incredible assistance over my term as Chair, as well as Grigoria Christodoulou and the other members of the GFXC Secretariat.

Tonight I will talk about the recently completed review and update of the FX Global Code. The updated Code was released on 15 July.1 Tonight I will remind you about the important role the Code plays in the foreign exchange (FX) market. I will summarise the parts of the Code that have been updated and talk about the accompanying papers on pre-hedging and last look.

FX Global Code

The FX Global Code was launched in May 2017. It was a direct and important response to the lack of trust the foreign exchange industry had been suffering on the back of a number of instances of misconduct in the market and the associated multi-billion dollar fines. This lack of trust was evident both between participants in the market and, at least as importantly, between the public and the market. The lack of trust was impairing market functioning. The market needed to move towards a more favourable and desirable location, and allow participants to have much greater confidence that the market is functioning appropriately.

It is also important to remember what the alternative was in the aftermath of the scandals. There was a decent chance authorities could conclude that a substantial regulatory response was necessary to generate the desired improvement in market structure and conduct. But the Code provided the opportunity for the FX market to address the lack of trust and market dysfunction.

The Code was developed through a public sector–private sector partnership. It was a joint effort of central banks and market participants drawn from all parts of the markets: from the buy side, including corporates and asset managers, and the sell side, along with trading platforms, ECNs and non-bank participants. The membership was also from all around the world, drawing from the various Foreign Exchange Committees (FXCs) across the globe comprising all the top 15 FX markets by turnover, both advanced and emerging markets. The Global Foreign Exchange Committee (GFXC) that maintains the Code has since expanded to 20 members.

The Code set out global principles of good practice in the FX market to provide a common set of guidance to the market. The 55 principles in the Code cover ethics, information sharing, aspects of execution including e-trading and platforms, prime brokerage, governance, risk management and compliance, and confirmation and settlement.

The Code is principles-based rather than rules-based. There are a number of reasons why this is so but, for me, an important reason is that the more prescriptive the Code, the easier it is to get around. Rules are easier to arbitrage than principles. The more prescriptive and the more precise the Code, the less people will think about what they are doing. If it’s principles-based and less prescriptive then market participants will have to think about whether their actions are consistent with the principles of the Code.

The Code is not a procedures manual. Rather, the Code articulates principles that need to be taken into account. Individual firms may then take these principles and reflect them in their own procedures manuals. Our aim in setting out these principles is to provide market participants with the framework in which to think about how they, for example, handle their orders. The emphasis here is very much on the word ‘think’.

These principles of good practice have helped to restore confidence and promote the effective functioning of the wholesale FX market. In my view, the FX market is in a better place than it was a few years ago. That is confirmed by surveys of market participants too, including the one conducted by the GFXC a couple of years ago.

The Code has also been adopted by a number of securities regulators round the world as the primary reference for their oversight of the FX market, including in the UK, in China and in my own market Australia.

When we launched the Code, it was agreed that the Code would be reviewed by the GFXC every three years to ensure it remained appropriate and to also ensure it stayed current with the ongoing evolution of the FX market.

Hence, around two years ago, the GFXC surveyed market participants to assess what areas of the Code needed to be reviewed.2 The primary response of market participants was that the Code remained fit for purpose and changes should only be made as necessary. The strong guidance was that changes to the Code should be contained to a few areas. The GFXC identified a few key areas requiring review to ensure that the Code continues to provide appropriate guidance and contributes to an effectively functioning market, and remains in step with the evolution of the market.3 The GFXC also saw the opportunity to provide greater consistency and usability in disclosures.

Over the past 18 months, various working groups of the GFXC, drawing on a diverse group of market participants and central banks, have been working on the review. The proposed updates to the Code have been through a number of rounds of feedback with market participants through the FXCs round the world, as well as a public feedback process. I would like to thank the broad range of market participants who provided us with feedback. I would particularly like to thank the working groups for their hard work, especially given the challenging environment of the pandemic.

The Review of the Code

Following this process of review and consultation with industry, the GFXC has published the updated version of the Code. The July 2021 version of the Code replaces the earlier, August 2018 version. In total, 11 of the Code’s 55 principles have been amended.

The GFXC has also developed disclosure cover sheets and templates for algo due diligence and transaction cost analysis (TCA) to assist market participants in meeting the Code’s principles for disclosure and transparency. Additionally, the GFXC has published guidance papers on the practices of Pre-Hedging and Last Look to support market participants in applying the Code’s principles in these areas.

