Koinex Shut Down Ahead of Crypto Regulation

The Indian crypto asset exchange Koinex was forced to close down due to problems with the assistance of banking services and legal unclear situation in the country. The news reported via the Koinex blog.

Koinex representatives state that the last 14 months have not been easy to operate a crypto coin trading business in India, on account of the closure of bank accounts holding user deposits.

It is reported that financial institutions and banks refuse to cooperate and block transactions that are related to the exchange of crypto coins.

“We have continuously been facing denials in payment services from payment gateways, bank account closures and blocking of transactions for trading of crypto assets.”

It is also stated that Koinex has even had problems for transactions that have not regarded to crypto coins, transactions as wages and rent payment just because it’s a cryptocurrency exchange.

Restrictions associated with last year’s ban of the Reserve Bank of India, according to which all financial institutions do not have to meet the needs of organisations operating in the field of crypto coins. Since then, some exchanges have tried to dispute the verdict in court. Nevertheless, the proceedings stuck in place.

Koinex is not the 1st Indian exchange to shut down because of the regulatory problems. Coindelta, Coinome, Zebpay and some others had to go the same way.

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CRYPTO SCAM BY IRISH EXCHANGE, BITSANE

Bitsane, a crypto coin exchange based in Ireland, dissolved into thin air on June 17, becoming the biggest crypto scam of 2019. This crypto exchange has been working since 2016 and offered trades for not only crypto-to-crypto but also crypto-to-fiat. As of November 2017, the exchange was the 124th in the list of crypto exchanges in CoinMarketCap. 

As the website disappeared, millions of euros did too. Over a hundred people lost from $5,600 to $150,000 in this scam. 

Users complained that they attempted to convert XRP to BTC or fiat but a message kept appearing reading that the website was temporarily disabled. The users tried to access the website once again, however, it had already vanished.

After the website’s collapse, the Twitter and Facebook accounts were also deleted and the employees vanished too. Bitsane users from the United States have already filed complaints to the Federal Bureau of Investigation (FBI), however, they aren’t hopeful that their funds would be returned

According to data from May 30, Bitsane had 240 thousand registered users. The Irish Central Bank declared that Bitsane wasn’t registered with them.

According to the Criminal Assets Bureau (CAB), the number of crypto coin transactions with criminals has increased. The organization has many trained professionals for dealing with any type of asset including crypto coins. The CAB also cooperates with other agencies around Europe and assists with issues dealing with cryptocurrency. 

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JED MCCALEB SUED FOR THE MT. GOX HACKS

Jed McCaleb, a US-based programmer and businessman, is getting sued by two crypto investors: Joseph Jones and Peter Steinmetz.

In late 2010, Jed McCaleb created a Bitcoin exchange named MtGox.com based in Tokyo, Japan. Three years after its launch this exchange was handling more than 70 percent of Bitcoin transfers around the world. 

At the beginning of 2014, the exchanges shut down and filed for bankruptcy protection from creditors. Some months later, it was announced that nearly 850,000 BTCs were stolen from Mt. Gox. 200,000 of the missing coins were found since then. Jed McCaleb later went to become one of the founders of the Stellar Development Foundation.

Jones and Steinmetz accused Jed McCaleb of careless management of Mt. Gox before it was bought by Mark Karpeles. They claim that this resulted in the theft of Bitcoins, which at the time were valued at $400 million. 

“It was declared that Jed McCaleb had been informed about security concerns during the first year and instead of dealing with these issues, he decided to sell a major portion of his interest and tried to disguise security issues failing to inform users about them.”

Jed McCaleb assured investors that the platform was secure.

‘Jones and Steinmetz were informed that McCaleb, along with Karpeles, planned to conceal the theft of crypto coins. In 2011, around 80,000 crypto-assets were stolen. These and so many more Bitcoins were stolen and never restored by Mt. Gox.”

 Jones and Steinmetz lost respectively 1,900 and 43,000 Bitcoins that at today’s rate are worth $24 and $537,5 million. Both of them are still trying to return their lost Bitcoins.

 

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Bitcoin Price Drives $1,500 as Coinbase Goes Down

Bitcoin Price Drives $1,500 Within an Hour as Coinbase Goes Down

The price of Bitcoin fell by more than $1,500 within approximately one and a half hours after a crash of Coinbase, based in United States crypto coin trading platform.

Coinbase first reported that it was investigating a case in which its website, API and mobile apps were not working appropriately at 8:47 PM UTC on its status site, though its internal systems seemed to be working during that period.

The price chart of BTC on Coinmarketcap shows that the bitcoin price and market cap began to plummet around just minutes before the first announcement of Coinbase. It reached $13,793 by 19:59 PM UTC and within more than one hour decreased in price to reach $12,273. At press time, the price of Bitcoin is $12,705.

Source: https://coinmarketcap.com

By 20:47 PM UTC Coinbase reported about identifying an issue and was working on fixing it. As reported later, by 21:12 PM UTC the issue was already solved.

This crash comes after a degraded performance report on June 25 and another crash incident on June 24. These both incidents were solved within an hour of reporting.

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There are More than 5000 Cryptomattes in the World

There are More than 5000 Cryptomattes in the World

According to CoinATMRadar, for the first time in the history of the crypto industry, the number of cryptomattes has reached 5,000 units in the world.

The latest statistics show that currently there are 5,006 cryptomattes in 90 countries of the world, through which users can buy or sell crypto coins. Only some devices offer both services – buy and sell, at the same time.

The United States continues to lead with the number of cryptomattes installed in the country. Recently it became known that the Chicago crypto coin OTC-platform DigitalMint installed cryptomattes in 20 Circle K stores as part of a pilot program in the US Arizona and Nevada states. At the same time, in the beginning of the year, information appeared that the number of cryptomattes in Russia reduced by 32%.

