Crypto

Choi Jong-Ku, the commissioner of the Financial Services Commission (FSC) of Republic of Korea, has reaffirmed that there exists no problems associated with compliance and security in the method of banks providing virtual bank accounts to local cryptocurrency exchanges. At the state affairs audit conducted by the govt of Republic of Korea to evaluate the progress of all government agencies and commissioners in the nation, commissioner Choi emphasized that as long as cryptocurrency trading platforms are well equipped with Know Your Customer (KYC) and Anti-Money Laundering (AML) systems, digital asset platforms will be able to acquire banking services from the country�s commercial financial institutions. �There exists no issue in banks providing virtual bank accounts to cryptocurrency exchanges. If digital asset trading platforms have KYC and AML systems in place, there's no drawback in issuing virtual bank accounts to exchanges,� commissioner Choi same. In Republic of Korea, crypto ...

The developers of a token with the slogan �No ICO - No Pre-mine - No Bullsh*t� say it permits users to mine the coin without any mining equipment needed, simulating Bitcoin mining mechanism on the Ethereum blockchain. Bitcoinereum , a ERC-20 token created in 2017, is called by its developers the �first Bitcoin minable ERC-20 token on the Ethereum Blockchain.� Its mining system imitates the identical mining mechanism on the Ethereum blockchain that's used for creating Bitcoin but rather than using mining equipment the users are �just needed to call one function of the token�s smart contract.� According to the team, the only thing  that users need to have is a few ETH in their wallets which will be only used to pay for the Ethereum network fees. �Anyone can mine Bitcoinereum by calling the Mine() function of the smart contract. You only have to interact with the smart contract by using any Ethereum wallet like MyEtherWallet.com or geth. The token incorporates an identical mining mech...

Bitstamp, one of the oldest and largest bitcoin exchanges, has been acquired by Belgian investment company NXMH. Fortune reports that the Brussels-based NXMH purchased an 80 % ownership stake within the Luxembourg-based cryptocurrency exchange, that launched in 2011, shortly once the first �bitcoin bubble� drove the bitcoin value up as high as $31 and so back down to $2. Terms of the deal weren't disclosed, but, earlier this year, rumors had circulated that the cryptocurrency exchange � that was launched out of a garage in Slovenia with simply 1,000 euros in capital � was seeking as much as $400 million and was within the final stages of inking an agreement with a South Korean investment company. While NXMH is headquartered in Belgium, not South Korea, it's a subsidiary of NXC, the South Korean technology investment company that also owns regional cryptocurrency exchange giant Korbit. In April, NXC denied reports that the firm had nonheritable Bitstamp for $350 million. Bitstam...

As reported by CnLedger, a trusted cryptocurrency news source in China, the country�s merchants will legally accept crypto as a payment methodology. According to local reports, the Shenzhen Court of International Arbitration officially recognized Bitcoin as a property, allowing people and businesses to own and transfer Bitcoin without being in conflict with existing financial regulations. �Chinese court confirms Bitcoin is protected by law. Shenzhen Court of International Arbitration ruled a case involving cryptos. Inside the verdict: CN law doesn't forbid owning & transferring bitcoin, that should be protected by law as a result of ofits property nature and economic value.� Circulation and the Payment of Bitcoin in China isn't illegal Katherine Wu, a cryptocurrency researcher at Messari, translated and analyzed court documents released by the Shenzhen Court of International Arbitration to delve into the reasoning behind the decision of the intermediator to consider Bit...

The UK government has blocked a Royal Mint commit to create a �digital gold� token that might trade on a cryptocurrency exchange. According to sources cited in Reuters, the british finance ministry refused to approve the 1,100-year old Mint�s plans to issue as much as $1 billion price of �Royal Mint Gold� (RMG) tokens, which might have been backed by gold assets keep within the government-owned Mint�s vaults. �Sadly, because of market conditions this didn't prove possible at this point, however we'll revisit this if and when market conditions are right,� a Mint spokesperson was cited as saying. Initially, The Royal Mint had planned to list the tokens on a blockchain-based exchange operated by U.S. derivatives exchange CME, that also manages the biggest regulated bitcoin futures market. However, the CME backed out of the partnership simply prior to the scheduled  launch date late last year, delaying the project and forcing the Mint to pursue a cryptocurrency exchange listing to ...

Japan�s primary financial regulator has formally granted the cryptocurrency industry with a self-regulatory status by allowing an business body to police domestic exchanges. The financial Services Agency (FSA) on Wednesday approved the Japan Virtual Currency Exchange Association (JVCEA), a body comprised of all 16 licensed domestic cryptocurrency exchanges, to become a �certified fund settlement business association.� In doing thus, the regulator has bestowed the business body with the suggests that to make guidelines for domestic exchanges as well as strict measures to curb insider trading and money laundering whereas implementing security standards to safeguard client assets. As reported antecedently in April, the JVCEA was a marked effort among Japan�s licensed exchanges to launch a self-regulatory body for an industry reeling in the aftermath of a $530 million stealing of cryptocurrency from Tokyo-based exchange Coincheck. In August, the business association formally submitted an a...