One area that reflects the development of the market is the role played by Anonymous Trading. The Code has been amended to encourage greater disclosure by those operating anonymous platforms, including of their policies for managing the unique identifiers (‘tags’) of their users. Anonymous trading platforms are also encouraged to make available the Code signatory status of their users.

Recognising the value that data related to trading activity holds for market participants, the Code now states that FX e-trading platforms (including anonymous platforms) should be transparent about their market data policies, including which user types such data is made available to and at what frequency and latency. Platforms are also encouraged to disclose the mechanisms and controls by which they are managing or monitoring the credit limits of their users.

The risks associated with FX settlement are potentially very significant and have come back into view again following the publication of the previous Triennial survey of FX turnover by the BIS.4 Consequently, the GFXC identified a need to strengthen the Code’s guidance on Settlement Risk. Amendments have been made to place greater emphasis on the usage of payment-versus-payment (PVP) settlement mechanisms where they are available and to provide more detailed guidance on the management of settlement risk where PVP settlement is not used. New language on the potential systemic consequences of a market participant’s failure to meet their payment obligations has been included to specifically discourage ‘strategic fails’.

The Code’s guidance on the information that providers of Algorithmic Trading or aggregation services should be disclosing has been expanded to include the disclosure of any conflicts of interest that could impact the handling of client orders (such as those arising from interaction with their own principal market-making desk).5 More broadly, the GFXC believes the market would benefit from greater uniformity of disclosures in this area. To enable clients to more easily compare and understand the services being offered, market participants providing algorithmic trading services are now encouraged to share their disclosure information in a standardised format. To this end, the GFXC has published an Algo Due Diligence Template that market participants may use, as appropriate.

Similarly, the GFXC believes that Transaction Cost Analysis would be aided by greater harmonisation of data reporting within the industry. TCA is central to determining the quality of execution received by users of algorithmic trading services. As the barriers to conducting TCA can be high, a standardised information set could be particularly helpful for less-sophisticated clients or those with limited resources. The GFXC has published a Transaction Cost Analysis Data Template that should assist in bringing about greater standardisation.

Disclosure Cover Sheet and Templates for Algo Due Diligence and Transaction Cost Analysis

Clear and accessible disclosures allow market participants to make informed decisions about the other market participants with whom they interact. A key area of focus for the GFXC was the challenges market participants faced in accessing and evaluating the large amount of varied disclosure information being made available to them.6 To address this, the GFXC has created standardised Disclosure Cover Sheets for liquidity providers and for FX e-trading platforms. They have been developed to improve the accessibility and clarity of existing disclosures. You should be able to more easily compare and contrast disclosures across a set of standardised information.

The Code has also been expanded to include explicit references to the provision of information about trade rejections. Market participants should be making clients aware of the basis on which trades might be rejected, and should be keeping records of the reasons behind electronic trade rejections.

The Disclosure Cover Sheet, the Algo Due Diligence Template and the TCA Data Template can support market participants in meeting the range of disclosure and transparency principles within the Code. They are available on the GFXC website and their use is voluntary. Market participants will be able to post their Disclosure Cover Sheet alongside their Statement of Commitment on participating public registers, further supporting accessibility of disclosure.

Guidance Papers on Pre-Hedging and Last Look

Principles 11 and 17 of the FX Global Code describe good practice for market participants using pre-hedging and last look. They continue to be areas that generate strong and sometimes diverse views across market participants. There was demand for further clarity on the appropriate usage of these trading practices. Hence, the GFXC has published separate guidance papers on these topics. These papers are intended to be read alongside the Code in its entirety. (That is, there are other principles in the Code that cover practices relevant to pre-hedging and last look, not just Principles 11 and 17.)

The Guidance Paper on Pre-Hedging discusses the circumstances in which pre-hedging could be used in the FX market and the controls and disclosures that could help align pre-hedging activity with the Code. As the paper states, in utilising pre-hedging, liquidity providers are expected to behave with integrity both in executing their client activities and in supporting the functioning of the FX market. While the intent of any liquidity provider conducting pre-hedging should be to benefit the liquidity consumer in executing an anticipated order, there is no guarantee that it will always result in a trade, or a trade at a price that is beneficial to the liquidity consumer. Pre-hedging done with no intent to benefit the liquidity consumer, or market functioning, is not in line with the Code and may constitute illegal front-running.

