By CCN Markets: One of Africa’s largest insurers, Old Mutual, has announced it will no longer cover crypto mining equipment due to lack of regulation. After researching the industry, the Pan-Africanist financial group discovered a number of reasons that prompted it to make the decision that will not sit well with crypto miners. According to a local report, Old Mutual is convinced that the cryptocurrency industry is associated with cybercrime while the equipment used for crypto mining is highly modified and operates on a 24/7 basis, making it susceptible to malfunctions such as overheating. Old Mutual won’t cover crypto mining
The ban on initial coin offerings in South Korea will stay, the country’s financial regulator has said in a statement. The decision by the South Korean Financial Services Commission (FSC) follows a survey which the regulator commissioned. Among the findings of the survey include the fact that some ICO projects misrepresented themselves. For instance, some had claimed to be fundraising abroad but they went on to involve South Koreans. Dirty Tricks Employed to Evade ICO Ban According to the FSC, the projects did this by registering in Singapore in order to circumvent South Korea’s ICO ban. Some of the evidence
A French court has reportedly rejected a request by the largest Swiss bank to drop money laundering charge against it. UBS Group and a number of its executives are accused of tax fraud and money laundering. If found guilty, the bank could be fined up to 5 billion euros or $ 5.8 billion. Its executives could also face jail time.
UBS Wants Money Laundering Charge Dropped
The tax fraud and money laundering trial in France of UBS Group AG and its executives began last week after seven years of investigation.