ICO Alert Crypto Minute: May 6, 2018

Cryptocurrency Trading Volumes In India Increase Despite New Regulations

Despite country-wide regulations on financial institutions preventing them from conducting business in cryptocurrency, trading volumes of cryptocurrency in India have increased. According to ETHNews, Coindelta claims daily trading volumes are around USD 75 million — a level similar to those before the regulations were announced. The Reserve Bank of India announced the regulations in early April 2018, which will be strictly enforced beginning in July 2018.

Class Action Lawsuit Filed Against Ripple For Conducting “Never-Ending ICO”

Ripple is the target of a class-action lawsuit alleging that the company has continued to raise millions of dollars by conducting a never-ending ICO. According to Financial Advisor, the class-action complaint was filed Thursday in the Superior Court of California. The lawsuit also accuses Ripple of violating state and federal laws by selling unregistered securities to non-accredited investors.

PwC Acquires A Small Ownership Stake in VeChain

PwC branches in Hong ‎Kong and Singapore have each acquired a small ownership stake ‎in VeChain. According to Financial Magnates, PwC is aiming to use VeChain’s trust-based services through its platform. VeChain is a “blockchain-based anti-counterfeit and supply chain startup out of ‎China.‎”

Huobi Group Announces Plans to Expand Into Canada

At the EDCON event in Toronto, Canada, the Huobi Group announced its plan to expand into Canada with a fully operational office in Toronto by the end of 2018. According to Bitcoin Magazine, this expansion will be the company’s second move into North America. In early April 2018, Huobi also announced it was opening an office in London.

HBO’s Silicon Valley To Air Episode Titled, “Initial Coin Offering,” On May 7th

The May 7th episode of HBO’s Silicon Valley is scheduled to air an episode titled, “Initial Coin Offering”. According to the Bitcoin Exchange Guide, the episode is about an idea from the show’s protagonist, Richard, to decentralize the internet to a peer-to-peer model.