The Guidance Paper on Last Look has generated a larger volume of discussion and feedback than the other parts of the review. The guidance paper reinforces Principle 17 of the Code by emphasising that the last look be applied in a fair and predictable manner. The guidance paper does move the industry forward in providing greater clarity about the intent of Principle 17. In addition, the disclosure sheets provide liquidity consumers with the capacity to better assess in a consistent manner, the way they are being treated in the last look window.

Last look is intended to be used for the price and validity checks only, and for no other purpose. LPs should apply the price and validity check without delay. Anything else that prolongs the last look window is contrary to the intent of the Code. At the end of the guidance paper, it outlines some areas that liquidity consumers should monitor to assess whether last look is being applied appropriately.

We did consider whether to state what some of those other purposes might be that you should not use last look for. We have not done so for a number of reasons. First is that the Code is principles-based, not regulation, and the principle underlying last look makes it clear that there is no other legitimate purpose beyond price and validity checks. Second, if we had a description of some activities that we don’t regard as acceptable, then unless we had a completely exhaustive list, which is close to impossible, we run the risk of providing a safe harbour for anything that wasn’t on the list.

In that regard, some have said we should be more prescriptive about last look. But again, I would remind you that the Code is principles-based. It is not regulation.

Another area of debate was around the word ‘promptly’. Neill Penney, the co-vice chair of the GFXC, makes the point that the use of the word ‘immediate’ could be interpreted by the market as the GFXC indicating that all liquidity providers needed to upgrade their technology to move to a zero hold time. That’s not an outcome we are after.

The disclosure cover sheets ask about the length of last look window. Because the technology has not yet been invented to run processes without taking any time at all, requiring that length to be zero would ban last look. Some people in the market use the term ‘hold time’ to mean length of last look window. In that sense a non-zero hold time is clearly consistent with the Code. Decisions should be prompt and may well be within small fractions of a second in many cases, but cannot truly be immediate. Others use hold time or additional hold time to mean a deliberate delay before starting the price and validity check. Such a delay is not consistent with the code; the guidance paper makes clear LPs should apply the price and validity check without delay.

Because of the inconsistent use of hold time, the guidance paper and cover sheets have deliberately avoided relying on market participants having a single definition of it. If someone in the market talks to you about hold time, ask them to confirm what they mean before replying.

Moreover, trying to define a time period doesn’t work because it’s going to differ in different circumstances, in different markets, with different latencies and different systems, so I don’t see that as feasible. At some level, this is semantics, but the combination of promptly and without delay, makes the intent clear in my view.

As I mentioned, alongside the paper, the GFXC published standardised disclosure cover sheets for liquidity providers which includes a section on last look practices. The intent is to provide a standard form so that liquidity consumers can more easily compare and contrast the offerings from LPs.

Liquidity providers adhering to these principles and providing transparency about their practices though the disclosure cover sheets should help to give their clients greater clarity about the process. Liquidity consumers should then use this information to evaluate their execution, ask questions of their liquidity provider’s last look process, and evaluate whether to trade with liquidity providers that are using last look.

Finally, there is clearly continuing debate in the industry about the application of last look. The GFXC intends to continue to monitor the application of last look and the effect of the guidance paper, and take additional action if necessary. This may include providing further guidance going forward, potentially via updates to Principle 17.

Statement of Commitments

Almost 1,100 entities globally have signalled their adherence to the Code’s principles by signing a Statement of Commitment. With the publication of the updated Code, the GFXC is encouraging market participants to consider renewing their Statements of Commitment, having regard to the nature and relevance of the updates to their FX market activities.

The GFXC acknowledges that the changes to the Code will affect certain parts of the market more than others. For those most affected by the changes, we would anticipate a period of up to 12 months for practices to be brought into alignment with the updated principles. We would expect that the disclosure cover sheets would be posted alongside the Statement of Commitments on a similar timeframe, if not sooner.

Conclusion

To conclude, the GXFC has completed the three-year review of the FX Global Code. The Code has been updated to remain current with the ongoing evolution of the FX market. It will continue to serve its important role of setting the standard for good practice.

But to do so, it requires that you as market participants continue to reflect the principles of the Code in your activities in the FX market. I would strongly encourage you to familiarise yourself with the changes to the Code, and particularly to make good use of the disclosure templates.

In the end, we all have a strong common purpose in ensuring that the FX market continues to operate effectively and with integrity.


