Financial watchdog in Spain sends out warning again unregulated Ethereum ICO scheme


  • The Comisión Nacional del Mercado de Valores warned the public against AlyCoin. 
  • It has provided customers with financial services in violation of the second paragraph of Article 17 of the Securities Markets Law.

 

A Spanish financial watchdog has issued a warning against Ethereum (ETH)-based token dubbed AlyCoin.

The Comisión Nacional del Mercado de Valores has sent out a warning to the public against AlyCoin as it the coin is registered neither in Spain nor in the corresponding registry and thus promotes unregulated initial coin offerings (ICOs).

It is detailed that AlyCoin purportedly been providing its customers with financial services in violation of the second paragraph of Article 17 of the Securities Markets Law.#

AlyCoin describes itself as an independent token based on Ethereum. The company’s ICO phase is scheduled to take place from Dec. 24, 2018, to Dec. 24, 2019, in which time AlyCoin is planning to distribute 35 million tokens in lots of 5 million each with a starting price of $0.10 per token in the first lot. The company further claims to be ready to release over 82 million tokens to the market.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

VeChain looks to surge against mounting overhead pressure

VeChain price hints at a rally, but resistance barriers ahead could slow down its ascent. Breaching the supply zone that runs from $0.228 to $0.245 will provide VET a relatively clear path. A breakdown of $0.180 will invalidate the bullish outlook and kickstart a bearish descent.

More VeChain News

EBay allows the sale of NFTs for digital collectibles on its platform

After enduring a weak second-quarter profit forecast in late April, eBay announced that it is now allowing the sale of non-fungible tokens (NFTs) for digital collectibles to be sold on its platform.

More Cryptocurrencies News

Dogecoin stabilizes in preparation for rally to $1

Dogecoin price may close with a second inside day as it tries to maintain April high. Daily Relative Strength Index (RSI) shows a bearish momentum divergence. IntoTheBlock IOMAP metric shows considerable support just above the April high.

More Dogecoin News

Ripple awaits the next catalyst

XRP price was dealt a blow yesterday. As a result, the outlook has turned neutral and elevates the importance of a bullish news roll for the ongoing legal case between Ripple and the Securities and Exchange Commission (SEC). 

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP