ICO Ratings on ICOformula - Movers and Shakers of Week 24

A slight downtrend over the weekend in the cryptocurrency markets, the global cryptocurrency market cap is now at $276 billion, down $8 billion from Friday, Bitcoin at $6455 down by $144 and Ethereum also down by $10 to $494.

Korean banks are coming under fire from regulators over anti-money laundering (AML) procedures which are supposed to have been improved under recent regulatory changes due to an oversight by the Korean government. The news comes after AUD$700 million fines were dished out to the Commonwealth Bank of Australia earlier this month. Despite efforts by several South Korean banks to bring compliance inline through expanding compliance departments to handle the workload, it would appear it’s still not sufficient. The NH Nonghyup Bank recently created a department specifically to handle compliance issues only to be told “Despite the effort, Korea’s financial watchdog, the Financial Supervisory Service [FSS], warned that the bank has not sufficiently improved its internal control system” according to local media. South Korea has been actively working with US regulators in a bid to enhance AML procedures over cryptocurrencies, which in turn appears to have highlighted the failings of a number of traditional banks. The aforementioned NH Nonghyup Bank has already been fined $11 million for inadequate compliance by the New York Department of Financial Services (NYDFS), and further investigations are expected into another 6 Korean banks with operations in New York. Cryptocurrency exchanges in Korea have reportedly been actively upgrading AML procedures, 23 exchanges so far have agreed to comply with the self-regulation standards set by the local Korean Blockchain Industry Association.

Despite ambitions to embrace blockchain technology, the UK Department of Education has no definitive plans to include cryptocurrency or blockchain in the curriculum. An overhaul of both mathematics and the introduction of financial literacy education are promised which should at least bring the UK in line with other northern European countries with respect to financial education, however it might end up “being too little too late” – UK schools have never offered much in the way of even basic financial market knowledge.

New ICO Ratings on ICOformula:

Recordskeeper (XRK)
Bolt Network (BOLT)
Crowdif (CIF)
Trust Platform (TST)

Last week in the world of ICO Ratings on ICOformula:

The first chart shows us how the top 10 ICO’s by average position have changed over the course of the previous week:

The second chart shows the top 10 ICO’s by largest average position gain over the past week:

The third chart shows the top 10 ICO's by largest average position drop over the past week:

Caveat: Only ICO’s that have had the status of ICO are used in the data set for the full 7 day range are included in the following charts. ICO’s that either entered the dataset mid-way through the week, OR completed the ICO process and completed their sale/trading as tokens are not included in these charts.

Learn more about ICOformula ratings and how the Formulatron calculates them in our in-depth guide to how ICOformula rates ICOs.

 

Created: Monday, June 18, 2018

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