Category Archives: Cryptocurrency

The bull rally that has been praised immensely this January appears have died and passed on the mantle to the bears who want nothing but to wreak havoc in the cryptocurrency market. The market generally painted and interestingly, the biggest gainers last week are recording the biggest losses of the day. For instance, Bitcoin Gold is correcting lower 4.85%, Dash is down 4.18% and Ethereum Classic is teetering 3.58% lower on the day.

Read more:Ethereum Classic Price Analysis: ETH/USD bears flip the bulls, target shifts to $5

Bitcoin is undergoing a pullback from the recent $9,200 high. The reversal is taking place after an incredible performance since the beginning of January. Bitcoin extended the gains from last Decembers recovery from $6,500. The bulls nurtured the gains above several resistance zones including $7,700, $8,000, $8,400, $8,800 and $9,000.

However, it is apparent that a reversal mission is underway and Bitcoin could soon touch $8,000 if the support at $8,300 fails to hold. The largest cryptocurrency has a market value of $8,300, although an intraday high of $8,399 has been traded on Friday.

Looking at the hourly chart, Bitcoin price is holding onto thelower trend line of a falling wedge pattern. If the shallow recovery above the trendline continues, a breakout seems imminent above the patterns resistance. For now, $8,400 is the stubborn zone ahead of the resistances at $8,500, $8,800 and $9,200.

Ethereum has finally forced its way through the support at $160. The failed attempt to break above $165 yesterday, paved the way for a bearish action that is becoming too strong to stop. At the time of writing, ETH is trading at $158, which is 2.30% lower compared to the opening value of $162.50. Thehigh volatility and increasing growing bearish trend signal that a dive to $150 is possible in the near term.

Also read:Ethereum Price Analysis: ETH/USD balances at the edge of the $160 cliff

The third-largest cryptocurrency on the market has not escaped the bearish wave. Its price is dancing at $0.2216 after shedding 1.6% of the tokens value on the day. On the brighter side, the bulls managed to retake the support at $0.2200 after dropping to an intraday low of $0.2174. To avert possible declines to $0.20, XRP must scale the levels above $0.23 and focus on the resistance at $0.24.

Also read:Ripple Price Analysis: XRP/USD struggles to save triangle support at its peak

Link:
Cryptocurrency Market Update: Bitcoin, Ripple and Ethereum dive into the rabbit holes - FXStreet

The Bank of England will examine how Britain could adopt a bitcoin-style digital currency as part of a global group of central banks that have joined together to examine the possible pitfalls of relying on electronic money.

Bank officials will meet with the Bank of Japan, the European Central Bank (ECB), the Sveriges Riksbank, the Bank of Canada, the Swiss National Bank and the Bank for International Settlements (BIS) to pool research and experiences of the potential for a central bank digital currency (CBDC).

The BoE deputy governor Sir Jon Cunliffe will co-chair the group with Benoit Cure, a former ECB board member and head of the BIS innovation hub.

The move comes amid the emergence of private sector digital currencies, such as bitcoin and Facebooks libra, which is due to be launched this year.

Facebooks plans for its libra coin and a digital wallet have caught the attention of regulators and central banks worldwide, with Threadneedle Street being among those vowing tough new rules.

The BoE was among several central banks to warn that libra would need to be regulated, leading many supporters to end their relationship with the digital currency.

The idea of a central bank digital currency has been increasingly mooted worldwide to help improve payment systems and cross-border transactions.

The Bank said the new working group would look at CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies.

It will also work closely with other global forums and groups, such as the Financial Stability Board and the committee on payments and market infrastructures (CPMI), which is also chaired by Cunliffe.

Just last month, Swedens central bank said it would sign a deal with the consultancy firm Accenture to create a pilot platform for a digital currency, known as the e-krona.

The Riksbank has been exploring the idea of its own digital currency for some time, especially given the rapid decline in the use of cash in Sweden.

The European Central Bank has also been investigating the possible benefits of CBDC since last year.

Fran Boait, executive director of Positive Money, said policymakers had been slow to realise how much enthusiasm there was for digital money.

They have been asleep at the wheel over the future of our money system being determined by a small number of banks, payment companies and now tech giants.

The rapid decline of cash and threat of private digital currencies like Facebooks libra have served as a much-needed wake-up call, but central bankers have a lot of catching up to do.

Central banks need to accelerate plans for a central bank digital currency, which would both ensure that people have the choice of a safe public banking option and prevent our monetary system being completely surrendered to unaccountable private interests. This new group must serve as a vehicle for doing so.

