Key Points:
The app outage comes as the company struggles to build its business while regulators are looking for specific regulations to control the crypto market, according to tweets from the company.
Users will have to withdraw their assets from the app before tZero Crypto ceases operations on March 6. Until then, the platform’s custodians will continue to custody customer cryptocurrencies.
TZero Crypto was launched in 2019 to create the first platform where customers can trade cryptocurrencies, blockchain-based securities, and traditional stocks using a single application, pending approval, according to the law. But those aspirations are complicated by the company’s troubles with regulators and other controversies.
In January of last year, the company paid $800,000 to settle an SEC order that meant the firm neglected to adequately disclose that it had shared order information with a broker-dealer affiliate and Blue Ocean Technologies, a trading partner in Singapore it acquired at a later date. Regulators also issued a cease-and-desist order as part of the settlement.
In addition, our regulated affiliates sharing project will play an essential role in bringing compliant digital asset securities to market, including crypto-assets that can be redeemed legally on a regulated securities platform.
“We will continue to focus on our unique regulated securities business, which we believe will be the venue where most digital asset securities will trade.”
However, the project emphasizes that stopping the application is not a way out but one of the steps to help develop more vital in the future.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Foxy
Coincu News
London, United Kingdom, May 2nd, 2024, ChainwireAI-powered Telegram trading bot, Bitbot, has surged past the…
The partnership aims to streamline PayPal cryptocurrency purchases, enhancing accessibility and security.
BNP Paribas, the continent's second-largest bank, has made a bold move by acquiring shares of…
April witnessed a flurry of activity in the crypto VC space, with the release of…
On May 2, the burgeoning market for cryptocurrency spot ETFs in Hong Kong witnessed a…
Federal Open Market Committee (FOMC) meeting, Chairman Jerome Powell delivered a message of monetary policy…
This website uses cookies.