Tezos’ Breitman sanctioned by FINRA

The American Financial Industry Regulatory Authority (FINRA) has imposed tough sanctions on Arthur Breitman. This entrepreneur is one of the initial leaders behind Tezos, a popular cryptocurrency project and token offering. The FINRA insists that Mr. Breitman was not telling the truth about the enterprise when he worked at Morgan Stanley brokerage. To be more precise, employment at  the latter organization requires to disclose info about business activities outside of the job position.

This will undoubtedly harm the reputation of this businessman. The terms of these sanctions dictate that Arthur Breitman pays $20,000 to the authorities and does not work with stock brokers for two years. Now that the news about this are shared online, the story might haunt him even in the far future once someone decides to search more information on this person.

Tezos is a project of the blockchain platform aimed at the practical application of the idea of self-governance, as claimed by the press releases of the company, it will not have the problems Bitcoin and Ethereum currently have to solve. It is noteworthy to mention how the description of this project is relatively vague, and this is not the first time the organization faces problems with authorities. Several lawsuits have been filed due to the violation of “tokens=securities“ principle during the last year’s ICO which has been quite successful.

While sounding extremely similar by the title, Tether is another project which is completely unrelated to the firm. It aims to issue cryptocurrency backed by real money sums.

Image courtesy of Brendan McDermid / Reuters