Excerpt from:
Bank of England to consider adopting cryptocurrency - The Guardian

Another week, another round ofCrypto Tidbits. The past seven days have been quite, quite exciting for Bitcoin and its ilk.

Per data from Coin360, BTC has gained 11% in the past week, rallying as high as $9,000 as buyers have stepped in en-masse. While already impressive in and of itself, what has been especially interesting is the performance of altcoins, which have largely outpaced Bitcoin for the first time in a while.

Ethereum gained 22%, surging to multi-month highs on the back of positive news and an influx of buying pressure; Bitcoin Satoshis Vision (BSV) has surged by 75%, rallying higher on developments in a court case between Craig S. Wright and his former business partner; and a majority of other altcoins saw weekly gains between 10% and 20%.

Like the market, the underlying industry saw its fair share of positive developments over the past week, which is as follows.

Continue reading here:
Crypto Tidbits: Bitcoin Hits $9,000, Institutional Cryptocurrency Investment Spikes, NBA Team Uses Ethereum - newsBTC

Anti-Money Laundering (AML) , Blockchain & Cryptocurrency , Cybercrime

Cybercriminals are using increasingly sophisticated methods to turn illicitly gained cryptocurrency into cash, which raises new concerns about enforcing anti-money laundering laws, according to a report by blockchain analysis firm Chainalysis.

See Also: Live Webinar | Empowering Your Human Firewall: The Art and Science of Secure Behavior

During 2019, analysts at Chainalysis traced $2.8 billion in bitcoin that criminal entities sent through cryptocurrency exchanges. They found that some exchanges known as "over-the-counter brokers" are being leveraged by cybercriminals to convert cryptocurrency that is paid out in ransomware and other attacks into cash for a fixed fee.

These brokers facilitate trade between individual buyers and sellers who don't want to transact on an open exchange, according to the report. And while most of these over-the-counter brokers are legitimate, there is a subgroup that the Chainalysis report calls the "Rogue 100," which help circumvent laws, including anti-money laundering and know your customer regulations that are designed to ensure that businesses can identify their clients.

The emergence of these types of rogue cryptocurrency exchanges, along with technical advances, have made tracking virtual currency used in cybercrime, as well as terrorist financing, more difficult for law enforcement, the Chainalysis report finds.

"What's especially worrying are the advancements in technical sophistication that have enabled successful terrorism financing campaigns using cryptocurrency," the report states.

The Chainalysis analysis does not name any of these rogue cryptocurrency brokers. But it notes that these exchanges control their own digital wallets and frequently exchange bitcoins and other virtual currencies among themselves to make tracing these transactions more difficult to trace.

Given the low barriers to entry in establishing an over-the-counter broker, some of the Rogue 100 brokers may actually be individuals operating through apps, while others could be long-established criminal networks, Chainalysis co-founder Jonathan Levin told Fortune in an interview.

In addition to these 100 brokers, the Chainalysis report found that two cryptocurrency exchange organizations, Binance and Huobi, are helping to convert illegally gotten bitcoins and other virtual currencies into cash. These two exchanges also appear to circumvent anti-money laundering and Know Your Customer rules, according to the report.

The study found that out of the Rogue 100 brokers, 70 have accounts on Huobi and received $194 million in bitcoin from criminal entities over the course of 2019. The report did not mention how many of the Rogue 100 accounts were on Binance.

In response to the Chainalysis report, Samuel Lim, the chief compliance officer of Binance, told Fortune that the company would continue to improve its proprietary know your customer and anti-money laundering technologies, as well as use third-party tools and partners to further strengthen the company's compliance standards.

A Huobi representative also denied wrongdoing.

"As an exchange that works closely with regulators and government agencies in every country we operate in, we practice a zero-tolerance policy when it comes to illicit activities," Ciara Sun, vice president of global markets at Huobi said in a statement provided to Bloomberg.

The use of cryptocurrencies to support cybercrime has begun to draw more scrutiny from U.S. federal agencies as well as Congress.

In October, Facebook CEO Mark Zuckerberg was questioned by a U.S. Congressional committee about the company's plans for a cryptocurrency called Libra. In the hearing, the committee raised concerns about privacy issues as well as potential use of the currency for money laundering or to finance deals for illegal drugs and weapons (see: Congress Grills Facebook's Zuckerberg on Cryptocurrency Plans)

In November, the U.S. Federal Reserve warned that the increasing use of cryptocurrencies known as "stablecoins," without proper safeguards and regulations, could pave the way for crime, including money laundering and terrorism financing (see: Federal Reserve Report Raises Concerns About 'Stablecoins')

The Chainalysis report urges law enforcement agents and regulators to become experts in crypto-based technology in order to start fighting money laundering in cryptocurrency. It also calls on exchanges to carry out more extensive due diligence on over-the-counter brokers and other nested services operating on their platforms.

