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Binance joins Neo Council, 2.1 million NEO used to secure two Top 21 positions

Binance Staking has secured two positions on the Neo Council. At the time of press, Binance has voted with approximately 2.1 million NEO to secure its places in the Top 21. Binance is the world's largest custodial exchange with nearly US $9.07 billion in 24-hour volume, according to CoinCap.io. Binance Staking is a service that allows users to earn distributions offered on proof-of-stake or other networks that distribute rewards to participants. The platform provides two types of staking: flexible and locked. Flexible staking offers fewer rewards but allows users to move the underlying assets at any time. Locked staking requires users to deposit a token for a specific time frame but provides higher yields. For example, a minimum of 0.01 NEO locked for 15, 30, 60, or 120 days will earn increasing yields of 5.79%, 7.49%, 8.79%, and 13.56% (made in GAS distributions), respectively. In the announcement post, Neo Global Development said "Binance Staking's new membership in the ...
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Former Washington senator faces arrest over $4.3M ICO scam



A former U.S. state senator is subject to an arrest warrant issued by a court in Texas, over his alleged involvement in an initial coin offering (ICO) scam.

Ex-state Sen. Dave Schmidt was previously under investigation by the Securities and Exchange Commission (SEC) concerning a $4.3 million ICO scam, which saw unsuspecting investors from the U.S. and elsewhere embroiled in the scheme.

The former Washington senator is said to have profited from the scheme, which raised investment for the issue of Meta 1 coins—tokens allegedly backed by either $1 billion in fine art or $2 billion in gold reserves. However, after raising millions through the ICO, it emerged that the tokens did not exist.

A bench warrant was issued for Schmidt's arrest, along with accomplice Robert Dunlap after the pair failed to appear in court. Their appearance had been scheduled by video link due to the ongoing coronavirus pandemic, with both failing to appear at the agreed time.

A third defendant has been given a further opportunity to appear in court by video link, before likely facing a similar fate.

The arrest warrant follows moves from the SEC to freeze all bank accounts associated with the ICO last month, after serious concerns about its management emerged. The regulator brought forward fraud charges against the promoters of the scheme, including Schmidt, which ultimately led to the issuing of the arrest warrant.

In particular, the SEC flagged concerns about Meta 1 being an unregistered security, and one which did not qualify for any of the existing regulatory exemptions. The regulator is now seeking permanent injunctions, financial penalties and disgorgement of any gains arising from the token issue.

Describing a fine as "neither…especially burdensome nor particularly effective" against the defendants, the judge presiding over the hearing opted instead to move straight to arrest.

"If incarcerated, Dunlap and Schmidt will be unable to continue Meta 1's operations, create marketing videos, or email their putative investors."

The case sees Schmidt become the latest high profile individual to be embroiled in an ICO scam, with a number of celebrities including Steven Seagal and Floyd Mayweather previously implicated in suspicious ICOs.

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