Breaking News

Bitcoin Slips as Crypto Startup Basis Shuts Down

Cryptocurrency NewsDec 14, 2018 12:56AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. - Bitcoin and other major cryptocurrencies edged down on Friday morning in Asia, as digital token protocol Basis halted operations and returned its capital to investors due to regulatory concerns.

Bitcoin lost 3.08% to $3,305 and Ethereum also dropped 2.42% to $86.2 at 10:43PM ET (02:43 GMT).

XRP slipped 1.32% to $0.29919, while Litecoin fell 3.35% to $23.191.

Aimed to launch a stable and decentralised token resistant to volatility, Basis announced on Thursday its decision to shut down and return capital to its investors.

The company cited the “serious negative impact” of the need to comply with U.S. securities regulation.

“As regulatory guidance started to trickle out over time, our lawyers came to a consensus that there would be no way to avoid securities status for bond and share tokens, though Basis would like to be free of this characterisation,” Basis CEO Nader Al-Naji said in a statement.

The startup’s investors included Google’s capital investment arm GV, Silicon Valley venture capital firm Andreessen Horowitz and Bain Capital Ventures, among others.

Still, some countries remain interested in driving digital currencies.

The Gulf Times reported that the central bank of the United Arab Emirates is working on a joint project with the Saudi Arabia Monetary Authority to launch a cryptocurrency for cross-border transactions.

“This would be more efficient. This is between us and the banks,” said UAE central bank Governor Mubarak Rashed Al Mansouri.

French politicians also urged President Emmanuel Macron to invest EUR500 million in the blockchain sector. They presented a report on the ledger technology on Wednesday which proposed making France a “blockchain nation,” according to Cryptovest.

“This 10-year-old [blockchain] technology is moving out of the experimental stage into an industrial implementation. The public will see the development of its uses in everyday life,” Jean-Michel Mis from the ruling party La Republique En Marche said.

Bitcoin Slips as Crypto Startup Basis Shuts Down

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email