Law enforcement can address such challenges by collaborating to trace funds and applying additional scrutiny to exchanges and cryptocurrency brokers, Levin told Fortune.

Advancements in cryptocurrency have also enabled terrorist organizations to carry out sophisticated financing campaigns using cryptocurrency, Chainalysis noted in another section of its report.

The study analyzed two terrorism financing campaigns and compared them to determine how terrorist groups are improving their ability to attract donors online.

One campaign that Chainalysis studied, which took place between 2016 and 2018, was carried out by Ibn Taymiyya Media Center, the media wing of Mujahideen Shura Council in the Environs of Jerusalem, which has been designated as a foreign terrorist organization by the U.S. State Department, the report notes

A second campaign, which started early last year and is ongoing, was led by Izz ad-Din al-Qassam Brigades, the military wing of Hamas, as well as another unnamed terrorist organization.

While the Ibn Taymiyya Media Center campaign publicized a single bitcoin address for financing from its donors, the Izz ad-Din al-Qassam Brigades organization integrated a bitcoin wallet into its website. The Izz ad-Din al-Qassam Brigades' bitcoin wallet generated a unique bitcoin address for each donor to which they could send contributions, according to the report.

Cybercriminals used this feature to make it more difficult to identify addresses and track transactions in and out of those addresses, according to the report. Izz ad-Din al-Qassam Brigades even published a video on their website instructing people on how to donate anonymously.

The Izz ad-Din al-Qassam Brigades campaign that used unique bitcoin addresses raised more than $10,000, making it the most successful, according to the report. More than half of Izz ad-Din al-Qassam Brigades donations came from cryptocurrency exchanges, the study found.

"It's possible that in 2020 and beyond, more terrorist organizations will embrace cryptocurrency as a fundraising tool and push for further advancements that allow them to take in more funds and enhance their privacy," according to the report.

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How Cybercriminals Are Converting Cryptocurrency to Cash - BankInfoSecurity.com

Updated: May 25, 2018:

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Cryptocurrency and OFAC: Beware of the Sanctions Risks - JD Supra

The man thought to be behind notorious cryptocurrency exchange BTC-e, which is involved in a multi-billion Bitcoin BTC fraud case, will be extradited to France.

According to a Greek news report, Alexander Vinnik is facing allegations of laundering at least $4 billion through the cryptocurrency exchange.

[Read:Alleged Russian boss of Bitcoin money-laundering scheme wants to go home]

The extradition comes after a Greek court reportedly gave the go-ahead.

Vinniks lawyer Zoi Konstandopoulou said he had been flown to France just hours the court ruling. The lawyer said he had been taken to hospital as he was on the 35th day of a hunger strike in protest of his prospective extradition to the European country, The New York Times (NYT) reports.

However, NYT notes that Greek authorities were unable to confirm on Thursday whether Vinnik had already left Greece.

France reportedly wants to trial Vinnik for alleged cybercrime, money laundering, belonging to a criminal organization, and extortion.

As previously reported by Hard Fork, Vinnik was arrested by Greek authorities in July 2017 while he was holidaying in the country with his family.

The arrest came after Russia, France, and the US all issued international warrants for his arrest.

Vinnik has maintained his innocence throughout saying: I do not consider myself guilty [] The fact that I worked for BTC-e and did my job, and its not justifiable to accuse me of it. I found out about the charge about a month after I was taken into custody. This was told to me by my Russian lawyer.

Founded in 2011, BTC-e is reported to have handled almost 5 percent of Bitcoins trading volume at one point. However, subsequent research showed that as much 95 percent of ransomware-related cashouts took place through its platform.

An attempt to shut down the exchange was made by the US Justice Department after they charged Vinnik (and BTC-e) with allegedly running an international money laundering operation featuring stolen funds from Mt. Gox.

Published January 24, 2020 11:19 UTC

Read the original here:
Alleged BTC-e boss will be extradited to France over cryptocurrency fraud - The Next Web

The Reserve Bank of India (RBI) has clarified that regulated entities cannot offer crypto assets in India, but this does not mean theres an overall digital asset ban. Recently, The Economic Times of India cited a document that the central bank had submitted to the nations Supreme Court back in September.

The document reads:

Firstly, the RBI has not prohibited VCs (virtual currencies) in the country. The RBI has directed the entities regulated by it to not provide services to those persons or entities dealing in or settling VCs.

