AriseBank

AriseBank calls itself the first decentralized bank offering own cryptocurrency which was going to be used for a wide range of client products and services.

2018: Freezing of assets

At the end of January, 2018 the funds raised by AriseBank during ICO were frozen. The first-ever cryptobank is accused of fraud.

From the statement of SEC (U.S. Securities and Exchange Commission, SEC) against AriseBank initiated proceedings. His initiators accuse the company of use of social networks and celebrities in attempts to hide fraudulent offers under the guise of technology terms. 

The funds of the first-ever cryptobank raised through ICO are frozen

We claim that AriseBank and its directors aimed to attract hundreds of millions investors, having presented the company as the first in own way decentralized bank offering own cryptocurrency which will be used for a wide range of client products and services, says SEC.

According to SEC, AriseBank deceived investors, offering them the products and the Visa cards which are allegedly approved by Federal corporation on deposit insurance (FDIC) with an opportunity for work with cryptocurrencies. On the website AriseBank it was reported that the company acquired the insured FDIC bank, but later this information was deleted.

Concealment by bank of information on the criminal past of company executives became one more subject of charge.

As a result of $600 million funds which were raised in the course of primary placement of tokens of AriseBank, were blocked. The same concerned assets of founders of the company Jared Rice and Stanley Ford. They were going to collect $1 billion within ICO in two months.

Are going to return to SEC to investors investments made in AriseBank and to prohibit Rice and Ford to be heads or board members of any public company or to offer digital assets.^[1]

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