Friday, October 23, 2020

Nauticus CEO says ‘regulation is the only way to protect against scams’


The Great Financial Crisis of 2008 came about through poor regulation of financial institutions, as multinational banks traded ever more complex financial derivatives.

Ironically, the fallout from the GFC spawned Bitcoin, created by those dissatisfied with the existing financial order. But the subsequent lack of regulations surrounding digital currencies has led many to disaster.

“Poor regulation enables corruption to flourish,” explains Nauticus CEO Bryan Ng. “We’ve seen pyramid and Ponzi schemes like BitConnect, which promised interest of 1% a day along with various ICO exit scams.

“Unregulated exchanges are often hacked or shut up shop without returning users funds. In the EU in January alone, almost 700 scams netted $50 million in a single month,” he said.

- Advertisement -

The international response is divided between countries that allow a free for all and those that impose draconian bans. A handful of countries, including Switzerland, Malta, and Australia, have embraced well designed regulations that encourage innovation while protecting users.

Melbourne’s Nauticus Exchange is a digital financial marketplace offering 17 currencies and AUD. The founders have prioritised building a solid foundation of security and compliance for their globally focused business. This will be key as the company moves into securities trading, FOREX, and international remittances.

This focus on ethics and compliance will be no surprise to anyone who has met Ng, a licensed accountant (CPA) who runs accounting firm First Accountants.

Chief Operating Officer Jonathan Chang is a former ANZ banker with extensive experience in Anti Money Laundering and Counter-Terrorism Financing regulations.

- Advertisement -

“Verifying every user helps fight corruption and criminality, and not only protects the business but protects our users themselves from fraudulent practices,” he said.


Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Fundraiser Elliott Broidy pleads guilty in foreign agent case linked to 1MDB

Major Republican Party and Trump fundraiser Elliott Broidy pleaded guilty Tuesday to acting as an unregistered foreign agent, admitting to accepting millions...

Germany issues international arrest warrant for founders of law firm at the centre of Panama Papers

Germany has issued international arrest warrants for the two founders of the firm at the centre of the tax haven scandal exposed by the...

Latest News

This Week

Judge orders billionaire Greg Lindberg to report to prison after conviction for bribery

Try as he might to extend his freedom, Durham businessman and convicted felon Greg Lindberg will become a federal inmate on Tuesday. Lindberg, the billionaire...

Australian court approves $920 million Westpac money laundering fine

The Federal Court of Australia has agreed on the deal struck between the Australian Transaction Reports and Analysis Centre (AUSTRAC) and Westpac, ordering the Australian...

Crown Melbourne casino faces money laundering probe

Crown Resorts is facing a new threat to its casino licences and the prospect of multimillion-dollar fines after it was informed by Austrac, the...

Billionaire Robert Smith to Pay $140 million after admitting to tax evasion

Billionaire Robert Smith will pay about $140 million and acknowledge wrongdoing to end a four-year U.S. tax investigation involving assets held in offshore tax...

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks