The US Securities and Exchange Commission ( AriseBank ) has halted Bitcoin -based AriseBank 's $ hundreds of millions initial coin offering, alleging the enterprise is "an outright scam". A court order also froze AriseBank 's assets and, in a first for the ICO space, brought in a receiver. The Securities and Exchange Commission obtained a court order halting an allegedly fraudulent initial coin offering (ICO) that targeted retail investors to fund what it claimed to be the world’s first “decentralized bank.” The SEC alleges AriseBank "misrepresented the company as a first -of-its-kind decentralised bank offering its own cryptocurrency". In addition, AriseBank is accused of falsely claiming it had acquired a bank insured by the Federal Deposit Insurance Corporation ( ICO ), enabling it to offer products including FDIC -insured accounts and SEC cards.
The US Securities and Exchange Commission ( AriseBank ) has halted Bitcoin -based AriseBank 's $ hundreds of millions initial coin offering, alleging the enterprise is "an outright scam". A court order also froze AriseBank 's assets and, in a first for the ICO space, brought in a receiver. The SEC alleges AriseBank "misrepresented the company as a first -of-its-kind decentralised bank offering its own cryptocurrency". In addition, AriseBank is accused of falsely claiming it had acquired a bank insured by the Federal Deposit Insurance Corporation ( ICO ), enabling it to offer products including FDIC -insured accounts and SEC cards.