Day: August 7, 2019

Blog: Protecting children online: update on progress of ICO code

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A blog by Elizabeth Denham, Information Commissioner 07 August 2019 In April, I blogged about the ICO’s work to help protect children online. I’m pleased to report that my team and I are making good progress on producing a code that will translate General Data Protection Regulation (GDPR) requirements into design standards for online services. This is a crucial piece of work. Online services play an ever-growing part in our children’s lives, but the internet was not designed for children. Our code aims not to protect children from the digital world,…

Cryptocurrency Lender BlockFi Secures New $18.3 Million Funding

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Photo: BlockFi New York-based cryptocurrency lender, BlockFi, has successfully raised $18.3 million in a Series A funding round which was led by Valar Ventures. The funding round also saw contributions from other heavy names in the cryptocurrency sector including Winklevoss Capital, Galaxy Digital, ConsenSys Ventures, Akuna Capital, Avon Ventures, Susquehanna, CMT Digital, Morgan Creek Digital and PJC. Valar Ventures is only one of three venture firms founded by Paypal Co-founder Peter Thiel. Thiel is not new in the crypto sector and last year, the Valar boss invested in Block.one and…

South Korean Watchdog Plans Direct Supervision of Crypto Exchanges

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A South Korean financial watchdog under the Financial Services Commission (FSC) is planning to more closely supervise cryptocurrency exchanges. The agency in question, the Financial Intelligence Unit (FIU), has said it will directly regulate crypto trading platforms, which currently are indirectly controlled via guidance given to banks, says a report in Business Korea on Wednesday. For example, last year, the FSC amended the anti-money laundering rules applying to cryptocurrency exchanges, which was to be carried out by requiring domestic banks to tighten up monitoring of exchange-held accounts. In today’s report, Lee Tae-hoon, director…

Scammer Demands 300 Bitcoin From Binance in KYC Data Ransom

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News is emerging that the world’s largest crypto exchange, Binance, has been the victim of an attempted ransom demand from a scammer. The attacker threatened to release KYC information if the company did not cough up 300 Bitcoins. Give me Bitcoin or Else … In its efforts to be totally transparent, Binance has just released a statement revealing that an unidentified individual has ‘threatened and harassed’ them. Enigmatic CEO, Changpeng Zhao, urged people not to believe or spread the FUD which had already been disseminated across social media. “Don’t fall…

Coinbase Goes to Battle With Binance, Looks to Add 8 New Cryptocurrencies

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Coinbase is considering the addition of 8 new cryptocurrencies to its exchange, some of them Binance IEOs. Source: Shutterstock While Coinbase is still the place many Americans go for their first cryptocurrency purchase, another crypto exchange has them backpedalling. As the Malta-based exchange Binance continues its rise to the top, Coinbase is making moves to ensure they don’t become “Yahoo!” to Binance’s “Google.” The San Francisco-based platform just announced that they’re looking to add eight new coins to their exchange. In a recent blog post, Coinbase stated that they’re considering…

Judge Rules Coinbase Did Not Commit Fraud in Bitcoin Cash Lawsuit

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Cryptocurrency exchange Coinbase did not act fraudulently during its botched launch of Bitcoin Cash (BCH), a United States judge has ruled. Coinbase accused of insider trading BCH listing In a court order issued on Aug. 6, U.S. District Judge Vince Chhabria of the Northern District of California (San Francisco) threw out claims by traders that Coinbase committed fraud by halting trading after two minutes.  The move is the latest in a protracted lawsuit brought by trader Jeffery Berk over the events, which occurred in December 2017. At the time, BCH…

Police Investigating EtherDelta Over Alleged Exit Scam, Report

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Chinese police are reportedly taking legal action against non-custodial token trading platform EtherDelta in connection with an apparent exit scam.  The news was reported on Aug. 7 in a series of tweets published by Dovey Wan, founding partner at blockchain-focused investment firm Primitive Ventures. New Chinese owners allegedly used EtherDelta for exit scam ICO Wan’s tweets indicate that the alleged exit scam involved the sale of native exchange asset EtherDelta Token (EDT) following the acquisition of the exchange by unnamed Chinese investors: “The actual beneficiaries of EtherDelta are all Chinese…

Binance’s CZ: Like It or Not, Facebook’s Libra Coin Is Poised for Mass Adoption

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The takeaway: Binance CEO Changpeng Zhao (“CZ”) hopes to open a London office “very soon” as the crypto exchange turns its focus to Europe. Brexit won’t hurt and if anything will be good for crypto, he predicts. On Facebook’s Libra project, CZ anticipates practical benefits from potentially listing the coin, and also hinted at further collaboration. The forthcoming Binance.US is working with the usual suspects among crypto’s reliable banking partners. CZ calls crypto insurance a “flawed concept.” Binance instead dedicates 10 percent of its $100 million in quarterly revenues to…

Binance Investigating ‘KYC Leak FUD’ as User Selfies Allegedly Exposed

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The CEO of cryptocurrency exchange Binance has refuted claims hackers gained access to confidential user information such as personal ID. CZ: “Don’t fall into the ‘KYC leak’ FUD” In a tweet Aug. 7, Changpeng Zhao described rumors circulating about the alleged know-your-customer (KYC) data leak as an attempt to spread “FUD” (fear, uncertainty and doubt). “Don’t fall into the ‘KYC leak’ FUD. We are investigating, will update shortly,” he wrote. Social media users had panicked earlier after what appear to be fake warnings showed figures posing with personal documents, apparently…

Bitcoin Price (BTC/USD) Is Holding Uptrend Support But $12K Holds Key

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Bitcoin price traded to a new monthly high at $12,333 and corrected lower sharply against the US Dollar. The price is currently climbing higher after it tested the key $11,200 support area. Yesterday’s highlighted key bullish trend line was breached with support near $11,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price could revisit the $12,000 resistance, which is now a major breakout zone. Bitcoin price is recovering from $11,200 against the US Dollar. However, BTC price must break the $12,000 resistance to continue…