The last important milestone in the distribution of cryptomattes was achieved last autumn. Then it was reported that their number around the world is approaching approximately 4,000 devices.

What’s more, the popularity of kiosks for the purchase of crypto coin is increasing. In the spring, coin-cashing kiosk Coinstar expanded and more than 2,000 new kiosks were installed in stores in 19 different states of the United States.

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Ripple xCurrent to be Tested by Latin America Banks

Two Latin American banks, Banesco Panama and Scotiabank Chile, announced testing of the Ripple xCurrent solution for international payments and transfers.

It is reported that Banesco Panama works closely with regulators from different countries in the region to ensure the solution meets the requirements of regulators.

Local source iupana writes: “Banesco is going to deploy a solution between the banks of its group in different countries – the Dominican Republic, Puerto Rico, Panama, Spain,  Portugal and Venezuela. To confirm the conception was utilized Ripple xCurrent solution and XRP. After being integrated in the XRP network, the bank plans to apply the solution exclusively between the banks of its group, since it is necessary to agree on exchange rates.”

Besides, Scotiabank Chile also tests international payments using XRP technology. At the same time, as Vice-President of the Bank Daniel Kennedy noted that the XRP solution works very well. However, much job remains to be completed to implement the solution. Kennedy mentioned:

“After we complete this, the process will become much more productive. You can have only 1 account. If you have a business in Chile and customers in Lima, Peru, then they will be able to transfer deposits to your account – simply transfer them to the account with the same number and they will be transferred. However, we’re still working on this.”

Interestingly, Western Union tested the XRP startup solution and determined that it was five times more costly to make transactions with it than with centralized solutions.

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INDIAN CRYPTO REGULATIONS SHOULD BE STOPPED

Despite the fact that crypto rupee is designed to launch soon, strict Indian crypto regulations are proposed by the government. One of the laws suggests that possession of crypto coins in India will be punished by a prison sentence. The Reserve Bank of India has already prohibited crypto-assets.

Crypto coins do have a bad reputation, which is possibly well deserved. However, not all digital currencies that utilize blockchain are equal. On the other hand, anti-money laundering laws should be put in place.

A distinguished class of crypto coins is stablecoins that are connected to fiat money, controlled by banks or other entities. With the use of stablecoins, it is possible to participate in foreign transactions not using the USD.

The creation of a large payment system that doesn’t utilize the USD is a highly political issue, since the United States, because of dollar, possesses great power over the financial world.

However, the creators of the system may run into certain technical issues that can be solved by using a distributed public ledger: Blockchain. This innovative technology in the near future will take a leading role in solutions for international transactions.

Rather than banning crypto-assets, the Indian government should collaborate with other entities in order to create a functional payment system.

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CRYPTO REGULATIONS BY FATF AREN’T THAT HARSH

The anti-money laundering crypto regulations by The Financial Action Task Force won’t have as much of an adverse effect on the market as was previously thought. Despite this, there are still some unanswered questions about the document.

Coin Central reported that the new guidelines were comparable to the ones enforced by the United States Financial Enforcement Network, the similarities were especially prevalent in the issues regarding money services businesses.

Jake Chervinsky, a pro-crypto lawyer, presented an examination of The Financial Action Force guidelines and demonstrated that they weren’t very unfavorable for crypto.

It was advised by The Financial Action Force that anti-money laundering guidelines should be implemented by crypto coin exchanges and wallet providers. On the other hand, crypto miners and developers aren’t affected by these anti-money laundering guidelines.

However, the know-your-customer requirements for crypto-asset transfers were still unclear.

In many countries around the globe, there are very strict regulations regarding money laundering and KYC.

As it was in the case of fiat transaction laws, the regulations are restricted to exchanges, a system that functions by crypto coins with other assets. This helps to eliminate any unwanted problems.

The Financial Action Force also encouraged the countries to adopt rules for crypto coin exchanges to have standardized regulations about user data exchange between these platforms.

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Crypto Report: 81% of the World’s Population Never Bought a Crypto

Kaspersky’s crypto report 2019 states that 19% of people worldwide at least once bought crypto, as of 2019.

The research for the crypto report 2019 was conducted in October and November 2018, with 13 434 surveyed from 22 countries taking part. The research revealed that 81% of the world’s population never bought crypto coins, while only 10% of surveyed told they completely understand how crypto works. Moreover, 35% believe that crypto coins are a fad.

About 19% of respondents who used crypto stated that they have experienced hacking attacks on exchanges and 15% have been victims of crypto fraud. Meanwhile, only 14% of those who have never used crypto-asset, would like to do this in the future.

Among the main rationales why investors stopped using crypto-assets, the major part of respondents mentioned too high volatility, implying the need to stabilize prices before they are ready to return to them.

While 31% of respondents named volatility, other respondents indicated the possibility of losing money in the bear market, as well as the belief that cryptocurrency no longer makes a profit.

At the same time, 22% of surveyed stated that they no longer use cryptocurrency, as they are not provided with real assets. The risks of theft and fraud were cited by 19% and 15% respectively. It is almost certain that as exchanges become certified, more consumers will be prepared to invest their money in crypto industry.

In a press release accompanying the report, the Kaspersky team mentioned that the increasing popularity of the crypto industry among international consumers is slowing down as a consequence of the absence of a decent understanding of how crypto works.

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BULL MARKET IS BACK: BITCOIN ALMOST AT $10K?

It seems like the crypto bull market is back. The upcoming months seem to be very optimistic for Bitcoin price.

Crypto investors are thrilled and some analysts are even expecting Bitcoin to go above a million. The market is going to be bullish in the long term. Experts expect the Bitcoin price to go above $10,000 soon.

Mati Greenspan, an eToro crypto market analyst, states that the price of the first crypto coin is definitely going in the right direction.

