Singer’s Crypto ‘Akon City’ in Senegal, SEC Warns About IEOs, FBI Looking at QuadrigaCX Scandal

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Singer’s Akon City construction approved. US SEC issues investor warning on initial exchange offerings (IEO). FBI reaching out to QuadrigaCX victims. Binance-backed FTX launches bitcoin options. Bitcoin ETF has a 60% probability of happening this year, according to an analyst. Supreme Court of India to deal with RBI crypto ban case.

Akon City Construction Will Go Ahead in Senegal

Akon City, a 2,000-acre metropolis where the official currency will be none other than Akoin, the token created by singer Akon, has been greenlighted by the government of Senegal. Akon City, expected to be finished in a period of ten years with a cost of $20 billion, will be the first of its kind in the world, and will be located 5 minutes from Senegal’s new international airport at a seaside village. Akon declared, “I think that blockchain could be the savior for Africa because it brings the power back to the people.”

SEC Issues Warning About IEOs

Akon City

The US SEC (Securities and Exchange Commission) issued an investor warning on a popular financial instrument, the IEO (Initial Exchange Offering), where a new token is offered to the customers of a particular exchange. “Be cautious if considering an investment in an IEO,” the warning stated. The SEC points out that “claims of new technologies, such as those associated with digital asset offerings, can be used improperly to entice investors with the false promise of high returns in a new investment space.”

FBI Reaching Out to QuadrigaCX Victims

Akon City

The FBI has started reaching out to victims of the QuadrigaCX incident to inform them they are inquiring about the issues involved. An email sent to former QuadrigaCX customers states, “This case is currently under investigation by the FBI.” The email clarifies that “a criminal investigation can be a lengthy undertaking, and, for several reasons, we cannot tell you about its progress at its time.” Victims are directed to send their questions or comments to quadrigavictims@fbi.gov, but inquiries about the status of the case will not be addressed.

Binance-Backed FTX Launches Bitcoin Options

FTX, a cryptocurrency derivatives exchange, launched its cash-settling bitcoin options contracts recently. Sam Bankman-Fried, CEO of FTX, informed just 12 hours after the launch of the instrument that more than 1,000 contracts had been traded. CME also launched its options contracts recently, and both managed to beat Bakkt’s volumes which have only traded $1 million since December.

Bitcoin ETF: 60% Chance in 2020, Says Analyst

Akon City

ETF Trends CEO Tom Lydon declared there is a 60% probability for a Bitcoin ETF to happen during the present year. Lydon declared the apparition of more option contracts and the existence of a robust futures market is a good development to address SEC worries about the underlying market. The SEC delayed or rejected every proposal to approve the issuance of a bitcoin-based ETF product, arguing the underlying asset is too volatile and lacks verified liquidity due to fake inflated trading volumes.

Supreme Court of India to Deal With RBI vs. Crypto Case

The Supreme Court of India is ready to hear about the case about the Reserve Bank Of India and its ban on cryptocurrencies, delayed since last year. The court declared it is prepared to deal with the case and made clear they expect long, detailed arguments from the participants. The Reserve Bank of India issued a statement last year making clear they would not serve any entities or individuals dealing with cryptocurrencies, a controversial move given that it is not a legislative body.

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