JP Morgan Chase Lawsuit Over Crypto Credit Card Policy and Baidu Goes Blockchain

This morning the crypto world sees Bitcoin still floating around $6.9k with Ethereum showing signs of strength rising to $430 overnight.

After the recent spate of banks and card issuers clamping down on the use of credit cards to purchase cryptocurrency, JP Morgan Chase find themselves in hot water after being hit with a lawsuit accusing it of charging “surprise fees” when it changed its policies regarding crypto purchasing. Essentially the policy changes meant cryptocurrency purchases would be treated as cash advances and subsequently attract higher interest rates and additional fees to the transactions. The lawsuit has come about due to the bank allegedly failing to notify clients of the change in charges and/or terms – the plaintiff is seeking both actual and statutory damages to the tune of $1 million USD.

Chinese search engine giant Baidu has quietly rolled out a blockchain based image rights management platform beating several other platforms proposing similar systems including the likes of KodakOne. KodakOne announced their intention to run an ICO recently prompting their traditional stock to spike significantly at the time, only to retreat again shortly after. Baidu has already attracted heavyweight partners Visual China Group (partners with the infamous Getty Images) and is potentially set to close the door on any plans KodakOne might have in China whilst their KodakCoin ICO is delayed to accommodate regulatory compliance hurdles to allow US accredited investors. Sadly it could once again mean the Kodak name is associated with being slow to move or innovate just as they were when the photography world went digital some years ago.

The Telegram public ICO – possibly the most hyped and ambitious proposed initial coin offering might not happen after raising $1.7 billion from 2 private presales (the initial target for the raise was $1.2 billion, of which half was slated to come from the public). Apparently “raising money from the public could be way more trouble than it’s worth” is one of many rumours and possible reasons due to the vast amount of regulatory compliance that would be required.

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Created: Thursday, April 12, 2018

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