1 GFXC (2021), ‘GFXC Updates FX Global Code, Publishes New Templates for Disclosures and Guidance Paper on Pre-Hedging’, Press Release, 15 July. Available at <https://www.globalfxc.org/press/p210715.htm>.

2 GFXC (2020), ‘GFXC 2019 Survey Results’, January. Available at <https://www.globalfxc.org/docs/gfxc_survey_results_Jan20.pdf>.

3 GFXC (2019), ‘GFXC Priorities for the 3-Year Review of the FX Global Code’, 6 November. Available at <https://www.globalfxc.org/events/20191204_summary_3_year_review_feedback.pdf>.

4 Schrimpf A and Sushko V (2019), ‘Sizing Up Global Foreign Exchange Markets’, BIS Quarterly Bulletin, December, pp 21–38. Available at <https://www.bis.org/publ/qtrpdf/r_qt1912f.htm>.

5 For more on algo trading, see BIS (2018), ‘Monitoring of Fast-Paced Electronic Markets’, report submitted by a Study Group established by the Markets Committee, September. Available at <https://www.bis.org/publ/mktc10.pdf>.

6 Hauser A (2019), ‘Run Lola Run! The Good, the Bad and the Ugly of FX Market Fragmentation – and What To Do About It’, Speech at TradeTech FX 2019, Barcelona, 13 September. Available at <https://www.bankofengland.co.uk/speech/2019/andrew-hauser-panellist-at-trade-tech-fx-europe-barcelona>.

EY announces integration with Polygon protocol and framework on Ethereum scaling solutions

The EY organization today announced it is using the Polygon protocol and framework to deploy EY blockchain solutions on the public Ethereum blockchain ecosystem.

As more enterprises adopt blockchain technology, transaction volumes and costs on the main public Ethereum blockchain have risen. Adopting Polygon’s commit chain solutions allows the EY organization to offer enterprise users increased transaction volumes with predictable costs and settlement times and the option to move transactions onto the public Ethereum mainnet.

EY has connected the Polygon public, permissionless commit chain into EY flagship blockchain services including EY OpsChain and EY Blockchain Analyzer. EY clients can connect their business operations into Polygon networks with just a simple configuration change on blockchain.ey.com. The main Polygon systems network and the main Polygon test and development network are now both directly accessible from blockchain.ey.com.

In addition to integrating the main Polygon commit chain into blockchain.ey.com, the EY organization is working with Polygon to create permissioned, private industry chains leveraging new models for handling transaction verification to increase efficiency and reduce transaction costs known as an optimistic rollup1. These industry chains would offer enterprises the comfort and security of a closed system but retain the close alignment with the public Ethereum mainnet that would make a future transition to public networks faster and lower risk.

Paul Brody, EY Global Blockchain Leader, says:

“Working with Polygon provides EY teams with a powerful set of tools to scale transactions for clients and offers a faster roadmap to integration on the public Ethereum mainnet. We discovered our shared priorities around open system and networks and the Ethereum ecosystem would make collaboration in this area much easier.”

Sandeep Nailwal, Co-founder, Polygon, says:

“The EY commitment to the public Ethereum ecosystem and to open standards was a big driver in evolving shared approaches. No other organization has made the same scale of commitment to the ecosystem and to open systems, or brings the depth of technology that the EY organization has in this space.”

Both the EY organization and Polygon are working on common roadmaps that will help prioritize enterprise-friendly features into the ecosystem with a particular focus on privacy technologies that enable sophisticated use cases and support regulatory compliance.

Osprey Funds Continues Streak of Leading-Edge Product Launches with Opening of Solana Fund

The Osprey Solana Fund is the first investment product in the US to invest exclusively in SOL.

Osprey Funds, LLC, a premier digital asset management firm, today announced the launch of the Osprey Solana Trust for private placement. The Trust is the first investment vehicle to offer exposure to SOL, the native token used on the Solana blockchain, the fastest blockchain in the world.

Following a breakthrough in mobile communications, Solana Founder and CEO Anatoly Yakovenko introduced Proof of History to blockchain, an algorithmic solution for timestamping transactions. This enables the Solana network to operate at incredible speed, processing 65,000 transactions per second with sub-second block finality, which will only get faster as network bandwidth increases.

