Crypto Exchange Uphold To Acquire JNK Securities

  • Crypto exchanges manoeuvre to comply with regulations
  • Uphold could see wave of new institutional investors with deal
  • Deal will allow sales and trading of ICO tokens with DEC and FINRA oversight

Uphold, a global digital money platform has agreed to acquire New York-based broker-dealer JNK Securities Corp., in the latest move by a crypto platform to manoeuvre itself towards traditional markets.

Uphold and JNK have filed an application with the Financial Industry Regulatory Authority (FINRA) for the approval of the change of ownership and business expansion. If the deal is approved it will give JNK clients access to crypto trading, potentially bringing new institutional investors to Uphold’s platform and the larger crypto ecosystem.

“Many crypto assets (particularly ICO tokens) may be treated as securities in some cases,” Uphold Chief Executive Officer Adrian Steckel said in a statement:

“Through Uphold’s new securities division, the digital currency platform would be able to offer sales and trading of ICO tokens and fractional equities and provide other exchange services.”

Adrian Steckel

Uphold, formerly known as Bitreserve, currently allows users to send and receive eight different digital coins, as well as numerous traditional currencies. The firm, which brands itself as a ‘cloud money vault,’ is not strictly a cryptocurrency exchange, is more like a bank for buying and holding different currencies, converting them into other currencies, or sending them to other members internationally. The company has offices in California, London, Portugal and Shanghai, and claims to have facilitated over $3.6bn of transactions.

Uphold’s move follows similar acquisitions by larger US cryptocurrency exchanges. Coinbase Inc. said earlier this month that it is buying a trio of firms including a broker-dealer to offer customers blockchain-based securities. The Coinbase announcement came hours after reports that Circle Internet Financial Ltd. intends to pursue registration as a brokerage and trading venue with the SEC so it can help investors buy and sell tokens deemed to be securities.

Full terms of the agreement were not disclosed with the announcement.

London Football Exchange Founder Allegedly Admits to Manipulating Token Price

  • News Talk 6PR has reportedly obtained audio of London Football Exchange founder Jim Aylward admitting to manipulating their token price.
  • The report claims that Jim Aylward is in fact James Abbass Biniaz, a man convicted of VAT fraud in 2010.

London Football Exchange (LFE) founder Jim Aylward has reportedly admitted to manipulating the price of his platform's cryptocurrency token. 

News Talk 6PR’s Gareth Parker claims to have obtained a recording of Aylward admitting to manipulating the price of the LFE token by holding a majority stake in the coin’s supply and manipulating investors. The audio was allegedly sent to associates involved in the LFE project. 

According to the report, Aylward said, 

We are totally manipulating the price, we control about 95% of the token holders.

The report also suggested that Aylward, who has intentions to purchase the football club Perth Glory FC, is the alias for James Abbass Biniaz, a man arrested in 2010 for value-added tax fraud (VAT). 

While Aylward declined to comment on the 6PR allegations, he did post in an online chatroom, 

I will not be responding to accusations and I will not allow personal attacks on me to affect the project.

In addition to the uncovered audio, the report says LFE is being sued in the New York State Supreme Court by a Miami-based investment firm named 777 Partners in connection to a bid for the purchase of a Spanish La Liga football club. 

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