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Binance CEO Wants to Sue News Site The Block Over Police Raid Reporting

Posted on November 27, 2019November 27, 2019 by Rehan Yousaf

Changpeng Zhao, CEO of the crypto exchange giant Binance, has threatened to sue the blockchain-oriented media outlet “The Block” over false reporting regarding raids of the Chinese police on Binance’s office in fiery tweets. The blazing interaction took place on Twitter when Changpeng Zhao published a tweet, saying: “Instead of apologizing to the community for the fake headline news of the non-existent “police raid”, which damaged our reputation, and $btc price, theBlock now tries to…

Embattled Crypto Exchange Bitfinex Responds to Second Class Action Lawsuit

Posted on November 26, 2019November 26, 2019 by Rehan Yousaf

The embattled crypto exchange Bitfinex replied to a class action lawsuit made against the company and its sister company Tether in a post on the company website, published on 24th November. The post briefly details the class action complaint filed on the 22nd November, issued in the U.S District Court for the Western District of Washington. The cryptocurrency exchange company compared the lack of solid grounds of the “copycat lawsuit” and its deficits to a…

Thailand’s SEC Examines If Regulation Impedes Crypto Businesses

Posted on November 26, 2019November 26, 2019 by Rehan Yousaf

The regulators at Thailand’s Securities and Exchange Commission (SEC) are exploring possible obstacles for digital asset businesses in a prior crypto royal decree. According to Secretary General of the Thai SEC, Ruenvadee Suwanmongkol, the regulators must be flexible for rules and regulations to be applicable in line with the digital market environment. The amendments are expected to take place by next year as the SEC aims to cater the growth of virtual assets and protect…

China Appears to Double Down on Pursuing Crypto Exchanges and Investors

Posted on November 25, 2019November 25, 2019 by Rehan Yousaf

China has apparently decided to double down on its crackdown on cryptocurrency as the technology continues to gain more interest from the public. Risk alerts have been issued in major cities including Beijing, Shenzhen and Shanghai by the government about the illegal use of digital currency in activities such as fundraising, pyramid schemes and frauds. The People’s Bank of China (PBC) has released a statement, saying how the rise of blockchain and cryptocurrency has had…

Gemini Crypto Exchange Buys Non-Fungible Token Management Platform Nifty Gateway

Posted on November 21, 2019November 21, 2019 by Rehan Yousaf

The Co-founder and CEO of the cryptocurrency exchange Gemini, Tyler Winklevoss, announced in a Medium post that Gemini has expanded into ‘Non-Fungible Tokens’ after purchasing Nifty Gateway. In a post made on Medium by Winklevoss, he shares details about the company’s first acquisition. Non-Fungible Tokens (NFT), which some refer to as ‘nifty’ or ‘nifties,’ are digital assets that are stored on a global blockchain unlike digital assets that are secured on centralized or local databases….

South Africa’s FirstRand Bank Terminates Accounts Related to Crypto

Posted on November 21, 2019December 3, 2019 by Rehan Yousaf

FirstRand Bank has notified some of the most major cryptocurrency exchanges in South Africa about the closure of their accounts. These crypto exchanges include VALR, Luno and ICE3X. The decision came out after the bank reconsidered its risk factor when it comes to digital currencies and decided to discontinue working with companies that it considered to increase the risk factor. The decision, however, can be revised. According to the bank’s statement, it might change its…

Featured: The Connection Between Cryptocurrency and Money Laundering

Posted on November 20, 2019November 20, 2019 by Lipsa Das

In recent years, cryptocurrency has become one of the most important components of the global financial system, as it can be considered as a significant form of personal wealth. Many businesses that have emerged over the past decade are involved with cryptocurrency trading and development. Though the use cases of cryptocurrency for illegal purposes are much less compared to legitimate transactions, crypto crime cannot be ignored. As per recent academic analysis, in 2019 only $829…

Financial Crimes Enforcement Network Head: Crypto Exchanges Must Verify Identities

Posted on November 18, 2019November 18, 2019 by Rehan Yousaf

In a conference hosted by the blockchain analysis company Chainalysis, the Director of Financial Crimes Enforcement Network (FinCEN) Kenneth Blanco stated that the U.S government will be observing a strict implementation of the “Travel Rule.” According to the “travel rule,” any entity engaging in cryptocurrency exchange is required to share their customer’s identity, beneficiaries and identity of the original parties if the exchanged amount is $3,000 or higher. These entities can range from wallet service…

Investigation Suggests Russian Involvement in Crypto Exchange Theft of $450M in Bitcoin

Posted on November 18, 2019November 18, 2019 by Rehan Yousaf

A BBC investigation has revealed a potential link between Russia’s Federal Security Bureau (FSB) and the recent shutdown of the cryptocurrency exchange WEX. Alexei Bilyuchenko, who confessed to be the tech administrator of the infamous BTC-e crypto exchange and later co-founder of WEX, claimed that he had been engaged by the Russian intelligence to comply in an investigation that had been active since early 2018. What is shocking is that, according to Bilyuchenko, he was…

CEO of South Korean Crypto Exchange CoinUp Imprisoned for 16 Years for Fraud

Posted on November 17, 2019November 17, 2019 by Julie Williams

“Everyday for the thief, one day for the owner,” they say. Well, that proved true in the case of this South Korean crypto exchange, CoinUp, which the police found to be a fraudulent scheme. According to local South Korean news reports, the crypto exchange was involved in an elaborate scam worth over $380 million. The firm allegedly deceived its investors into committing to a worthless digital coin, in the hope of getting a bigger return….

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