TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Former NFL owner Reginald Fowler pleads guilty in the Crypto Capital case. Libra sets its technical development committee. Blockchain Terminal ICO participants indicted. Sacramento Kings to auction a previously-worn jersey using an Ethereum-based platform. Ripple-backed MoneyGram to expand to India, and KyberSwap leaves EU due to AMLD5 directive.
Reginald Fowler Pleads Guilty
Reginald Fowler, linked to Crypto Capital, a “shadow bank” that served several cryptocurrency exchanges to pass funds through traditional fiat banks, changed his plea of not guilty to guilty on the charge of “operation of an unlicensed money transmittal business.” Fowler, previously best known for being part owner in the NFL’s Minnesota Vikings, previously insisted he was not guilty back in May while facing a series of charges, including bank fraud, conspiracy to commit bank fraud, operating an unlicensed money transmission business, and conspiracy to operate an unlicensed money transmission business.
Libra Sets Tech Development Committee
Libra, the cryptocurrency project spearheaded by Facebook and other fintech companies, agreed to set a tech development committee to supervise the direction the project will take in the future, and will provide guidelines to direct the development efforts of the initiative. This is considered by analysts among the last preliminary moves of the Libra team that seems geared towards making the project governance less centralized in Facebook’s hands and toward a more distributed endeavor. Libra is still struggling to be approved by regulators from all over the world, who see it as a negative influence over their local currencies.
Blockchain Terminal ICO Members Indicted on Securities Fraud
Two individuals behind the “Blockchain Terminal,” a $30 million ICO promoted as a kind of Bloomberg terminal for cryptocurrencies, are now facing wire fraud and securities fraud charges as formulated by the SEC. Boaz Manor, the founder of the company, used a series of aliases to hide his prior criminal record and his part in the collapse of a Canadian company, Portus Alternative Asset Management. BCT also falsely claimed they had more than 20 hedge funds using their system. The individuals could spend decades in prison if found guilty.
Sacramento Kings to Auction Game-Worn Jersey Using Ethereum
Using the Ethereum platform Bid Live, the Sacramento Kings will auction a jersey star basketball player Buddy Hield wore in a game. Bid Live, operated by Treum, is a supply chain management product. The team, who is no stranger at making cryptocurrency inroads, explained further that if this auction is successful, they will engage in other auctions in a game-by-game basis. Treum will be responsible for tagging and authenticating memorabilia, issuing a token to provide data to the buyers. The funds raised through the auction will go to victims of Hurricane Dorian in the Bahamas, the country where Hield grew up.
MoneyGram to Expand to India
MoneyGram, the Ripple backed remittance service, is expanding to India through a partnership with one of the main e-commerce service providers of the region, Ebix. With this partnership, MoneyGram secures Ebix as its exclusive partner in India, with access to more than 320,000 distribution outlets spread across 768 districts, 4,000 cities, and more than 75,000 villages. India is a huge market to receive remittances from all over the world, and MoneyGram wants to take advantage of its brand and its capabilities to capture a part of it. MoneyGram uses Ripple-based tech for cross border settlements.
KyberSwap Leaves EU Due to AMLD5 Directive
KyberSwap, the second most important decentralized exchange by volume trading, decided to abandon the European Union due to incoming enforcement of the AMLD5 directive. Complying with the directive involves training workers to oversee KYC measures and enforce AML requirements, a difficult thing to do for a decentralized platform. “The new regulations would put too high a barrier for the majority of traders, both – regulatory and cost-wise,” the company explained through an email to users. KyberSwap will now operate from the British Virgin Islands.
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