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$50 Million ICO Shuts Down ‘in Accordance with’ Regulatory Requirements

An First coin Providing (ICO) executed by an Australian crypto startup International Tech Trade (GTE) has ceased functions, citing the Australian Securities and Investments Commission (ASIC) specifications, the company’s web-site reveals Monday, Oct. 22.

According to Company Insider Australia, the ICO was introduced summertime 2018 by GTE to generate an an schooling-based buying and selling and exchange platform and had a fundraising aim of $50 million.

The firm swiftly acquired attractiveness after remaining endorsed by Michael Clarke – a former Australian cricket captain and nationwide celebrity. As of August, GTE cited him on its web page as endorsing the undertaking:

“I am really energized to be involved with World wide Tech. Their ambition and drive is anything that I resonated with straight absent and I just cannot wait around to understand a lot more about blockchain technologies.”

Clarke later posted the quotation to his Twitter account and was promptly warned by his followers about the basic controversy surrounding ICOs.

The factors driving the ICO’s closure remain unclear – ASIC has not still commented on the matter next Business enterprise Insider’s ask for. On paper, the transfer appears instigated by GTE itself, which evidently voluntarily used to the ASIC to deregister its ICO.

As for every GTE’s site, the enterprise has currently returned all money to traders. The assertion also explicitly famous that Michael Clarke is “no more time related with Worldwide Tech Exchange and the Global Tech Exchange Blockchain instruction and recognition application.”

GTE’s ICO marks the sixth crypto crowdfunding challenge to be shut in Australia because April 2018. As Cointelegraph described in September, ASIC uncovered that the 5 other ICOs shut down ahead of April ended up stopped owing to a deficiency of essential trader protection measures on part of the fundraisers in concern.

However, only a single of them was shut down forever, when many others wanted to be restructured, the regulator pointed out.

This drop, ASIC has also disclosed its options to raise scrutiny of cryptocurrency exchanges and ICOs to ensure any “threats of harm” from the nascent market are mitigated underneath its regulatory scope.

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