“Abra To Restrict US Users”
California-based crypto wallet service Abra will restrict some services for American users starting from August. Abra will have to enforce some system modifications due to continued regulatory uncertainty in the United States, according to a blog post on July 25. Notably, American users will no longer be able to hold a number of cryptocurrencies, including EOS (EOS). Specifically, the platform will start migrating its smart contract-based synthetic assets to a native hosted wallet solution, adding that those assets are defined on Abra as anything other than Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
“SEC Clears A Gaming Company To Issue Tokens On ETH Blockchain”
The U.S. Securities and Exchange Commission has issued a no-action letter to Pocketful of Quarters (PoQ), a gaming startup looking to issue tokens on the ethereum blockchain. PoQ may legally sell its Quarters tokens to consumers without registering them as securities, the SEC Division of Corporation Finance wrote in its second no-action letter to a company seeking to launch a token sale. (The first was granted in April to TurnKey Jet, a business-travel startup.) Quarters are built according to the ERC-20 standard – the first such token to receive U.S. regulatory approval.
“Japanese Financial Services Giant To Follow Libra”
Monex Group, the Japan-based online brokerage firm that also owns cryptocurrency exchange Coincheck, has submitted an application to join Facebook’s Libra project. The news was announced by Monex president Oki Matsumoto at a meeting, Reuters Japan reported Friday. The Libra Association will reportedly be reviewing the group’s application around the end of September. Libra cryptocurrency offers “various possibilities,“ said Matsumoto, including financial inclusion and cross-border product sales.
“New Jersey Resident Indicted For Running An Illegal Exchange”
The state of New Jersey has indicated a resident of Monmouth County for operating a Bitcoin exchange without obtaining any license. According to the official press release, the man is charged with one count of operating an unlicensed money transmitting business. If found guilty, he can face a maximum penalty of 25 years along with a fine of $250,000. The announcement detailed that William Green, a 46-year old man, was running a website called “Destination Bitcoin” and was accepting money for Bitcoin trading. As the platform had no authorization, Green received fiat from his clients and deposited them in the bank, which were maintained by him. He then converted the money into Bitcoin in accordance to his customer’s requests.