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Australian authorities target crypto telegram groups to weed out ‘pump and dump’ schemes

Telegram groups that are used to pump and dump all financial products, including any crypto assets, would henceforth face the wrath of the Australian Securities and Investments Commission (ASIC), according to a report from an Australian media outlet.

ASIC targets “pump and dump” groups

Per the report, earlier in the week, a telegram account named ASIC sent a message to a group “ASX Pump Organization” to warn them that the financial regulator is monitoring their activities. While members of the group thought this could be fake, the regulator has now gone a step further to confirm the story to the media house.

Coordinated pumping of shares for profits can be illegal. We can see all trades and have access to trader identities. […] You run the risk of a criminal record, including fines of more than $1 million and prison time.

With the severity of the message now confirmed, members of the group are now demanding that the regulator goes after the “firms and corporate traders.”

According to one of the members, “What ASIC needs to do is go after the corporates who inside the trade and short companies all the time, and not spend valuable time here hassling 300 small investors who are doing nothing wrong by sharing stock recommendations. This has to be the biggest joke in history.”

Interestingly ASIC, last month, had released a press statement about the growing trends among social media groups who engage in pump and dump schemes. The financial regulator had warned that participants in such activities risk prison sentences of up to 15 years and fines of above $1 million.

ASIC has been working closely with market operators to identify and disrupt pump and dump campaigns, and we will continue to target actions that threaten the integrity of markets and to take enforcement action where appropriate.

Earlier in the year, a Reddit group, “Wallstreetbets”, was involved in one of the most massive pump schemes in recent memory. The group members had worked together to pump stocks of GameStop etc, resulting in huge losses for hedge funds that were shorting those stocks.

The post Australian authorities target crypto telegram groups to weed out ‘pump and dump’ schemes appeared first on CryptoSlate.

Nigerian Crypto Exchange Raises Over $4 Million in Latest Funding Round

A Nigerian crypto exchange, Busha, recently raised over $4 million in a funding round led by Jump Capital. Busha, a Nigerian cryptocurrency exchange, is reported to have raised a $4.2 million seed funding round recently. These funds, according to the exchange, will be used to expand its operations across Africa. Financial Freedom According to a::Listen

A Nigerian crypto exchange, Busha, recently raised over $4 million in a funding round led by Jump Capital.

Busha, a Nigerian cryptocurrency exchange, is reported to have raised a $4.2 million seed funding round recently. These funds, according to the exchange, will be used to expand its operations across Africa.

Financial Freedom

According to a report by Disrupt Africa, Jump Capital led the funding round that also featured Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital, Raba Capital, and other investors.

In his comments following the announcement, Busha co-founder and CEO Michael Adeyeri is quoted explaining the exchange’s key objective and how the latest funding round helps the company. He said:

Our immediate mission is to onboard the next one million Africans into the crypto economy. We have seen the significant difference in financial freedom that crypto can make in the lives of our over 200,000 users, and we are very motivated to extend this to more people on the continent.

The announcement of the capital raise comes after Busha had just launched a revamped version of its app which now enables minimum purchases of as low as 50 cents for a more inclusive offering, one-click limit orders, and automated recurring buys.

Most Promising Place for Crypto

Meanwhile, the report quotes another Busha co-founder, Moyo Sodipo, who lauds the cryptocurrency exchange’s pioneering innovations such as instant payouts and 24/7 customer support. Concerning the latest capital raise, Sodipo said: “This funding will empower us to do more faster, improve our security, and take a definitive leadership position in our target markets.”

Peter Johnson, who is a partner at Jump Capital, said his firm was excited to work with Busha which operates in what he called the “most promising places for crypto to make a significant impact in offering financial freedom to millions of individuals.”

What are your thoughts about Busha’s latest capital raise? Tell us what you think in the comments section below.

Australian authorities target crypto telegram groups to weed out ‘pump and dump’ schemes

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