Cryptocurrency exchange and brokerage giant Coinbase has provided a significant stamp of approval to one of several recently launched USD-pegged cryptocurrency �stablecoins� seeking to supplant tether (USDT) as the leader in this burgeoning market niche. The San Francisco-based Coinbase on Tuesday declared that starting today, customers can buy, sell, send, and receive USD Coin, the cryptocurrency initially launched by fellow cryptocurrency unicorn Circle. Coinbase customers throughout the globe can send and receive the token, that is backed by physical dollars hold on in company-controlled bank accounts, while U.S. customers � excluding those in new york � can buy and sell the token on Coinbase.com. USDC isn't presently listed on Coinbase pro � the firm�s order-book cryptocurrency exchange � though the company says it'll be added to this platform �in the approaching weeks.� Commenting on its decision to support the USDC stablecoin, Coinbase said that fiat-based blockchain curr...

$362 billion banking giant JPMorgan Chase has predicted a 60 % probability for the following United States recession to occur by 2020. In a global market crash, can crypto be a viable different to existing stores of value? �The chance of a U.S. recession within one year is nearly 28 %, and rises to over 60 % over the subsequent two years, researchers wrote in a note this week. Over the next 3 years, the odds are higher than 80 percent, according to the note,� Bloomberg reported. Why specialists Predict a Market Crash According to the federal reserve Bank of new york, there exists a mere 14.5 % probability of a recession occurring by the end of 2019, which is a stark difference from that of JPMorgan�s 60 % chance by 2020. The difference comes from the intricate model of JPMorgan that tracks virtually each indicator that might contribute to the global economy. Some of  the indications include compensation growth, consumer and business sentiment, and labor participation. Stephen Stanl...

A deal between a conventional ATM manufacturer and a cryptocurrency coin machine firm can create it possible to buy bitcoin at tens of thousands of locations in the united states using a debit card. Bitcoin ATM firm LibertyX and regular ATM manufacturer Genmega have forged a partnership which will build it possible to buy bitcoin using a debit card at up to 100,000 locations in the united states. However, since Genmega caters mostly to the independent ATM deployers, adding the bitcoin-buying feature at the ATMs will depend on the willingness of the operators to offer the service. After creating an application all that will be needed will be a software upgrade so as to allow users to buy bitcoin from the vending machine and have it sent to their cryptocurrency wallet. Ease of Use The development are going to be a boon to new users particularly since the buying method of bitcoin from the ATMs isn't terribly different from withdrawing money from a vending machine. According to Liberty...

Mercado Bitcoin, Brazil�s largest cryptocurrency exchange by trading volume, recently dismissed �at least� 20 staff amid restructuring efforts being made to �focus on professionalisation, higher governance and a lot of agility in client service.� Local news outlet Portal do Bitcoin reportedly spoke to four currently ex-employees that served at totally different hierarchical levels. One noted it �was horrible� and said that there �were individuals crying� over the occurrence. The ex-employees revealed that senior executives started obtaining set off earlier this week, on October 15, with different staff being dismissed by an executive the very next day. The company, justifying what was occurring, revealed it was restructuring its selling and human resources departments. Those interviewed by the native news outlet claimed the affected departments were closed following the layoffs. One said that executives told staff that �it was a company moment, they required to dry out their structure....

If you�re ever so unfortunate as to become the victim of a bitcoin thievery, there�s very little probability that you just can ever see your cryptocurrency assets again. For this reason, security specialists have advised that only a fraction of those cases ever get reported , as victims believe they're unlikely to retrieve stolen cryptocurrency. Reuters reports that the distinctive nature of cryptocurrencies has created a double-edged sword where investors don't expect criminals to be caught after successful crypto heists, and cybercriminals are turning to crypto in larger numbers, driven by the perception that it offers them complete insulation from the law. Peculiar Challenges Alluding to the unique nature of bitcoin and different cryptocurrency assets � and the peculiar security problems they create � Patrick Wyman, supervisory special agent in the monetary crimes section of the Federal Bureau of Investigation anti-money laundering unit, said: The cryptocurrency market is a ...

The harsh cryptocurrency regulatory climate in India has clothed  to be a gift for the self-styled blockchain island of Malta as one of the cryptocurrency exchanges that recently finish off in the world�s second-most populous country has determined to maneuver operations there. First reported by Quartz, Zebpay, one amongst the largest exchanges in India, has registered an office in Malta with a view of serving not simply citizens and residents of the island nation but also other European countries. In the Terms of Use page on its website Zebpay lists 20 countries whose residents and citizens are eligible to access its cryptocurrency exchange services. Besides Malta others include major European countries like France, Germany, Italy, Netherlands, Ireland, Sweden and Denmark. New Home In Malta, Zebpay has been incorporated under the name Awlencan, according to its website: Zebpay�s decision to pack up its Indian operations was announced last month and this was blamed on a move by the...