American broadcaster, Max Keiser, said a couple of weeks ago that Bitcoin was preparing to hit $10,000. On the other hand, Tyler Winklevoss, founder of Winklevoss Capital Management and early Bitcoin enthusiast, also predicted the same price some time ago.

The crypto-asset market is, without doubt, generating momentum and, in the eyes of many, the rise is maintainable. One of the main reasons for the new rise of the crypto wave is the new Facebook crypto coin, Libra, that has been widely discussed lately. As this large firm took interest in crypto, it brings more attention to cryptocurrencies.

Since the next halving is expected to be in 2020, a new crypto craze is going to start any second. In addition, it is assumed that the fact that the United States Federal Reserve is going to cut rates also adds to the interest in Bitcoin.

Bitcoin, hitting $9,600 on June 20th, marked a four hundred day high. In a matter of a few months, the Bitcoin price reached from $3,500 to almost $10,000 and the crypto bull market is officially here.

 

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IOTA and Primority Partner to Ensure Allergen Food Safety

IOTA Foundation announced a partnership with Primority, a digital food safety management company that helps food product manufacturers monitor food safety in food supply chains. The foundation announced about the partnership on the Twitter official account.

IOTA Partners with @primority to Ensure Allergen Food Safety Using Distributed Ledger Technology. 220 Million People Worldwide Live with Food Allergies. New Technology Aims to Minimize Threat of Potentially Fatal Food Allergens.https://t.co/ndxNaYHddM#IOTA #foodsafety pic.twitter.com/M8gqqyJRaM

— IOTA (@iotatoken) June 20, 2019

The collaboration includes a prototype app development allowing consumers to effortlessly check what allergens the food product contains using blockchain technology.

In particular, the app will be based on IOTA’s unalterable distributed ledger protocol Tangle, and integrated with Primority’s 3iVerify platform. Consequently, this will lead to the information collected from manufacturers be automatically shared on IOTA’s Tangle.

Thereby, the app will reportedly allow consumers have access to a number of details about food products by scanning a bar-code on the app. The shared information can contain tracking of raw materials used and their suppliers, along with a review of food production processes. In the announcement, IOTA underlined that consumers will have access to the data without sharing any type of personal, sensitive information, and without owning any crypto coin.

It’s worth to mention that IOTA is a non-profit foundation focused on distributed ledger technology (DLT) and open-source ecosystem development.

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Brazil Released New Rules Regarding Crypto Exchanges

The Department of Federal Revenue of Brazil has released new rules which report that crypto coin exchanges will be obliged to transfer data about user transactions to the agency.

The intention of adopting new rules is to prevent tax evasion through crypto coins. Brazilian Federal Revenue Department also provided explanations for crypto-asset exchanges on how to fulfill the requirements.

The department requires local crypto coin exchanges to provide data of all the users operations. In the meantime, international websites are required to submit data only about those users who have conducted transactions worth over 30,000 Brazilian Real which is equal 7.82 in USD.

Besides the operation data, the exchanges will have to submit statistics regarding the nationality of the client, his registration or place of residence, registration number, and a list of digital coins that have been used in the transaction. Data has to be submitted within a stated period of time – until 23.59.59 with Brazilian time, on the last calendar month following to that in which the transaction was held.

After the crypto coin exchanges requirements announcement, legal director of the Bitcoin Banco Group Ismair Junior Couto told that this was awaited, stating that Bitcoin Banco tried to submit the required data to authorities.

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CRYPTOCURRENCY SCAM OF $11 MILLION

As the United States government continues to bring crypto scammers to justice, Roger Nils-Jonas Karlsson, a Swedish resident, was arrested in Thailand for cryptocurrency scam.

The arrest was announced on June 19 and Karlsson will stand trial in the state of California. The offender is the owner of Eastern Metal Securities and was accused of fraud and money laundering. The scammer ripped off eleven million dollars.

This started back in 2006 when Karlsson started exploiting his platform in order to deceive possible investors. The website advised the users to invest $98 into a company allegedly called PFRPP and receive 1.15 kilograms of gold for that. However, at the time, that amount of gold was valued $45,000. If the repayment didn’t take place, almost all of the invested money would be paid back. The money of investors was put into Karlsson’s personal account after which he invested the money into real estate.

Karlsson lied about the fact that the United States Securities and Exchange Commission were assisting him in the payout process. On the other hand, he also encouraged investors to use crypto coins such as Bitcoin, as a means of payment. Karlsson had possibly deceived at least over 3,575 people.

Karlsson currently faces twenty years in jail and a fine of $250,000 for fraud as well as twenty years in jail and $500,000 fine for money laundering.

 

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BLOCKCHAIN IS AMONG THE MOST IMPORTANT SKILLS NOW

In June LinkedIn released a report that suggests that in the Asia Pacific region Blockchain is among the TOP 10 essential skills for employees.

LinkedIn is a social media platform founded in 2002 and designed to connect professionals around the world. It has over 600 million users from 200 countries worldwide. The platform has a list named “the Future of Skills” and, according to the list, blockchain will be one of the most desirable skills in the near future.

Reportedly, creating and monitoring a distributed public ledger, along with AI, will be in the ranks of the best abilities for the workplace.

LinkedIn remarked that these skills are a clear indication of where the markets are heading currently.

The statement stated further that by investigating what skills companies are looking for, it demonstrates the changes that these firms are expecting.

Blockchain companies and the technology itself are regularly displayed on other LinkedIn lists, according to Cointelegraph. This spring, Coinbase, a US-based crypto exchange, was the only crypto firm to make it to this year’s TOP Companies list.

Blockchain technology had success especially in countries like South Korea, Hong Kong and Singapore. In these countries, both governments and companies are very keen on utilizing the blockchain technology’s potential. Project Ubin, a blockchain-based project, will be used around Singapore from 2020.

