Australian financial watchdog puts 5 ICOs ‘on hold’ for violating regulations

The Australian Securities and Investment Commission (ASIC) has flexed on cryptocurrency fraudsters. It has just released details of disciplinary action taken against misleading initial coin offerings (ICOs) operating in Australia. ASIC revealed it has put five different ICOs “on hold” until they comply with the new rules. Among other things, ASIC insists some of the startups in question would have to undergo “restructuring” in order to comply with regulatory requirements. The five ICOs were restricted from raising the capital of Australian investors without appropriate protections. “ASIC has taken action to stop several proposed initial coin offerings or token-generation events (together, ICOs),…

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