​Three Aussie crypto funds halted as regulator cites non-compl | Crypto Sale

​Three Aussie crypto funds halted as regulator cites non-compliance.

Three funds tracking Bitcoin, Ether and FileCoin have been issued interim stop orders by Australia’s market regulator due to “non-compliant” target market determinations.

Australia’s chief financial market regulator has placed interim stop orders on three cryptocurrency-related funds set to be offered to retail investors, due to non-compliant target market determinations (TMDs).

In a media release dated Oct. 17 local time, the Australian Securities and Investments Commission (ASIC) said it has placed interim stop orders on three of Australian asset manager Holon’s crypto funds, which separately aim to invest in Bitcoin.

A target market determination is a document that describes who a product is appropriate for, based on likely needs, objectives, and financial situation as well as how the product can be distributed, according to Invest Smart.

In a statement to Cointelegraph, a spokesperson from ASIC said the TMDs were “too broad given the volatility and speculative nature of crypto markets.”