Kik CEO Says Firm Spent $5+ Million on Negotiations With US SEC: Report

Ted Livingston, the CEO of Canadian-based messaging startup Kik, told cryptocurrency news outlet Coindesk that the company spent over $5 million on ongoing negotiations with the United States Securities Exchange Commission (SEC). The news was revealed in a report published on May 16. As Cointelegraph reported at the end of January, the SEC stated that it believes that Kik’s “Token Distribution Event” two years ago violated securities laws when the company raised $97 million during the sale. Following the SEC’s recommendation of an enforcement action in November 2018, Kik was…

Coinbase CEO Teases Launch of Debit Card in the U.S.

Coinbase CEO Brian Armstrong has announced that the company is working on introducing its debit card to customers in the U.S. Armstrong’s announcement came in a live AMA session on YouTube on May 16, 2019, during which he fielded questions and touched on various topics such as community trust ratings for altcoins and fraud prevention. While he did confirm that the debit card is coming to U.S. customers, he didn’t divulge a specific release date. Last month, Coinbase launched the Coinbase Card, a Visa-based debit card which, according to the…

Polychain CEO Says Facebook’s Rumored Stablecoin Blockchain Should Be Public

Polychain Capital CEO Olaf Carlson-Wee thinks Facebook would be smart to build its stablecoin on a public, open blockchain infrastructure. Carlson-Wee delivered his remarks at the Consensus 2019 panel “To the Moon and Back” on May 15. Carlson-Wee explained that the blockchain platform he is referring to is one like bitcoin’s, in which the creator relinquishes control over the platform they built. He argues that such an arrangement would be beneficial to the social media giant, saying: “I think given all the problems that Facebook has had with policing their platform…

ShapeShift CEO Erik Voorhees Wants Whole World in Crypto’s Big Tent

By CCN: With the bitcoin price trading above $8,000 once again, the mainstream financial media has once again taken an interest in cryptocurrencies. ShapeShift CEO and Founder Erik Voorhees was featured in an interview with Bloomberg where he confronted the bitcoin bubble debate and regulation. While the ecosystem is evolving since Voorhees first entered the space, as evidenced by regulators now participating in industry events, Voorhees isn’t uncomfortable with the direction in which it’s going. “I want crypto to be a big tent. I want the whole world to be…

Reserve CEO Predicts Central Banks Will Tokenize, Still Room for Stablecoins

CEO Nevin Freeman of stablecoin startup Reserve predicts that central banks will tokenize their currency at some point, but stablecoins will likely still have an advantage in offering privacy. Freeman delivered his remarks at the Consensus 2019 panel “The End of Volatility? Stablecoins on the Rise” on May 15. During the panel, moderator Joel Telpner, a partner at Sullivan & Worcester LLP, asked the speakers why banks could not simply tokenize their national currency and drive fiat-backed stablecoin services out of business. Freeman replied that he thinks banks will do…

Coinbase Custody Now Has $1 Billion of Crypto Under Management, CEO Says

Coinbase CEO Brian Armstrong said the exchange’s custody service, Coinbase Custody, has $1 billion in assets under management (AUM) in just 12 months after launch. In an on-stage discussion at CoinDesk’s Consensus 2019 event on Wednesday, Armstrong was asked by panel moderator and Wall Street Journal reporter Paul Vigna about the status of institutional involvement in the cryptocurrency industry. Armstrong replied: “We launched our custody 12 months ago, we’ve just crossed $1 billion AUM or institutions, 70 institutions have signed up, adding about $150 million AUM a month, so, to a…

US Regulator Joins Canada in Fining Blockchain Firm CEO for Securities Act Violation

Blockchain entrepreneur Alex Tapscott has been fined $25,000 by the United States Securities and Exchange Commission (SEC,) according to a filing on May 14. Tapscott is the CEO of NextBlock Global, and in the filing, the SEC said neither the Canadian company nor its securities had ever been registered with the commission. The 33-year-old and his company have also been ordered to cease and desist from committing further violations of the Securities Act. According to the SEC, NextBlock was founded by Tapscott and three others in June 2017 for the purpose of investing…

Blockchain Project CEO to Pay $150K Fine, Teach Business Ethics Following Settlement

Blockchain entrepreneur Alex Tapscott is paying a $148,000 fine and will lead ethics seminars at three Canadian business schools per his settlement agreement with the Ontario Securities Commission (OSC), according to a report by The Globe and Mail on May 13. Tapscott, the CEO of blockchain firm NextBlock Global Limited initially filed for a public settlement hearing with the OSC on May 9. The OSC had previously accused NextBlock and Tapscott of misleading investors when he collected a reported $20 million from 113 investors. The regulators alleged that Tapscott lied…

Binance CEO Publishes Security Incident Update, Apologizes for Blockchain Re-Org Comment

Changpeng Zhao (CZ), CEO of major crypto exchange Binance, has updated reporters on the exchange’s security revamp and investigation into this week’s $40 million hack in a security incident update shared with Cointelegraph on May 10. The CEO also apologized for having fuelled community concerns by openly discussing the possibility of incentivizing a blockchain re-organization — or transaction rollback — as a possible response to the attack. As reported, Binance suffered a major and premeditated hack on May 7, which reportedly resulted in the theft of around 7,070 bitcoin (BTC)…

Binance-Backed Crypto Bank Appoints Deutsche Bank Executive as New CEO

Malta-based cryptocurrency bank Founders Bank has appointed former executive of Deutsche Bank as its new CEO, according to a Bloomberg report on May 9. Backed by major global crypto exchange Binance, Founders Bank plans to assist blockchain and crypto-related firms in securing financial services from traditional banking institutions, the report notes. The new CEO, Kenan Altunis, will reportedly join Founders Bank’s team in June. Prior to the crypto bank, Altunis reportedly served as a co-head of the institutional client group at Deutsche Bank’s corporate and investment bank, where he was…