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Power Ledger to Optimize Solar Energy Distribution

Blockchain-based energy trading firm Power Ledger announced that partnering with E-NEXT for the 1st time will release blockchain-powered energy trading platform in Austria.

Preliminary stage of the platform will comprise ten households, with possibility to increase the number of customers. Its intention is to improve energy distribution and support transition of the city regarding the zero-carbon energy. The blockchain-enabled platform of Power Ledger is foreseen to allow rooftop solar energy-based households in the city to vend excess recoverable energy to their neighbors, creating a financial motivation for Graz residents to use kind of energy.

Announcement states that the blockchain technology of Power Ledger allows data anonymity on the energy distribution network in compliance with the European Union privacy policies, as specified in the General Data Protection Regulation.

On its official Twitter account, Power Ledger announced that co-founder Dr. Jemma Green will introduce the project in Thailand this week.

Our co-founder Dr. Jemma Green will be in Thailand this week presenting at the Techsauce Global Summit on how Power Ledger is transforming the energy market around the world.
19 June | Main Stage | 11:45am@TechsauceGlobal @msjemmagreen https://t.co/WkuAQNNy6W pic.twitter.com/KCN1X7RbGd

— Power Ledger (@PowerLedger_io) June 17, 2019

This platform is intended to solve significant problems in the city, particularly with regard to achieving 0 emission and carbon neutral objective of Graz by 2050. The platform is currently under pilot testing in several places across Australia, also in Thailand, Japan and the USA. Graz is also the home of the country’s blockchain hub called BlockchainHub Graz.

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FACEBOOK COIN IS LAUNCHING SOON

Libra, the Facebook coin is launching this week and has already gained support from big names in the spheres of technology and finance.

Facebook is a US-based social media company that is considered a member of the Big Four tech companies with Google, Amazon and Apple. The company was founded in 2004 by Mark Zuckerberg and was originally meant for Harvard students, however, it became mainstream in 2006.

As reported by the WSJl, the company along with Visa, Mastercard, Uber, PayPal and Booking.com, is looking forward to do fundraising to collect $1 bln. It is expected for around 100 firms to participate.

Facebook’s new cryptocurrency is a stablecoin, a crypt coin related to a “stable” asset. The currency is expected to launch in twelve countries by 2020.

The crypto-asset has been in the development phase for over a year and is designed to make payments both on Facebook and other websites.

This new crypto coin, Libra, is expected to be very profitable for Facebook. However, in contrast with other coins such as Bitcoin, Libra will have strict regulations. This is because it is a widely known fact that crypto coins are used for crimes like money laundering and financial fraud.

The Libra whitepaper is going to be released on June 18.

Jeff Cartwright, the former director of regulatory risk at crypto exchange Coinbase, was hired by Facebook as a policy and compliance manager. Head of the United States Commodity Trading Commission stated that Facebook was in dialogue with the commission.

 

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Proposals for Blockchain Solutions in Government

Rhode Island Department of Administration in U.S. has issued a public solicitation for blockchain solutions via proof-of-concept proposals (Official Announcement).

The objective of the solicitation is to compare blockchain based and traditional business application technologies, to gain information about blockchain technology, technical and business experience in implementing blockchain transactions. The division is searching for qualified firms’ offers that focus on the objective of the government to become more effective, clear, faithful, safe and business-friendly.

The solicitation “Blockchain technology – Proof of concept” includes lots of spheres that blockchain solutions can cover. The ideas will be reviewed by the TEC comprised of staff from State agencies. First of all, the TEC will consider technical proposals, which must receive a minimum of 50 out of a maximum of 65 points to advance to the Demonstration phase.

The offers will be reviewed and scored based upon the criteria mentioned below in the picture:

Source: ri.gov

Points will be given based on the clear demonstration of the ability to provide the requested goods/services of the seller. Sellers can also be required to provide further written information regarding the offer or can be asked to present the idea orally before the TEC clarifies statements made in the proposal.

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INDIAN CRYPTO REGULATIONS ARE HARSHER THAN EVER

The Indian government is trying to legislate a bill that penalizes crypto coin users with a jail sentence of 10 years in another attempt to suppress the crypto community. The new Indian crypto regulations are harsher than in China.

The Banning Crypto-assets and Regulation of Official Cryptocurrency Bill 2019 hasn’t been adopted yet, however, the idea that the Indian authorities are considering such harsh laws shows that the number of crypto opponents in the country’s government is increasing.

According to The Economic Times, an Indian news outlet, in April of this year the law was already supported by prominent faces among the authorities. They are reportedly are looking forward to the end of the due process before showing their favorable views towards the legislation.

“Several government entities such as the DEA, CBDT, CBIC and others, are accepting the idea of banning crypto transactions in the country as stated by a number of officials that wish to stay anonymous.”

In China, ICOs and China-based cryptocurrency exchanges were banned in 2017 and the country has also tried to stop citizens from accessing other crypto exchanges.

There is fear that India is moving toward this direction also, as they not only try to restrict crypto transfers but also eliminate them completely.

On the other hand, despite the harsh crypto regulations, both in India and China the Blockchain industry is flourishing and there seems to be no move towards harsh restrictions or regulations in this particular sphere.

The rumor of regulations started in April when the country’s Reserve Bank allowed blockchain to be used only on a limited number of crypto-assets, exchanges and consumers. This showed that the end of crypto coins in India was coming soon.

There have been numerous requests to reconsider the restrictions of crypto coins and exchange, however, there was no answer from the Reserve Bank.

Two crypto exhcanges in India came to the decision to close down in the past couple of months. However, if this string of regulations continues, these won’t be the only ones forced to stop their work.

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COINBASE CARD AVAILABLE IN SIX MORE COUNTRIES

Coinbase launched its Coinbase card in April of this year. Reportedly, Coinbase is now adding Spain, France, Ireland, Italy, Germany and the Netherlands to the list of countries where it is available.