“The pedigree of the science and potential of the technology behind Solana is unique among current blockchains,” said Greg King, CEO of Osprey Funds. “Solana has the potential to become the rails of an integrated, decentralized financial network that establishes one global price for assets. With the debut of the Osprey Solana Trust, we are continuing to build onramps for investors to access what we believe are the most promising blockchain technologies.”

The Osprey Solana Trust is currently available to accredited investors for subscription with a $10,000 minimum investment. The sponsor intends to pursue listing the fund on the OTCQX market as soon as possible and has also agreed to waive the management fee for all investors until January 2023.

Osprey Funds continues to deepen its disruptive digital asset investment platform with the Osprey Solana Trust being the fourth product launched this year. The firm also offers the Osprey Bitcoin Trust (OBTC), the Osprey Polkadot Trust and the Osprey Algorand Trust.

About Osprey Funds

Osprey Funds is the premier boutique digital asset investment firm. Based in New York, Osprey offers secure, transparent and cost-effective access to select digital assets via traditional investment vehicles. Learn more by visiting https://ospreyfunds.io/.

Stephen Curry Becomes Global Ambassador and Shareholder of Leading Cryptocurrency Exchange FTX

West Realm Shires Services Inc. and FTX Trading Limited, the companies behind FTX.US and FTX.COM respectively, today announced a long-term partnership with three-time NBA champion, two-time NBA Most Valuable Player, philanthropist and entrepreneur, Stephen Curry. In connection with being an FTX global ambassador, Curry will receive an equity stake in FTX Trading Limited and Curry’s foundation, Eat.Learn.Play., will partner with FTX on charitable initiatives.

“I’m excited to partner with a company that demystifies the crypto space and eliminates the intimidation factor for first-time users,” said Curry.  “FTX is likeminded when it comes to giving back to the community in meaningful ways and I can’t wait to see what we can achieve together.”

Curry, who has spent his entire 12-season professional career with the Golden State Warriors, is the latest high-profile athlete to partner with FTX in 2021, joining NFL stars Tom Brady and Trevor Lawrence. Curry’s equity stake in FTX Trading Limited further advances the company’s position as the fastest growing and most trusted place to buy, sell and trade Bitcoin, cryptocurrency, NFTs and other digital assets. He will be taking on the role of global ambassador to expand the reach of the FTX brand and tout the viability of cryptocurrency to new audiences around the world through several upcoming initiatives.

The partnership with FTX marks the 33-year-old’s first investment in the cryptocurrency space as the burgeoning entrepreneur continues to diversify his growing portfolio.

Additionally, FTX has committed to providing an annual charitable contribution to Stephen and Ayesha Curry’s foundation, Eat.Learn.Play. The foundation seeks to unlock the full potential of every child, anchored around the three core values vital to a successful childhood: nutrition, education and active living. Likeminded with FTX, Eat.Learn.Play. and its founders are committed to ensuring an equal road to a brighter future for all kids, with a specific focus on fighting to end childhood hunger, ensuring students have access to a quality education and providing safe places for all children to play and be active. Since the start of the COVID-19 pandemic, Eat.Learn.Play. and its community partners have served over 17 million nutritious meals to Oakland kids and families affected.   

Sam Bankman-Fried, CEO of FTX, said, “After meeting and speaking with Stephen, it was clear that he is a seamless fit for FTX. His tireless commitment to charity alongside a ferocious work ethic to become the greatest in any arena he steps foot in, whether it is basketball, investing or business, perfectly align with FTX’s core values. I look forward to working together with Stephen to create a positive impact for those who need it most in the world.”

About FTX.US

FTX.US is a US-regulated cryptocurrency exchange, built from the ground up. Its mission is for FTX.US to grow the digital currency ecosystem, offer US and international traders a platform that inspires their loyalty, and to become the market leading US regulated cryptocurrency exchange by volume within the next two years.

To learn more about FTX.US, please visit: https://ftx.us/

About FTX.COM

FTX.COM is a cryptocurrency exchange built by traders, for traders. It offers innovative products, including industry-leading derivatives, options and volatility products, tokenized stocks, prediction markets, leveraged tokens and an OTC desk. FTX.COM strives to be an intuitive yet powerful platform for all kinds of users, and to be the most innovative exchange in the industry.  FTX.COM has grown quickly since its founding, becoming one of the most respected cryptocurrency exchanges in the world in less than 2 years.