In April 2018, the RBI had issued a statement limiting its services to anyone participating in cryptocurrency usage. The statement said:

In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs.

According to an earlier Cointelegraph report, following the banks statement, the Internet and Mobile Association of India (IAMAI) petitioned for a reversal of the crypto-related regulation. IAMAI is a non-profit group dedicated to digital growth.

Read more:
Indian central bank: Cryptocurrency is not banned in the country - FXStreet

Cryptocurrency market is relatively new and still maturing. Its largely unregulated currently, which is why its heavily manipulated. Even though, the basic premise of crypto-assets and blockchain technology is to create a decentralized, tamper-resistant and censor-free world. An unregulated market however is a double edged sword, while its free and operates without restrictions, however a lack of oversight and control can bring serious problems, as we are witnessing right now. Besides that, objectives of most crypto-assets dont align with the interests of most governments and institutions, why is why regulations will be implemented. Yes, like all other things, cryptocurrency regulations can be implemented, up to a point. But what are the types of regulations that we should expect?

Exchanges are where most regulations fall on or will be implemented later, as they are the points of trading and liquidity, where people go to trade assets and/or convert them back to FIAT money. They are required by major governments now to collect Know Your Customer (KYC) data to assign identities to random accounts and curb money laundering. The accounts which havent provided identity documents are limited, by the amount they can withdraw, in a day. Going forward, we should expect that exchanges will be required by most governments to share trading data and profits, so that gains and assets can be properly taxed.

Governments can also make exchanges safer by bringing them under the umbrella of the current financial systems, asking them to get insured and forcing them to improve their security. This will reduce the number of hacks, exit scams and provide protection to users, in case the funds are lost by the exchange. They should also be monitored for wash trading across trading pairs and asked to prove solvency to regulators and financial institutions.

A lot of cryptocurrencies operate on Proof of Work (POW) algorithm, which requires high computational power, expensive hardware and of course the latest hardware. These miners can be taxed by the governments directly and/or be required to pay special rates for electricity or for environmental matters. Similarly, crypto friendly governments can actually subsidise the mining activity, making it more lucrative for new entrants and existing ones. These regulations will definitely have an effect on the cryptocurrency prices.

A big roadblock in the further development of cryptocurrencies, is the lack of day-to-day usage and adoption by common people. Government regulations can be imposed, allowing or curbing the use of cryptocurrencies by retailers and service providers. This will massively help or obstruct, the use cases and adoption of crypto-assets.

Financial institutions currently dont engage in or allow the trading of crypto-assets. If new friendly regulations are brought and institutional investors are allowed to invest or engage in trading, this will help the whole ecosystem massively, opening it to new money, further development and recognition.

Other general Cryptocurrency regulations can include: Friendly governments declaring them as legal tender and choosing to receive taxes and payment for other services in cryptocurrencies, though it most probably will be in their own national cryptocurrencies. A few countries are developing special zones for blockchain development and giving incentives to do so. Also, regulation needs to be drafted for crypto-assets to be recognized in the court of law as an asset and in the case of a persons death, it needs to be included in the inheritance category to be given to inheritors, under legal protection.

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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.

Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors.CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.

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TheSEC announced on 30th September, 2019that it has approved a settlement with block.one, the company developing the EOSIO software, for

In an announcement on July 8, FINRA (The Financial Industry Regulatory Authority) and the SEC (The United States Securities and

With the release of new products like Libra from big companies like Facebook, there is a sense of urgency among

Read the rest here:
Can Cryptocurrency be Regulated? - CryptoTicker

Swiss Cryptobank hopes to attract money from new investors, including financial institutions, family offices and individuals. The banks crypto services include asset management, trading, custody, and financing.

For fresh updates on cyptocurrency, biotech or fintech, Born2Invest offers an app that aggregates business news from the most trusted sources.

SEBA, a young Swiss digital asset bank with a regulatory license, is seeking to raise more than $95 million in additional funds. The SEBA crypto bank aims to get $103 million (CHF 100 million) from new investors, including financial institutions, family offices, and individuals, reported Financial News London.

The crypto friendly startup SEBA Bank AG, announced its launch on November 12th, 2019, after the Swiss Financial Market Supervisory Authority (FINMA) approved the team to operate in the world of securities and banking.

The crypto bank raised significant capital in its first round of fundraising, attracting more than $103 million, according to the Seba CEO Guido Bhler in a press release dated November 12th. Bhler said that: We are proud to have founded a bank in 18 months, raising CHF 100 million in capital from investors.