The Coinbase card allows users from the United Kingdom to use crypto coins for purchases as easily as regular fiat money. Customers can make payments both online and in-store using crypto coins available on Coinbase. For the transfer crypto coins immediately turn into fiat money.

The Chief Executive Officer of Coinbase, Zeeshan Feroz, said in a CNBC interview that Coinbase is looking forward to making their credit card as mainstream as fiat and is aiming to extend the scale of its availability.

“We will examine all possible markets particularly with regard to the United States,” Feroz stated mentioning that for this to come true they’d need good partners.

Moreover, Coinbase released an application for the debit card that allows customers to oversee their personal crypto-asset wallets and choose the right currencies to use for buying. This application also instantly shows receipts and other transaction details.

Coinbase is a crypto coin exchange that was founded in 2012 in San Francisco, California.  The exchange serves in 32 countries and allows Bitcoin transactions or storage in 190 countries around the globe.

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VISA RELEASED BLOCKCHAIN-BASED B2B CONNECT

Visa Inc., a widely known corporation facilitating worldwide electronic cash transfers, launched a blockchain-based business to business payment platform.

The platform is called B2B Connect and is designed for Visa’s corporate clients to increase the efficiency of global payments. As the network is blockchain-based, it provides clients with secure, cost-efficient and fast money transfers.

From the launch day, the network will work with 30 markets and 90 more will be added by the end of 2019.

“Creating a network for bank to bank transfers we eliminate many key problems in the international payment industry,” the head of Visa’s global business solutions announced.

He also added that the platform isn’t entirely based on blockchain, however, the technology does play a large part.

“We’ve used the data privacy, cybersecurity and the scale of Visa and benefited from new elements of blockchain,” Sam Hamilton, the senior vise president of data product development.

“This network can be a start for a new age in the sphere of international transfers.”

The Visa B2B Connect decreases the spent time by performing transactions directly from one bank to another.

Partners of the company such as Bottomline, Fidelity National Information Services and the International Business Machines Corporation are playing a large role as they will offer the B2B Connect services to their clients.

IBM also declared in March that its new international payment system based on blockchain is already being used by a limited number of people. This new system reportedly has payment messaging, clearing and settlement in the same location.

 

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Erik Finman: “Bitcoin can hit $20,000 again”

The famous cryptocurrency millionaire Erik Finman, who previously stated that Bitcoin is “dead”, has changed his opinion and now believes that it can be “revived”.

According to Finman, one of the main reasons for the growth of Bitcoin is the interest of large institutional organizations in the cryptocurrency sphere. For instance, Facebook is developing its own cryptocurrency GlobalCoin, which should appear next year.

Finman mentioned: “2019 will be the analogue of 2017 for Bitcoin and other cryptocurrencies. Digital assets are gaining momentum and everything that is happening now in the technology and finance industry contributes to the growth of Bitcoins and cryptocurrencies. Blockchain is the newest and most fashionable technology.”

The investor also noted that for even wider adoption of the first cryptocurrency, it is necessary to reduce commissions in the Bitcoin network and speed up the confirmation of transactions. This is necessary in order to remain relevant in an “ecosystem full of different cryptocurrencies”.

He noted: “People who live and breathe Bitcoin usually work with the same enthusiasts and forget that for ordinary people a push is needed to become part of a cryptocurrency community.”

Previously, Finman stated that Bitcoin still has one or two growth periods left and then more promising coins like ETH and ZEC will overtake it.

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CCN ANNOUNCED SHUT DOWN BECAUSE OF GOOGLE

Yesterday, June 10th, classified among most influential crypto media outlets, CCN, announced its shut down.

The announcement was published by the founder of the website, Jonas Borchgrevink. He explained that the cause of the shut down was the Google Core Update, on June 3, after which the traffic of the website declined by over 71%.

This resulted in the daily revenue of the company decreasing up to 90% as all their profits depended on advertising on their site.

Although CCN has been in the same situation in the past, their team is now much larger and they don’t plan downsizing it.

Other famous sites like CoinDesk, Cointelegraph and U.today also experienced large losses in traffic. The Daily Mail, a widely known British news outlet, also lost over 50 percent of its organic traffic overnight. The Daily Mail was founded in 1896 in the UK.

There were also rumors that many websites were targeted by Google because of the conservative viewpoints of some journalists or outlets in view of the upcoming 2020 presidential election in the US.

Borchgrevink also makes a point that if people aren’t given the opportunity to express their ideas, then journalists should do a better job of protecting free speech.

At the end of the announcement, the founder of CCN claims that Google has the ability to control the narrative and while they claim to be for journalism, they aren’t creating a good environment for it. He also wrote a list of demands to Google including explanations to the targeted news outlets and so on.

Borchgrebink added that Google should be as transparent as it demands websites to be as it has the ability to dictate the behavior of these websites.

CCN was founded as CryptoCoinsNews in 2013 in Norway by Jonas Borchegrevink. In the website, various topics from crypto-asset to US politics to gaming are discussed on the platform.

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Samourai Wallet and Nodl to Launch BTC Lightning Node With Mixing Features

Samourai Wallet is cooperating with the French company Nodl to produce an ad hoc device to make easy the creation of a BTC full-node based on Lightning Network.

Co-founder of the eStore Luczak told that the new device will let people use the wallet application without relying on Samourai servers. This process has been the subject of controversy, since lots of people say that privacy functions of the wallet are not good enough if user transaction data is still stored on a centralized server.

The team of Samourai Wallet tells that new devices will be accessable during the current year. Moreover, the owners of Nodl nodes can upgrade their hardware by adding Dojo software of Samourai Wallet. It’ll include so called Whirlpool feature, which combines BTC transactions from different wallets into packages to hide the source of funds. It is reported:

“In addition to preloading Dojo to Nodl devices, we’ll also preload the Whirlpool desktop mixing, which will give users the ability to access and manage Samourai Wallet transaction on their computer.”

