Month: July 2019

Four Crypto Exchanges Face Stricter Regulation in South Korea: Report

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Four South Korean cryptocurrency exchanges are reportedly facing stricter regulation as they aim to renew their banking accounts. As local industry media TheBchain reports on July 29, the new requirements come after the Financial Action Task Force (FATF) released recommendations on virtual currency regulations. Per the report, South Korean cryptocurrency exchanges Bithumb, Upbit, Coinone and Korbit will have to comply with new, stricter norms to successfully renew their banking partnerships following the FATF guidance released in June. As Cointelegraph reported at the time, the new guidance posits that crypto asset…

CNBC Host Makes Persuasive Case for 500% Bitcoin Price Surge

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In a clear sign of improving comprehension about the fundamentals driving the bitcoin price, newly minted “friend of crypto” Joe Kernen just made a convincing case on national television that the cryptocurrency could surge nearly 500 percent by next May. Citing the upcoming halving in 2020, the CNBC Squawk Box host noted the possibility of BTC/USD hitting $55,000 in just 10 months. Will bitcoin reach $55k by May 2020? @JoeSquawk discusses #btc with @StocktonKatie pic.twitter.com/r1b5rNhX1s — Squawk Box (@SquawkCNBC) July 29, 2019 Bitcoin Halving in 2020 Could Be Massive The…

BitMEX Bitcoin Outflow Cooling Amidst Massive Double Liquidation

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Reports show a decrease in the outflow from BitMEX that likely signal an end to the week-long panic from users of the bitcoin exchange. Meanwhile, the Seychelles-based platform is being accused of contributing to the shrinking BTC trading volume following massive liquidation of both short and long positions. Run on BitMEX Paused Tweeting on Sunday, July 28, 2019, Twitter user and provider of crypto market data “Skew” revealed a lull in the outflow from BitMEX. The platform’s bitcoin cold storage appears to have seen fewer withdrawals since Saturday (July 27,…

US Capital Global Offers $10 Million in a Tokenized Crypto Fund

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US Capital Global Securities (USCGS), offers investors a $10 million equities investment in a tokenized fund, reveals a press release published on July 29. USCGS is a Financial Industry Regulatory Authority (FINRA)-regulated affiliate of private investment bank US Capital Global. Per the release, USCGS is offering to accredited investors a $10 million equity investment in the first tokenized venture fund of private digital venture capital fund CityBlock Capital, NYCQ Fund LP. The fund, of which the institution is the exclusive placement agent, reportedly has holdings in major companies in the…

Hamburg Senate Issues First Blockchain Report, Expects DLT to Grow

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  The Senate of Hamburg has introduced the first comprehensive report on the development of blockchain activities in the city. Hamburg Senate expects the role of blockchain to increase in the coming years In an official statement on July 23, the Hamburg authority stated that several blockchain initiatives have been piloted in the city as the senate expects the role of blockchain technology to grow in coming years. Senator Michael Westhagemann emphasized that the city of Hamburg relies on real strengths of the technology, while other cities are positioning themselves…

US: IRS Sending Tax Compliance Letters To Cryptocurrency Investors

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The U.S. Internal Revenue Service (IRS) is sending out letters to investors of virtual currencies such as Bitcoin, advising them to report and pay income taxes or file amended returns for transaction not reported properly. The IRS will send “educational letters” to more than 10,000 taxpayers to encourage them to make the filing or amend their filing. The IRS expects to complete sending the letters, which started last week, by end of August. “Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past…

‘Chems_USA’ Pleads Guilty to Bitcoin-Enabled Dark Web Opioid Conspiracy

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A Florida man has pled guilty to participating in a multi-million dollar Bitcoin-enabled drug dealing conspiracy and money laundering. According to a July 25 press release from the U.S. Attorney’s Office of the Southern District of New York, the defendant, Richard Castro, pled guilty to money laundering and to conspiracy to distribute three controlled opioid substances over both the dark web and via encrypted emails. Castro — who operated under multiple monikers, such as “Chems_usa,”“Chemical_usa” and “Jagger109” — sold narcotics for Bitcoin (BTC) and has agreed to forfeit $4,156,198.18, including…

Crypto Platform Offers ‘Secure Messaging’

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A new “feature-rich ecosystem” has been created for privacy-conscious individuals who want to keep their communications confidential and their data secure. The team of networking technology enthusiasts behind Utopia say it wants to create an antidote to a world of total surveillance — delivering a platform that offers freedom, anonymity and no censorship. Utopia has been in development for six years, all with the motivation of building an environment in which “Big Brother” isn’t watching the public’s every move. The team says its decentralized peer-to-peer network enables users to communicate…

EU Exchange Bitstamp Partners with UK Firm to Offer Pound Sterling Onramp

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Major European crypto exchange Bitstamp has partnered with digital asset brokerage BCB Group to enable direct transfers in British pounds sterling (GBP). A press release shared with Cointelegraph on July 29 revealed that following the new partnership, by the end of this year United Kingdom-based investors will be able to make GBP withdrawals and deposits directly to and from their Bitstamp accounts. In a statement, BCB Group founder and CEO Oliver von Landsberg-Sadie said that the partnership aligns with the company’s broader aim of providing robust and frictionless services infrastructure…

Ripple Devotees are Taking Out ‘Balls Deep’ Loans to Buy XRP – CCN Markets

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XRP die-hards are turning blue in trying to buy the cryptocurrency | Source: Shutterstock Die-hard Ripple fanatics are going “balls deep” in debt to buy XRP, the cryptocurrency associated with Ripple. One Twitter user known as XRP PHOENIX said he’d taken a loan for “way more than [he] can afford to pay back” to fund his crypto purchases. Just went BALLZ deep in $XRP Took out a loan for *way* more than I can afford to pay back I am NOT bragging or flexing here. My aim by staying this…