Tether, the debatable issuer of the USDT cryptocurrency, might have found a new banking partner in the Bahamas. Tether may Have a new Bank As initial reported by The Block�s Larry Cermak, Tether � whose USD-pegged cryptocurrency has a market cap in the billions of dollars � is said to be holding its fiat reserves at Deltec Bank, that is based out of Nassau. Those reserves, in keeping with the company, are quite giant. As of Tuesday morning, there are over 2.25 billion USDT tokens in circulation, representing $2.25 billion in physical assets. At one point, USDT was value nearly $2.9 billion, though hundreds of millions of dollars value of the cryptocurrency token has been yanked out of circulation in October. Bitfinex Unveils �Distributed Banking Solution� Tether reportedly shares a management team with cryptocurrency exchange giant Bitfinex, and, concurrent with Cermak�s report on the stablecoin issuer�s new banking partner, Bitfinex introduced a �new, improved and increasingly resilie...

Cryptocurrency exchange giant Bitfinex has disclosed a �distributed banking solution� that it says will be a �resilient� solution to its much-chronicled banking woes. Announced on Tuesday, the new system will allow KYC-verified users to instantly begin initiating fiat deposits across USD, GBP, JPY, and EUR, that had been paused for nearly a week. Under the new system, eligible users should initiate a fiat deposit through their exchange accounts, that involves specifying the exact amount and currency they plan to deposit. Within 48 hours, the cryptocurrency exchange can send the user a deposit notification approving the transfer and providing the bank details specific to that individual transaction. Alleging that this new system can allow the exchange�s operations to be a lot of �durable,� the company said: �We believe this system to be significantly more durable in the face of sustained attacks by our competition and their supporters. Ongoing campaigns against us will only result in ou...

The International monetary fund (IMF) has expressed in a recently released report that the rapid climb of Bitcoin and crypto might impact the international finance system. The report entitled �World Economic Outlook: Challenges to Steady Growth� published by the International Monetary Fund read: �Cybersecurity breaches and cyberattacks on critical financial infrastructure represent an additional source of risk because they could undermine cross-border payment systems and disrupt the flow of goods and services. Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.� Rapid Growth, improving Regulation, Acknowledgement From Government Agencies Despite the 80 % decline in the valuation of the crypto market, the industry has seen some of the most positive developments relating to the institutionalization, regulation, and development of cryptocurrencies as an rising asset category in the past 9 months. Led by existing companies like Co...

On October 12, CCN reported  that Bk global consortium, the parent company of Singapore-based Bk Medical group, has acquired a 50 % stake in Bithumb, South Korea�s largest crypto exchange. Kim Byung-gun, a prominent cosmetic surgeon and blockchain investor, finalized the deal between Bk global consortium and Bithumb, officially acquiring the leading cryptocurrency trading platform at a valuation of $350 million. Investors extremely Optimistic in the Deal For many years, despite 3 high profile security breaches that have led to the loss of tens of millions of dollars in user funds, Bithumb has been able to secure its position as the most dominant digital asset trading platform in South Korea alongside Upbit. In late 2017, Dunamu, a subsidiary of Kakao, the largest internet conglomerate in the country that has over 80 % market share in fintech, payments, online stock brokerage, ride-hailing, and messaging, launched Upbit to compete against Bithumb and Korbit. Currently, Upbit is part...

It has been discovered that fake Adobe Flash updates are getting used to surreptitiously install cryptocurrency mining malware on computers and networks, making severe losses in time, system performance, and power consumption for affected users. Cryptojacking Breaks New Ground While fake Flash updates that push malware have historically been simple to identify and avoid, a new campaign has employed new tricks that stealthily download cryptocurrency miners on Windows systems. Writing in a post exposing the scheme, Unit 42 threat intelligence analyst Brad Duncan said: �As early as August 2018, some samples impersonating Flash updates have borrowed pop-up notifications from the official Adobe installer. These fake Flash updates install unwanted programs like an XMRig cryptocurrency miner, however this malware can even update a victim�s Flash Player to the most recent version.� The implication of this unpleasant situation is that a potential victim might not notice something out of the ord...

Coinbase could have announced plans to list hundreds of new assets over the approaching months and years, however that doesn�t mean that the San Francisco-based cryptocurrency exchange has lost its status as crypto-token kingmaker. Yesterday, on Oct. 11, Coinbase announced that it had begun the method of listing 0x (ZRX), an ERC-20 token that runs on Ethereum, on its skilled order-book exchange Coinbase pro (formerly GDAX). At present, traders will create ZRX deposits, though the order books had not yet opened for trading as of the time of writing. In the meantime, the ZRX value has been surging. The token�s trading price spiked from about $0.68 to a high of just below $0.92 in the minutes following the announcement. Though it has since settled down from that intraday peak, 0x continues to trade close to $0.77, representing a 24-hour gain of about 17 % that's way on top of the 0.5 % increase seen by the cryptocurrency market as a whole.      ZRX/USD | Binance With its lis...