Due to regulatory factors, the CyberMiles Foundation will not accept participants from the United States in Nov. 21 – Dec. 5 token contribution event
DALLAS–(BUSINESS WIRE)–November 20, 2017–
CyberMiles, a new foundational blockchain designed and optimized for commercial applications, is announcing a change to its initial coin offering that affects United States residents. Due to regulatory factors, the CyberMiles Foundation is not allowing U.S. participation in the Nov. 21 – Dec. 5 token contribution event. The decision was taken to safeguard a successful token contribution and minimize regulatory risk, so that the CyberMiles team can continue its mission to decentralize and democratize e-commerce with its blockchain applications.
In addition to U.S. residents, the foundation will not accept participants from the People’s Republic of China, New Zealand, and jurisdictions that are sanctioned by the U.S. Office of Foreign Assets Control.
“The CyberMiles team has gone to great lengths to ensure I.C.O. regulatory compliance and best practices in the still emerging field of blockchain technology,” Garwin Chan, a founding member of CyberMiles Foundation, said. “Our legal analysis led us to conclude that U.S. residents and citizens shall not participate in this immediate token event. We’re appreciative of the growing community behind CyberMiles and for their understanding and ongoing support.”
The U.S. remains an important part of CyberMiles’ blockchain development, and CyberMiles’ strategic partner, 5miles, will continue to be party to bringing blockchain innovations to millions of U.S. marketplace users.
To learn more about the mission and vision of CyberMiles, visit cm.5miles.com.
CyberMiles is a new decentralized blockchain protocol optimized for business transactions. Initiated in the fall of 2017 by 5xlab, a blockchain development laboratory, CyberMiles uses innovative “smart business contract” modules to facilitate and process transactions simply, effectively, and with transparency. This technology focuses on commercial applications with protocols that ensure the appropriate balance between vertical effectiveness and network compatibility.
Mark Brinkerhoff, 817-681-5739