Nodl expects a surge in sales of its devices this year. According to Michel Luczak, the company plans to sell about 500 devices if the current trend continues. He noted:
“For the 1st time, you will receive a one-click install mixing feature that is accessible to anyone.”

In January, Samourai Wallet was forced to remove some security features required by the Google Play Store. The list of these functions includes “Stealth Mode”, “SIM Switch Defense” and “Remote SMS Commands”.

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Bittrex will Block US Users From Trading in 32 Cryptos

Bittrex stated that it will block the US-based customers from trading in 32 cryptocurrencies. The crypto exchange announced this on its blog.

The declaration states that after Friday, June 21 the United States traders will not have any access to the cryptocurrencies that are listed on Bittrex. This list also includes QTUM and STORJ.

Below is the list of above-mentioned cryptocurrencies.

ADT	CMCT	GO	MFT	QRL	XEL
AMP	DNT	GTO	MOBI	QTUM	XNK
BAY	DTA	HYDRO	NLC2	RFR
BCPT	ENG	IHT	NMR	STORJ
BLOCK	FCT	ION	PRO	STORM
BOXX	FLDC	LBA	PTOY	SWT

The USA traders will get an email communication considering the further available options regarding the above-mentioned crypto-assets. Bittrex offers U.S. users to trade the blocked cryptocurrencies for accessible to them crypto-assets. They can also repeal orders and move them off the Bittrex.

Traders from the USA will not be allowed to sell or purchase the aforementioned crypto-assets after new changes come into force, whereas all open orders that involved the mentioned cryptocurrencies will be repealed. Yet, several limited functions regarding those crypto-assets will be accessible to U.S traders and they can transit them to the Bittrex International.

Bittrex International is affiliate of Bittrex that is based in Europe. It lists specific digital assets that are only accessible on the International platform of Bittrex and are not available to U.S. traders.

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QUADRIGACX CASE IS BEING INVESTIGATED BY FBI

The FBI decided to ask on Twitter for the United States citizens who suffered from the disappearance of $100 mln in crypto assets from QuadrigaCX to come out. After that they gave link to a list of questions for the victims about the details of the occurrence.

Central authorities of many countries are interfering with the cryptocurrency sphere more and more. This can have both good and bad consequences.

For instance, after the Bitfinex hack in 2016, 27.7 Bitcoins were stolen from the exchange. In November 2018, the United States government informed Bitfinex that they had obtained the stolen crypto-assets which were eventually given back to the exchange.

However, the QuadigaCX case in of interest for many as there were many unusual factors. One of these is the fact that the death of the chief executive director a month after the disappearance of funds.

The exchange announced on February 5, 2019 that trading won’t be available on their platform any more.

Because of the given services to US-based crypto owners QuadigaCX may go under criminal investigation.

The United States government is trying to enforce crypto asset policies as much as possible. The Justice Department is apparently using firms with backdoor dealings as examples.

QuadrigaCX was a Canadian-based crypto exchange created in 2013 by Gerald Cotten.

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Jay Clayton: New Market Protections Needed

During an interview with CNBC, U.S. SEC Chairman Jay Clayton talked about cryptocurrencies and crypto market protections.

He mentioned that the SEC needs to be convenient to keep crypto-assets and make sure that in the market will not occur any manipulation before approving a crypto exchange-traded fund.

Clayton also added that the regulator is presently working on releasing ETF based on crypto-assets in the United States. However, he underlined that before approving a crypto ETF, still there are different problems that should be resolved.

Are you stifling innovation in the broker dealer space? @kevinolearytv asks SEC Chairman Jay Clayton pic.twitter.com/fA7WBOfgm9

— Squawk Box (@SquawkCNBC) June 6, 2019

Another significant issue for the SEC is that there are no robust preventative measures for market manipulation. Discussing this question, Clayton noted that they have sophisticated rules & monitoring to make sure no one is manipulating the stock market and crypto markets don’t have that.

SEC Chairman Jay Clayton on #Crypto:

“We have sophisticated rules & surveillance to ensure that people are not manipulating the stock market. Those cryptocurrency markets by and large do not have that.” pic.twitter.com/1iGryAiSob

— Squawk Box (@SquawkCNBC) June 6, 2019

Clayton’s views are the contrast of what the SEC commissioner Hester Peirce thoughts, who has urged for a less cautious approach toward cryptocurrency ETF.

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Bitpanda goes global: Announcing the Bitpanda Global Exchange and the IEO for the ecosystem token BEST

Vienna, 5th of June 2019 – Vienna-based fintech Bitpanda will launch the Bitpanda Global Exchange, a global cryptocurrency exchange for experienced traders, professionals and institutions. The Bitpanda platform will also get its own ecosystem token through an Initial Exchange Offering (IEO).  BEST (Bitpanda Ecosystem Token) will offer a range of benefits and incentives to nearly 1 million Bitpanda users.

• The Bitpanda Global Exchange allows global crypto-to-crypto and fiat-to-crypto trading
• Popular trading pairs including BTC/EUR, BTC/USDT, ETH/EUR, XRP/EUR, MIOTA/EUR, ETH/BTC, XRP/BTC, MIOTA/BTC, PAN/BTC, BEST/BTC, BEST/EUR and BEST/USDT.
• Fiat deposits (Euro, Swiss Franc and British Pound) in the majority of European countries; withdrawals available globally
• Bitpanda Ecosystem Token (BEST) IEO launches on July 9th, 2019
• BEST offers up to 25% trading fee discount plus additional rewards and perks
• Growing list of popular trading pairs and funding options
• Competitive fee structure
• State-of-the-art API
• Highest security standards
• BEST trading will start on August 7th, 2019

Bitpanda, the Viennese fintech with around 1 million users and more than 100 employees is launching the Bitpanda Global Exchange, a digital asset exchange for experienced traders, professionals and institutions. Bitpanda Global Exchange (Bitpanda GE) builds upon the popular, easy-to-use Bitpanda platform, which is the go-to-place to buy, sell and store digital assets like Bitcoin, Ethereum, digitised gold and more in Europe.

