Connect with us

Hi, what are you looking for?

Education

Holon bitcoin fund blocked by ASIC

Holon hit a hurdle in the launch of its bitcoin fund. ASIC criticized the intended market for this and its two crypto managed funds. Holon has three weeks from 17 October to address the order from ASIC.

Sydney-based fund manager, Holon, was this month ordered to halt marketing for its bitcoin fund. ASIC imposed a stop order on the Holon Bitcoin Fund and two crypto funds from Holon, citing non-compliant target market determinations.

It appears from ASIC’s statement that target markets have been defined too broadly. The specified market includes customers “intending to use the fund as a solution/standalone component (75-100%) of their investment portfolio”.

If ASIC concerns are addressed in time, final stop orders on the funds may be avoided. Holon advertised that their bitcoin fund would use a third-party for custody of its assets. Further, that this would obviate the need for customers to secure their own assets.

Many bitcoiners, such as @arman_the, prefer a self-custody strategy. Numerous helpful guides are available including these by the same or these from @SparrowWallet.

You May Also Like

Education

A beginner's guide to how bitcoin transactions work.

Sticky Post

Multiple Australian bitcoin businesses will have their bank accounts shut down next month. The decision harms the local bitcoin sector and it even opposes...

News

Bitcoin's fundamentals as of February 2022.

Education

A short overview of the Lightning Network and how it works.

Education

A short overview of the difference between "hot" and "cold" wallets.

News

South Korea is exploring a Bitcoin ETF, is this a good thing?