Tagged: asic

April 15, 2020 @ 11:06 pm By JD Alois  |  

Necessity is the mother of invention. This we know. Sportsbet, an Australian online bookmaker, saw betting tank just like most other businesses as the COVID-19 pandemic spread. At the end of March Stuart Allott, Sportsbet head of corporate affairs, told BI Australia: “Given the unprecedented… Read More

February 13, 2020 @ 5:57 am By Omar Faridi  |  

The Australian government passed the Treasury Laws Amendment (2018 Measures No. 2) Bill 2019 on February 10, 2020. The bill has been introduced in order to extend the overall scope and time period Fintech firms may spend on the country’s current framework. Updating the existing… Read More

October 17, 2019 @ 8:27 pm By JD Alois  |  

Lime FS Pty Ltd has agreed to shut down “digital advice tools” following concerns raised by the Australian Securities and Investment Commission (ASIC). According to ASIC, Lime has voluntarily shut down two digital advice referenced as robo advice. Lime FS’ corporate authorised representatives, Plenty Wealth… Read More

September 19, 2019 @ 10:19 am By Cali Haan  |  

Australian police have “dismantled” a cybercrime syndicate that used cryptocurrencies to purchase “fraudulently-obtained identities” on Dark Net markets and then use these identities to open bank accounts and drain victims’ retirement savings. According to a release from the Australian Securities & Investments Commission (ASIC), “Investigations have… Read More

August 13, 2019 @ 1:13 am By Cali Haan  |  

“Australia happens to be the only developed country where retirement money, superannuation money, can very easily be invested into cryptocurrencies,” Zebpay crypto exchange CEO Ajeet Khurana told a Financial Review reporter recently. Zebpay, a cryptocurrency exchange, announced last year that it was shutting down in response to… Read More

May 29, 2019 @ 9:54 pm By JD Alois  |  

The Australian Securities and Investment Commission (ASIC) has updated regulatory information pertaining to initial coin offerings (ICOs) and crypto-assets. In a release, ASIC recommended that businesses engaged in crypto “consider their legal obligations and satisfy themselves they are operating lawfully.” ASIC stated that their recent… Read More

April 11, 2019 @ 10:02 pm By JD Alois  |  

The Australian Securities & Investment Commission (ASIC) has published several reports touting the progress of Fintech in Australia. ASIC said that recent surveys show an increase in demand – aided in part by ASIC’s Innovation Hub. Australia may be a smaller market but it has… Read More

February 18, 2019 @ 3:54 pm By Samantha Hurst  |  

Bitmain Technologies, a China-based consumer-grade ASIC miner, announced on Monday the launch of its next-generation 7nm ASIC chip, BM1397. According to Bitmain, the new chip achieves new feats in performance, chip area and energy efficiency for mining cryptocurrencies such as Bitcoin (BTC) and Bitcoin Cash (BCH),… Read More

February 14, 2019 @ 3:07 am By Cali Haan  |  

Developers of the privacy-cryptocurrency Monero have announced they’ll be “forking” (making code changes to) their network, changes that will reportedly make it impossible for “miners” using powerful ASIC-chip-laden machinery to process transactions on the network, Blockchain Reporter states. The change, which is scheduled to take… Read More

February 12, 2019 @ 1:38 am By JD Alois  |  

The Australia Securities and Investment Commission (ASIC) has issued a statement regarding payment of a fine by Byte Power Group Limited. Byte Power, a company that is engaged in diverse businesses such as food and wine and power management, paid ASIC $33,000 after the regulator issued an… Read More

February 1, 2019 @ 2:18 am By JD Alois  |  

The Global Financial Innovation Network (GFIN) is now open for applications. GFIN is a group of 29 international organisations including the Financial Conduct Authority (FCA) as well as the US Consumer Financial Protection Bureau (CFPB), Monetary Authority of Singapore (MAS), Hong Kong Monetary Authority (HKMA) and… Read More

October 4, 2018 @ 10:59 am By JD Alois  |  

The Australian Securities and Investments Commission (ASIC) has announced a Fintech and Regtech agreement with the Luxembourg Commission de Surveillance du Secteur Financier (CSSF). This is the second Fintech agreement signed by ASIC today having earlier announced an agreement with the US CFTC. The Agreement… Read More

October 4, 2018 @ 10:33 am By JD Alois  |  

The US Commodity Futures Trading Commission (CFTC) and the Australian Securities and Investments Commission (ASIC) have signed a Fintech agreement to support innovations in finance and to share information within their respective jurisdictions. This is the second such agreement for the CFTC, a US regulatory agency… Read More

September 24, 2018 @ 10:31 pm By JD Alois  |  

The Australian Securities & Investment Commission (ASIC) has published its report on security breaches at financial services firms. According to the regulator, financial services firms have failed in their duty to protect their users and to notify them when they fall short of their fiduciary… Read More

September 19, 2018 @ 10:13 pm By JD Alois  |  

The Australian Securities and Investment Commission (ASIC) has issued a statement indicating it has taken action against “misleading Initial Coin Offerings (ICOs) and crypto-asset funds” which have targeted retail investors.  ASIC said it has stopped several ICOs or “token generation events.” These ICOs have been… Read More

September 7, 2018 @ 8:49 am By JD Alois  |  

Prospa, a leading online lender to SMEs in Australia, has shared that it has satisfied the a review by the Australian Securities and Investments Commission (ASIC) in relation to Prospa’s small-business contract terms. This past June, Prospa received a letter from ASIC requesting information as… Read More

September 3, 2018 @ 5:00 pm By Steven McClurg  |  

The recently announced $3 billion Bitmain IPO has left many crypto enthusiasts excited for the possibility of a legitimate publicly-traded crypto business. However, when a company creates an exit for a high margin cash flowing business, it usually indicates diminishing growth or margins.  This could… Read More

June 4, 2018 @ 11:22 pm By JD Alois  |  

In a speech delivered to an Australian Senate Committee meeting last week, James Shipton, Chair of the Australian Securities and Investments Commission (ASIC), told the members Australia can lead the way when it comes to Regtech adoption. Australia has a vibrant Fintech ecosystem that has benefited… Read More

May 1, 2018 @ 8:06 am By JD Alois  |  

The Australian Securities and Investment Commission (ASIC) has taken action to address misleading or deceptive conduct regarding initial coin offerings (ICOs). ASIC announced it was targeting the sale of digital tokens and is issuing inquiries to ICO issuers and their advisers where they identify conduct or… Read More

April 18, 2018 @ 7:59 am By JD Alois  |  

UK peer to peer lending platform Crowd2Fund is opening an Australian office becoming one the first UK-based companies to utilise the new ‘Fintech Bridge’ between the UK and Australia that was recently announced by both countries. Signed in March, the agreement between the UK Financial… Read More