Bitpanda GE is available globally for crypto-to-crypto trading. Verified Bitpanda users within the majority of European countries can also deposit Euro, Swiss Franc and British Pound. Bitpanda GE is closely connected to the Bitpanda platform, which means that users can move funds easily between them. Bitpanda GE launches with popular trading pairs such as BTC/EUR, BTC/USDT, ETH/EUR, XRP/EUR, MIOTA/EUR, ETH/BTC, XRP/BTC, MIOTA/BTC, PAN/BTC, BEST/BTC, BEST/EUR and BEST/USDT and many more to come.

“Offering experienced users, a way to trade digital assets and building the largest Euro exchange is the next logical step for us. Bitpanda has been around since 2014 and we are a key player in Europe. We can build on a lot of synergies and experience,” says Bitpanda CEO Eric Demuth.

As part of the Bitpanda Global Exchange launch, Bitpanda is also launching its first Initial Exchange Offering (IEO). The Bitpanda Ecosystem Token (BEST) is the coin of the Bitpanda ecosystem that offers users a wide range of benefits and perks within the Bitpanda ecosystem. The growing community of around 1 million Bitpanda users will be able to benefit from a wide range of rewards and perks. For example, they will get a reduction of up to 25% on Bitpanda trading fees, gain priority access to the upcoming Bitpanda Launchpad, which will be available later and allow the launch of third party IEOs.

“BEST will play a vital role in Bitpanda’s global expansion and in making our vision of democratising personal finance and investing. BEST is the fuel of the Bitpanda ecosystem, which means that the Bitpanda platform, the Bitpanda Global Exchange and future products like the Bitpanda Launchpad will make heavy use of incorporating BEST”, says Bitpanda CEO Eric Demuth.

About Bitpanda

Bitpanda is a fintech based in Vienna, Austria founded in 2014 by Eric Demuth, Paul Klanschek and Christian Trummer. The company is a firm believer in the innovative power of cryptocurrencies, digitised assets and blockchain technology. Bitpanda’s mission is to tear down the barriers to investing and bring traditional financial products to the 21st century. Today, Bitpanda has around 1 million users and more than 100 team members. With a PSD2 payment service provider license, state-of-the-art security and streamlined user experience, Bitpanda has grown into a popular trading platform for newbies and experts alike. Users can currently trade Bitcoin, Ethereum, gold and over 20 other digital assets.

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BENEFICA ACCEPTS CRYPTO PAYMENTS

S.L. Benfica, a Portuguese professional football team, and UTRUST, an international cryptocurreny payment gateway, partnered in order to allow Benefica supporters to buy tickets as well as merch using crypto coins on the club’s website.

Now, S.L. Benfica is the first large football club in Europe that accepts crypto asset payments.

The club was founded in 1904 and is currently the most popular football club in Portugal with over seven mln social media followers and fourteen mln fans all over the world.

Benefica appeared in the UEFA champions league 37 times and hold the European record for the most consecutive wins in the domestic league.

By partnering with a crypto project like UTRUST, S.L. Benefica transformed its online service strategy as well as reached new global markets.

This tactic would also help the club gain the attention of Portuguese crypto asset holders.

UTRUST revolutionized the financing and payment spheres by providing crypto investors the opportunity to make instant crypto-to-fiat transactions.

This partnership will also give Benfica the opportunity to access a larger customer base as the online experience of fans will be significantly better.

“We’re excited to announce that our website from now on will accept crypto coins as a payment method. We owe the club’s uniqueness to our fans and we understand that many of them use digital currencies. Because of this, we made the decision to adopt this novel and revolutionary technology that are crypto coins and to improve the online experience of our dedicated fans,” stated the chief executive officer of S.L. Benefica.

The club will now have a more secure payment system and the payments will settle into the club’s bank account in fiat the same day.

“Cooperating with Benefica, the best Portuguese football club, is a great achievement for UTRUST and, also the crypto community at large. Benefica is among the largest football clubs globally and it’s an honor to enable their fourteen mln supporters to make crypto payments worldwide,” expressed the co-founder of UTRUST, Nuno Correia.

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John De Mol sued Facebook over crypto-asset ads

Reuters reports that Dutch billionaire John De Mol sued Facebook over crypto-asset ads using his photo without any permission.

The Facebook ads promoted false related to crypto-asset companies or stimulated users to transfer money and buy BTC, stating that all the projects are baked by Mol or he is involved in them.

Therefore, Mol claims that it supposedly has negatively affected his reputation. His lawyers declare that ads resulted to $1.9 mln loss by consumers. Mol’s advocate Jacqueline Schaap mentioned that the social media giant should not allow this kind of incidents to happen and it should prevent them from occurring. Moreover, he added that the existing vetting method is not working properly. He noted:

“I don’t know in what reality Facebook lives, but that does not work.”

As stated, the social media platform director of product management Rob Leathern told reporters that Facebook takes the social media policy violating misleading and public figures featuring ads quite seriously. He also noted that John De Mol impacting ads is also included.

Facebook lawyer Jens van den Brink reported that the platform cannot be forced to check whole time all Facebook ads. In addition, he told that Facebook had removed the ads immediately after being aware of complaints.

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BINANCE WORKS ON GBP STABLECOIN

Stablecoin maintains a rapid increase in popularity and use as Binance shows support for it and adds a new one on their exchange.

Binance, one of the largest crypto exchanges worldwide, was established in 2017 in China but moved to Japan after the Chinese government announced crypto regulations in the same year. The exchange not long ago moved to Binance Chain, a blockchain software system developed by Binance itself.