FSCA warns the public against BINANCE GROUP

The Financial Sector Conduct Authority (FSCA) warns the public to be cautious and
vigilant when dealing with BINANCE GROUP as they are not authorised to give any
financial advice or render any intermediary services in terms of the Financial Advisory
and Intermediary Services Act, 2002 (FAIS Act) in South Africa.

The FSCA received information that BINANCE GROUP, an international company
situated in the Seychelles which has a telegram group that members of the South African
public can join to gain access to their cryptocurrency exchange platform. The FSCA
would like caution that in addition to this entity not being authorised to provide any
financial services or business, crypto-related investments are currently not regulated by
the FSCA or any other body in South Africa. As a result, if something goes wrong, you’re
unlikely to get your money back and will have no recourse against anyone.

Members of the public should always check that an entity or individual is registered with
the FSCA to provide Financial Advisory & Intermediary Services and what category of
advice it is that the entity is registered to provide. There are instances where persons are
registered to provide basic advisory services for a low-risk product and then offer services
of a far more complex and risky nature. The FSCA again reminds consumers who wish to
conduct financial services with an institution or person to check beforehand with the
FSCA on either the toll free number (0800 110 443) or on the website www.fsca.co.za as
to whether or not such institution or person is authorised to render financial services, and
in particular which financial products they are licensed for.

Europe’s First Bitcoin Futures, Based on ETC Group’s BTCetc Physical Bitcoin, to List on Eurex in September

  • First futures contract on a Crypto ETP in Europe launching 13 September 2021
  • BTCE is the world’s most heavily traded Crypto ETP
  • Eurex is the largest derivatives exchange in Europe

ETC Group ( www.etc-group.com ), Europe’s leading specialist provider of innovative, digital asset-backed securities, announces that Eurex, Europe’s largest derivatives exchange, will list Bitcoin ETN Futures on 13 September 2021 based on its flagship product BTCetc. This will be the first time futures contracts are available for investors on a Crypto ETP in Europe.

Bitcoin ETN Futures is based on ETC Group’s BTCetc™ – ETC Group Physical Bitcoin (ticker: BTCE), which launched on Deutsche Börse XETRA in June 2020. Since then it has been listed on multiple European exchanges, and is currently the world’s most heavily traded crypto ETP, with the narrowest spreads1. The new futures contract will be traded in Euros and physically delivered in BTCE, which is 100% backed by bitcoin and can be readily redeemed by any investor for the underlying bitcoin.

Bradley Duke, CEO of ETC Group said: “The announcement that Eurex will list a futures contract based on BTCE is a game changer, it firmly establishes BTCE as the benchmark Bitcoin ETP and go-to product for Bitcoin price discovery. We see the selection of BTCE by Europe’s largest derivatives exchange as recognition of the quality of the product and its world beating liquidity. Also, because BTCE is fully-fungible with the underlying bitcoin, it means physical settlement of the futures contract is enabled through BTCE’s standard creation/redemption mechanism.”

Randolf Roth, Member of the Eurex Executive Board said “Given the growing institutional demand for secure exposure to Bitcoin, we are delighted to begin listing these Bitcoin ETN futures on our regulated trading and clearing infrastructure at Eurex. This move will allow a greater number of market participants to trade and hedge Bitcoin, with this new future being treated in the same way as any other derivatives contract in terms of central clearing, netting, and risk management.”

This set-up allows investors to track the price development of Bitcoin in a fully regulated on-exchange environment and based on a transparent price discovery of the underlying BTCE. Structured in a similar way as physical Gold ETCs, with an equivalent physical redemption mechanism in place, BTCE’s primary listing trades on Deutsche Börse’s ETN trading segment since 18th June 2020. Bitcoin ETN futures are centrally cleared like any other derivatives traded on Eurex. Eurex’s standard clearing, netting, and risk management processes thereby come into effect, mitigating counterparty risk, and reducing operational costs for market participants.

Cryptocurrencies are highly volatile, and your capital is at risk.
Disclaimer: https://bit.ly/etcdisc

ETC Group ( www.etc-group.com ) is specialized in developing innovative digital asset-backed securities such as BTCetc (BTCE) and ETHetc (ZETH) which are currently listed on Deutsche Börse, Euronext, SIX, AQUIS UK and Wiener Börse. ETC Group is backed by a number of major London-based financial institutions. Shareholders include firms such as XTX Ventures, the venture capital arm of electronic market-making firm XTX Markets. ETC Group’s securities are marketed by HANetf.