Bitcoin Global News (BGN)
July 2, 2018 -- ADVFN Crypto NewsWire -- Over the weekend, it was
reported that the Tezos network is finally going live. With
its ICO finishing in July of last year at a record setting level, it
seems that many crypto insiders have been wondering what the hold
up has been.
To make matters worse, from the
beginning, the project has been shrouded in a significant level of
controversy. Just after the ICO, certain investors were blindsided
by the announcement that they would not be given any Tezos tokens
in return for their Bitcoin or Ether donations.
The reason that was given was that
a certain number of customers failed to finish the know your
customer and anti-money laundering requirements that Tezos had
asked them to do. The further trouble is, according to a report by
Coindesk that was released on Saturday, Tezos
never asked customers to fulfill these requirements during their
This not only brings into question
the legality of their offering in the USA, given current guidelines in the space, but it also
brings into question whether the foundation behind Tezos has acted
in an ethical nature throughout the year that has passed since the
The requirements were not even
released until just recently this year, according to the same
report. Adding fuel to the fire is the fact that the control of
Tezos was disputed between the
founders who control its code, and the Tezos Foundation’s late
president, who seemingly controlled the money that it had gained
through the ICO.
Until February of this year, it was
believed that this dispute was the major cause of the holdup of the
launch of the network.
Coindesk has speculated, however,
that the announcement in June about the KYC and anti-money
laundering requirements was also fueled by regulatory uncertainty
of some sort.
Whatever the case, with all of this
haze surrounding its launch, it would be reasonable to steer clear
of Tezos, at least, until some of the uncertainty clears. For now,
stick with the Ethereum network.
By: BGN Editorial Staff