It looks as if cryptocurrency service providers will have to adopt stricter know-your-customer (KYC) policies all across the world — and not everyone is happy about that. On February 22, 2019, the intergovernmental Financial Action Task Force on Money Laundering (FATF) published a draft recommendation for strict and uniform anti-money laundering (AML) regulation for cryptocurrency…
Payment platform Flexa has announced the launch of SPEDN, an app that allows users to make purchases with cryptocurrencies at a variety of brick-and-mortar stores. The app works by generating QR codes at checkout registers, which then debit users’ wallets on the app and credit merchants with fiat. To initiate payments immediately, Flexa uses FlexaCoin,…
Bitcoin Price Analysis: Where Is the Local Top for This Parabolic Run? | Bitcoin Magazine <img src=”https://d5nxst8fruw4z.cloudfront.net/atrk.gif?account=qmvEl1aAFUE06C” style=”display:none” height=”1″ width=”1″ alt=”” /> NOW READING: Bitcoin Price Analysis: Where Is the Local Top for This Parabolic Run? OPINION by Bitcoin Schmitcoin Bitcoin Price Analysis: Where Is the Local Top for This Parabolic Run? Summary: The bitcoin…
Tether has taken a lot of heat for admitting it is running a fractional reserve. There’s no doubt that Tether’s unregulated nature makes this approach risky and that its lack of transparency is unsettling, but the entire modern banking system is architected on fractioned assets. And Tether is not the only stablecoin that admits that…
Andrew Torba is getting into Bitcoin. Well, actually, he’s been into Bitcoin for quite some time. He contributed to CoinDesk back in 2013, most notably with an article he wrote about buying a Subway footlong with bitcoin. This was three years before he founded Gab, an alternative social media network “that champions free speech, individual…
Electronics company HTC has announced that it is launching a smartphone to bring crypto and blockchain technology to a wider audience in Q3 2019. According to a press release shared with Bitcoin Magazine, “The EXODUS 1s will be the first smartphone ever to have full node capabilities” containing the full Bitcoin blockchain. “With the EXODUS…
Several major cryptocurrency traders have reportedly begun discussing plans to enact an industry-wide blacklist of suspicious actors, to stem the tide of scams, theft and fraud in the crypto space. Bloomberg reported on this development on May 8, 2019, claiming that major companies such as Ripple, Cumberland DRW and Galaxy Digital Holdings gathered to discuss…
On May 9, 2019, the Financial Crimes Enforcement Network (FinCEN), issued new “interpretive guidance” about how its regulations apply to businesses that conduct money transmissions in virtual currencies. In summary, a money services business (MSB) needs to register with FinCEN, (which is free and done through Form 107); get an AML compliance policy that specifies…
Cryptocurrency exchange Binance has revealed that it will be revamping its security network to prevent a recurrence of the 7,000 BTC hack it experienced on May 78, 2019. Per a blog post on its official website, the exchange announced that it will be implementing “significant” changes to its fundamental security infrastructure, including its two-factor authentication…
The U.S. Securities and Exchange Commission (SEC) has posted a new proposal from Crescent Crypto Index Services, a subsidiary of Crescent Asset Management, for the launch of a crypto-backed exchange-traded fund (ETF). According to the application, the company, which is based in New Jersey, will be looking to monitor the performance of a portfolio of…