http://blog.paybase.com/coin-fire-allegations-about-paybase-are-false/Coin Fire Allegations About PayBase Are False
Bloomfield, CT –A recent and unsubstantiated article posted by the online, digital publication, Coin fire, which serves the cryptocurrency category, alleges that:
Coin Fire was able to “…obtain more than 1,000 pages of an investigation file from a confirmed [Securities Exchange] Commission employee that also has a bombshell draft of a potential enforcement litigation action against [Paybase]” The article further claims that these alleged materials “are the raw investigation notes being used to decide whether an enforcement action against the company will take place.”
PayBase has investigated these spurious allegations and confirmed that they are false.
“We were stunned by the allegations which served to negatively impact our business in this exciting and evolving financial category,” said Josh Garza, CEO of GAW. “However, we appreciate the outpouring of support by a community that is behind what we are doing as pioneers in the cryptocurrency market; in short, they simply didn’t believe it.”
PayBase is in the process of reviewing its options at this time including what, if any, legal action may be appropriate in response to the Coin Fire article.
Who is going to show their cards first?
Now all we need is an official Coinfire announcement calling the Paybase announcement false and we're all set!
I'm so glad he was able to get "confirmation".
At least it was a measured response and he spelled the name correctly this time.
from the sounds of this, i thought you guys had kissed and made up.
https://hashtalk.org/topic/30624/status-of-paybase/174Nope. We don't have any horse in this race though. We aren't out to destroy them. We just report the news, the reality of the situation is the news has been overwhelmingly negative for them.
Josh claims he has 100% proof that our claims are not true. How is lawyers allow him to keep posting things and further smearing us, I am unsure.
We just report the facts. We aren't out to destroy anyone, we aren't out to destroy any currency, we aren't out to hurt investors. We just report the news, plain and simple.
Who is going to show their cards first?
Our attorneys have advised us to not comment at this time. We will continue to report the news including the release of any further information as we can.
I guess my question would be, and this is coming from a person that believes everything you have written, what laws and/or regulations has Josh Garza/GAW broken and when and who is going to prosecute them for this? You say this is on the SEC's radar. Why are they not expediting doing something about this before all the money is gone?
I can't speak to the speed of an investigation regarding GAW outside of the facts presented thus far.
If you are concerned I'd suggest you call the SEC and explain the situation and your concerns.
As far what laws or regulations they may have broken we simply point to our previous reporting regarding things such as PayBase and MSB licenses. We can't comment any further than that at this time.
I did think the argument was a bit weak on the MSB. I looked up the list of companies in my state and only one crypto company shows up on the list for Oklahoma.
http://coinx.com I had never heard of them, but Cryptsy, Bittrex, Kraken, etc are nowhere on that list in Oklahoma. I am not familiar with the MSB regulations so I don't even know what this means.
The facts are the facts in that situation as well. Look at Coinbase. 75 million dollars in the latest round and they only got MSB licenses in a handful of states.
Yet, somehow Garza got all 50 states in like two weeks?
We have thus far reported on the license status of Coinbase and PayBase. Cryptsy, Bittrex, Kraken and others we will be looking at in the near future. Those pieces take a significant level of time to investigate because the companies might be using a DBA or other name to operate, then we have to call every single state and territory and get confirmation.
We plan on looking closer at others in the future for sure.
Navigating the MSB laws is no easy task and since we aren't attorneys we can't attest to the other exchanges. That said, in many states you need to purchase a bond for 30 thousand or more dollars.