It has been rumored that Binance is testing a stablecoin based on the British Pound (JBP). The reason is that a new listing “BGBP” arrived at the Binance platform.

One of the users observed this and questioned Changpeng Zhao, a Chinese-Canadian businessman and the CEO of Binance. Zhao clarified that the GBP stablecoin is currently being tested.

Many crypto enthusiasts believe that stablecoins are the solution to the problem of crypto asset adoption since they provide users with currencies that possess all of the positive characteristics of crypto assets with no major volatility issue.

This new tactic of Binance will open many opportunities for stablecoins.

The crypto exchange Binance has quickly become one of the leaders in the crypto sphere and it continues to grow and rapidly expand.

However, the relationship between Binance and the US is rocky. It has been declared that in July users of the Binance decentralized exchange from the US and twenty eight other countries will get blocked.

Right now, it is not clear what way cryptocurrencies will go. Many people consider that crypto assets should store a unique value, while others argue that they will be used only as payment methods.

The main differentiator between these perspectives is the volatile nature of decentralized assets such as cryptocurrencies. This is why many crypto investors believe that stablecoins are essential for mainstream adoption of crypto coins.

Stablcoins aren’t just less volatile than other cryptos, in fact, they are favored by governments and large business firms. On the other hand, they are linked to fiat currencies, which is opposite to one of the core principals of crypto.

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Justin Sun Pays $4.57M to Lunch With Warren Buffett

The founder and CEO of Tron, Justin Sun won a lunch with Buffett on eBay auction.

He announced about the lunch on his official Twitter account.

I officially announce I’ve won the record-setting 20th-anniversary charity lunch hosted by @WarrenBuffett. I’ll also invite #blockchain industry leaders to meet with a titan of investment. I hope this benefits everyone. #TRON #TRX #BTT #BitTorrent pic.twitter.com/EMZ4TMhgpR

— Justin Sun (@justinsuntron) June 3, 2019

This news wasn’t left without feedbacks. ZenGo CEO Ouriel Ohayon, mentioned on Twitter: “Nice marketing coup. The irony is that this charity lunch was paid with crypto earned money that is so much hated by Buffet”.

Also Justin Wu did not stay away, “Warren Buffet was Tai Lopez’s mentor. Now he can be Justin Sun’s for $4.5m lunch date. I am jealous. Much value wow”.

It is reported that in order to win the auction Tron founder bid 4 567 888 USD. Buffett has been holding the auction for the previous twenty years.

Bloomberg notes that Sun can take out 7 people with him to the lunch.

The profits formed from the auction will be donated to GLIDE, which is a non-profit foundation. It is also reported that the wife of Buffett was a volunteer in GLIDE till 2004.

It is worth to note that the co-host of the auction was “eBay for Charity” that allows users of eBay to help charities of their choice by donating platform-earned profits and additionally contributing to diverse causes.

Recently, Sun made an offer to pay 7 000 Bitcoin to compensate previous month Binance financial loss. However, Binance CEO rejected the offer. He also declined offers from QKC and Coinbase.

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BITFINEX IS LAUNCHING A STABLECOIN

According to a crypto website, The Block, Bitfinex, a large crypto asset exchange, will be launching the Tether (USDT) stablecoin managed by Tether or the Lightning Network.

Bitfinex is a crypto exchange owned by iFinex Inc. and was founded in December 2012. Currently, the exchange is listed as the 40th crypto exchange by adjusted value in coinmarketcap.com.

As stated by The Block, Paolo Ardoino, the Chied Technology Officer (CTO) of Bitfinex, mentioned that the exchange has scheduled to release USDT on Lightning Network later in 2019. In order to further this goal, the company supposedly cooperated with the RGB project.

The RGB project, based on its GitHub repository, is an entirely free, non profit, open-source and community-oriented effort intended to develop standards for issuing, transmitting and storing crypto assets.

Ardoino also announced that the development was one of the best projects Bitfinex had participated in as of today.

He continued saying that Bitfinex has the intention to support the Lightning Network’s project. In April of 2017, Tether released a post demonstrating that the firm was already planning to launch a stablecoin at the time.

Tether, based on Cointelegraph’s report, has announced its up and coming partnership with Block.one, an open-source software publisher that began offering EOS tokens in June 2017. This partnership’s motive is to launch its stablecoin on the EOS blockchain.

Lately, it came out that the American social networking service Facebook held negotiations with large crypto exchanges from the United States about the launch of its stablecoin.

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Binance DEX To Block Users From 29 Countries

The decentralized exchange (Binance DEX) of the leading global crypto-asset exchange and ecosystem, Binance is planning to block access to users based in 29 countries by July 2019 (UTC 00:00).

Binance informs about the restriction with a pop-up appearing when a user accesses the platform from one of the countries. It is quite curious to note that among the countries is also the United States.

Below is the message appearing in the website.

Source: https://www.binance.org/

Further, the statement links to the Binance Chain supporting wallets list, offering them to the users as cryptocurrency holding and managing alternatives.

This statement got a strong response by the crypto-asset community, which described this decision as a sign that the Binance DEX is actually not decentralized. Whale Panda, one of the crypto enthusiasts, mentioned on Twitter:

“Reminder that it was never a DEX so stop calling it a DEX. It’s just a word they used to pump $BNB, it was never meant to be decentralized.”

Reminder that it was never a DEX so stop calling it a DEX. It’s just a word they used to pump $BNB, it was never meant to be decentralized.https://t.co/wh72aGeWqP

— WhalePanda (@WhalePanda) June 1, 2019

It is also worth to note that Binance lauched DEX on its native blockchain in the second half of April of this year. The main purpose was to enable community progress and foster long period vision of peer-to-peer trading of the industry.

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