Cryptocurrency

Atlas Quantum says goodbye to his managers in the midst of crises legal in Brazil | Breaking News

The situation of Atlas Quantum, an investment fund in bitcoin based in Brazil, seems to get more complicated after receiving multiple demands of users who require the return of funds. This Thursday, September 12, the company confirmed to a local media the dismissal of nearly half of its governing body, after intense rumors of disagreements internos.De according to the information, four of the eleven directors were top conminados to leave their positions within the company. The company, however, was limited to comment that going through a transition and offered no details about the reasons that led to such a measure.Among the executives laid off referred to the Executive Director of Marketing, Marcelo Melo, the Executive Director of Compliance, Emília Campos, the Director of Sales, Bruno Peroni and the Director of Technology, Rodolfo Marun.Prior to this announcement, there emerged information about the alleged discomfort of several executives of the company who would have deleted your profile on the network Linkedin to Atlas Quantum. Such was the case of one of the directors retiring, the lawyer Emília Campos who, according to Portal do Bitcoin, I would have commented in a group of Whatsapp that is “tired of having contacts with questions that I cannot answer”.

Complications of the case Atlas Quantum

Atlas Quantum, whose main product is an algorithm that performs operations with bitcoin by using financial arbitrage automated, faces between mid-August and the prohibition of offering investments in cryptocurrencies in Brazil.The media was imposed by the Securities Commission (CVM), authority of the capital market of brazil, which alleges that the services of the startup, fit the definition of Investment Agreements and Collective (CIC). This type of financial instruments is regulated by the CVM, which, in the opinion of the institution, Atlas Quantum had to request the authorisation of the agency official to provide this service.Despite the fact that the company informed users that the operations would continue as normal while you solved your situation with the CVM, there was a high demand for the withdrawal of funds. To cope with the situation, Atlas decided to extend the response time up to 30 days.As a result, users started lawsuits against the startup, which resulted in an injunction issued by a court of the city of Sao Paulo, where he exhorts them to Atlas Quantum to deliver the funds to the users. The legal action have been folding ever more investors, so that the amount to be reimbursed totalled close to a million of brazilian reais, equivalent to more than USD 246 thousand, so far this month.It should be noted that in Brazil there is still no specific regulation for the sector of the cryptocurrencies. Up to now apply to this market regulations existing in the stock market and the financial sector. However, the brazilian parliament seems to be motivated to develop specific laws that suit the functioning of the sector of the cryptocurrencies.