Oklahoma Senator Nathan Dahm wrote a new bill for his state that seeks to build an innovative state-backed financial institution around blockchain technology, establishing a new classification of institutions. Dated January 15th, 2020, the bill stated that the state-licensed financial institution will be the central depository of the virtual currency used by government agencies in this state.

Adding more details, the text explained that the movement will essentially prevent regulatory suffocation, allowing innovation to grow while protecting citizens. The document noted: The purpose of this new state-licensed financial institution will be to provide valuable financial and technical services to innovators and developers of blockchain and virtual currency.

More than 5,000 victims of the Dunamiscoins cryptocurrency scheme have applied to the Ugandan Parliament to seek reimbursement of money they lost in the scam. Arthur Asiimwe, the leader of the petitioner group that submitted the application to Speaker of Parliament Rebecca Kadaga, claimed that the government has granted a license to the alleged scamming company, according to an official announcement by the Ugandan Parliament on January 16th.

First seen in early December 2019, Dunamiscoins is allegedly involved in defrauding more than 10,000 people, resulting in losses of around $2.7 million. The apparent scam company reportedly closed its offices only one month after opening, stealing money from its investors and employees after previously promising a 40% cash return on investments.

Asiimwe stressed that the Ugandan government must be held accountable for the Dunamiscoins incident. The government authorized this company and gave it the go-ahead to work as a non-deposit-taking financial institution. It performed its functions as a micro-finance company. They gave unrealistic bonuses..

Canadas leading financial supervisory body has highlighted that cryptocurrency will be subject to the securities law if it acts as custodians of users digital assets. The Canadian Securities Administrators (CSA) said that the common exchange practice of guarding users assets could subject them to securities legislation: simply by providing users with a contractual right or claiming an underlying cryptocurrency asset. Whether, and to what extent a cryptocurrency asset has been immediately handed over to a Platform user, is an important component in assessing whether and to what extent the transaction and the Platform are subject to securities legislation, says the joint statement.

The CSA is a group of provincial security regulators in Canada, who do not have a federal equivalent such as the U.S. Securities and Exchange Commission. The CSA said that non-delivery transactions constitute derivative sales. Even if the asset under custody is generally recognized as a commodity, such as Bitcoin, it could be classified as a sale of debt or an investment contract, a transaction that is governed by the countrys securities law.

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First published in CRIPTO TENDENCIA, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Latest news on the cryptocurrency market - Born2Invest

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Contxto Two entrepreneurs want to clean up beaches using crypto. As a result, theyve joined forces with the Uruguayan governments National Agency for Development (ANDE).

Essentially, people will be able to gather plastic and then trade it for Plasticoins. They will then use this emerging cryptocurrency to acquire products and services at a discount with associated businesses.

The eco-friendly Plasticoin is set for full launch next summer in the coastal region of Piripolis, Uruguay.

Related article: Chilean sustainability startup Algramo to introduce portable repackaging units to US

The minds behind Plasticoin, Juan Rivero and Nicole Wyaus want this unique crypto to encourage people to separate their trash. And to incentivize this good behavior theyve come up with a cryptocurrency-based solution.

So this is how it works:

A person signs up and recollects as much plastic as they can. And for every kilogram of plastic they gather, they can exchange it for Plasticoins.Pricing is as follows:

In all instances, the plastic must be cleaned and compacted.

Anyway, the entrepreneurs and ANDE have prepared two collection centers where people can bring their plastic to be weighed and then exchanged for Plasticoins.

This cryptocurrency can be used to achieve discounts on products and services with partnering businesses. For example, two for one surf lesson.

As for the plastic thats gathered, it shall be reused for streets and in construction.

Related article: Conceptos Plasticos partners with UNICEF to build schools made of plastic in Ivory Coast

For the moment, Plasticoin is still in its pilot phase in one small location. Yet there are over 600 people whove registered to participate.

Further down the road, the project may even expand further to other parts of Uruguay such as Maldonado, Sols, Ocean Park, and Pan de Azcar.

Moreover, Juan Rivero and Nicole Wyaus hope to eventually bring Plasticoins to the coastal parts of Argentina, where plastic too plagues its lovely beaches.

I must admit its not entirely clear how this will transform into a business model for the entrepreneurs (Ill keep you posted!). Nonetheless, I found it to be an interesting initiative. And hopefully, it will be replicated in other parts of Latin America.

In many countries, separating garbage is the norm. But its still not common in Latam. Consequently, this type of project may motivate people to make an effort for the planet we all live in.

Related articles: Tech and startups in Uruguay!

-ML

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Plasticoin, the cryptocurrency that wants to clean up Uruguay's coast - Contxto