Coinbase has patented a system which would automatically identify accounts violating AML rules. Source
Coinbase Patents Automated KYC Enforcement Tool
Day: November 28, 2019
Upbit Promises Swift Reimbursement, Theories Over Missing Funds Swell
On Nov. 27, major South Korean cryptocurrency exchange Upbit announced that 342,000 Ether (ETH), accounting for roughly $50 million, were stolen from its hot wallet earlier that day. Details remain vague, and some users are suggesting an inside job, although experts are skeptical of the theory after analyzing the incident. The platform’s operator has promised to compensate all stolen funds shortly. UpBit is the second “Big Four” exchange in the country to experience a major security breach this year. Upbit brief Upbit is one of the largest cryptocurrency exchanges in…
Klaytn Blockchain Ahead of Facebook’s Libra Network, Says Kakao CEO
Yeo Min-soo, the CEO of South Korean internet giant Kakao, said that his firm’s Klaytn blockchain is similar to Facebook’s Libra except it is way ahead in its development. According to the Korea Herald on Nov. 28, Min-soo lauded Klatyn’s development during the first Klaytn Governance Council Summit held in Seoul: “Facebook’s Libra launched last month with aims to recruit 100 partners. Libra is taking a similar approach to ours, but it has yet to experience the milestones we have crossed. […] Next year, Klaytn will become Asia’s biggest blockchain…
Bitcoin Bounces Back above $7500, BTC Futures Market Expects Poor Show for 2020
The Bitcoin price movement over the last week has sent jitters among crypto investors. In the last seven days, the BTC price crashed to $6600 hitting its six-month low. But Bitcoin has bounced back quickly trying to consolidate above $7000 levels. In the last 24 hours, the Bitcoin price is on a northward trajectory surging nearly 10% above $7500 level. At press time, Bitcoin is trading at $7551 with a market cap of $136 billion. This much-needed relief rally has recently got investors’ hope back. However, experts say that it…
Bitcoin Eyes $7,800 After Biggest Daily Price Gain in a Month
The number one cryptocurrency printed a UTC close at $7,528 on Bitstamp, representing a 5.15 percent gain on the daily opening price of $7,168. That’s the biggest single-day price rise since Oct. 26. On that day, BTC rose by 6.81 percent and printed highs above $10,300. Source
Saudi-UAE Leaders Confirm Forthcoming Jointly-Issued Digital Currency
Saudi Crown Prince Mohammed bin Salman arrived in the United Arab Emirates (UAE) for an official visit yesterday to discuss joint policy measures, including a digital currency plan. On Nov. 27, private English-language daily UAE newspaper The National reported that Prince Mohammed was welcomed by His Highness Sheikh Mohamed bin Zayed al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. Financial and political cooperation The two leaders are reported to have officially agreed on four new policy partnerships and to have reviewed…
Red Cross Movement Provides Poor Kenyan Communities Blockchain Cash
Responding to the humanitarian crisis in Kenya, the Red Cross Movement turned to blockchain to help uplift rural and slum communities. While it took the Red Cross Movement and other organizations 15 years to realize cash can be handed to victims of disasters, it’s good news to know that newer and more lasting solutions are tested. After two years of careful planning, the Red Cross societies of Kenya, Norway, and Denmark jointly released a lasting solution to the acute poverty-experienced in such rural areas. The Red Cross team recognized the…
A Third of Crypto Exchanges Have Little or No KYC, Says CipherTrace
The FATF guidance, which is more or less obligatory for its 39 member nations and jurisdictions to adopt in regulation, stipulates that exchanges, or virtual asset providers (VASPS), must obtain, store and be able to pass on data on their users when transactions worth $1,000 or over are made. This provides a digital paper trail that can be followed in order to prevent financial crimes such as money laundering or terrorism financing. Source
Cash-Settled Bitcoin Futures Traders Face ‘Black Hole’
Bitcoin (BTC) educator Andreas Antonopoulos says that while futures markets may indeed place a damper on the cryptocurrency’s price, the stakes are different to what you might think. In a Nov. 27 interview with YouTuber “Ivan on Tech,” Antonopoulos argued against the grain of commonplace fears about the adverse price impact that Bitcoin futures trading has on spot prices. He suggested it’s the speculators — not the HODLers — who truly have something to fear. It’s not conspiracy: “it’s the Treasury’s job” Cash-settled Bitcoin futures — which have been trading…
Bitcoin Price Retains $7.5K After Bullish Breakout Upends Bear Market
Bitcoin (BTC) stayed around $7,500 on Nov. 27 after a surprise bullish reversal took markets $700 higher the previous day. Cryptocurrency market daily overview. Source: Coin360 Bitcoin clings to surprise gains Data from Coin360 showed BTC/USD come down slightly from Wednesday’s local highs of $7,640 to trade just over $7,500 at press time. The largest cryptocurrency took traders unaware during the previous session, jumping from below $6,900 when many braced for further drops. Bitcoin seven-day price chart. Source: Coin360 Prior to that, pressure had been building on Bitcoin after news…