roadrunner

Leading US-based cryptocurrency exchange Coinbase announced it will launch operations in Japan yesterday. The exchange will be partnering with Mitsubishi UFJ Financial Group (MUFG), a banking institution with more than 40 million customers, to make it easy for residents of Japan to purchase and sell cryptocurrencies. Coinbase Launches in Japan Coinbase, one of the leading cryptocurrency exchanges in the world, has launched operations in Japan, offering part of its products and services to Japanese customers. The blog post communicating the news confirms Coinbase will strive to offer an easy-to-use and regulated cryptocurrency product to users in the country. In this sense, Coinbase stated: In line with our global strategy, we will aim to be the easiest to use and most trusted exchange in Japan that’s fully compliant with local regulations. The company will also evolve products via localization to offer its full line of products to the Japanese market, including advanced trading, Coinbase for Institutions, and more in the future. However, the service will launch offering “a suite of five top assets based on trading volume.” More products are to be added later on. Mitsubishi UFJ Financial Group Partnership Coinbase did not enter the Japanese market alone. The company revealed a partnership with the Mitsubishi UFJ Financial Group (MUFG), a large Japanese bank with more than 40 million customers in the country. The bank will provide direct deposit services allowing its customer base to transfer funds to the exchange quickly through a service called “MUFG Quick Deposit.” The exchange was approved to enter Japanese markets in June through a direct subsidiary by the FSA, the Japanese cryptocurrency regulator. At the time, the regulator approved the platform to conduct trading of bitcoin (BTC), bitcoin cash (BCH), ether (ETH), stellar lumen (XLM), and litecoin (LTC). Coinbase has had eyes set on the Asian country since 2018 when it announced the launch of a local office in Japan. At that time, the exchange stated this movement was part of its effort to accelerate the global adoption of cryptocurrency and vowed to work with regulators to offer the same kind of compliance as in the U.S markets. What do you think about Coinbase launching operations in Japan? Tell us in the comments section below. View the full article

PRESS RELEASE. Singapore – Following the much-awaited launch of the world’s first and only insured (POSI) DeFi token on PancakeSwap, iBG users can now expect the roll-out of yield farming, which will give every member of the community more opportunities at maintaining liquidity and scaling their wealth. Decentralized Finance (DeFi) has created a surge of opportunities for investors worldwide. As more and more people turn their attention towards digital assets and the FinTech revolution, iBG Finance is making it easier for the common individual to make the most out of this space with its official launch. DeFi platforms today are now using a method called yield farming to enable their community to scale their investment and transfer their wealth from one liquidity pool to another to enjoy the most attractive interest rates that they otherwise would not be able to attain in traditional financial institutions. As the industry continues to disrupt industries across the board and grow at an unheard-of pace, iBG Finance’s smart wealth management app, iBG Robo Advisory aggregates cutting-edge AI and machine learning technologies, along with robust security protocols to provide users with the first & only Insured (POSI) DeFi token in the world today. After the inaugural launch on the Binance Smart Chain, iBG users can now expect the following improvements to the smart wealth management app’s user experience along with the ability to earn even greater interest through yield farming: Unparalleled investor safety and security with the (POSI) insurance, fully reinsured by Lloyd’s of London Syndicates Token availability on Pancake Swap Efficiency and flexibility in transferring and managing DeFi assets through the upcoming iBG Robo Advisor app. Recognizing the risks often associated in DeFi and yield farming, iBG Finance’s strategic rollout and efforts ensure robust security features to prevent any rug pulls. As the first and only insured (POSI) DeFi token globally, this is a critical step towards guaranteeing that users can participate in yield farming in a safe ecosystem, without the threat of any scams or security breaches. iBG tokens are built to work with its Robo Advisor to ensure token holders are always earning yield from their tokens. These tokens will remain staked for most of their digital lives to ensure that the demand for the token continues to soar. With its strong tokenomics, robust security features, and the ability for yield farming on PancakeSwap, iBG continues its pioneering innovations to give the average user the chance to navigate through the complex world of DeFi. iBG is the only (POSI) insured token in the world today and continuously implements security measures to an already safe system to guide every user to participate in fully audited APY paying protocols. With our availability on the Binance Smart Chain, our investors can be guaranteed that iBG have strategically laid out all of the necessary frameworks, protocols, and security measures to help our investors to scale their wealth in DeFi.” – Dr Vin Menon, Co-Founder of iBG. — For more information about iBG, please visit ibg.finance or follow For the latest updates from iBG, follow them on social media: Facebook Page: facebook.com/ibgfinanceofficial Facebook Group: facebook.com/groups/ibgfamily Telegram: t.me/ibgfinance Twitter: twitter.com/IbgFinance #DeFinitelyiBG This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Global cryptocurrency exchange Binance has made regulatory compliance its top priority. The exchange is on a hiring spree to “significantly” add to its compliance and legal teams. “We are going through a pivot from a technology innovator into a financial services company, so we need to be fully compliant,” said the CEO of Binance. Binance’s Regulatory Compliance Plans Binance is focusing on regulatory compliance as the exchange pivots from a technology startup into a financial services company, CEO Changpeng Zhao (CZ) explained in an interview with Bloomberg TV Tuesday. Commenting on crypto regulatory efforts in the U.S., he said: “The U.S. is very mature on the crypto regulation part. They are leading now. They have a cryptocurrency exchange listed on Nasdaq which is very positive.” The executive continued: When the new crypto regulations come in, many of them will be somewhat restrictive. That’s kind of expected. But over time, we do think that regulations will adjust with market demand, and hopefully will get better. “I believe, right now, all the regulators around the world view crypto as financial instruments one way or another,” he further opined. The CEO said that he spends almost all of his time, which is “probably 80% or more,” on compliance, noting that he is “not really involved in the day-to-day operations of the exchange.” Zhao explained: We are going through a pivot from a technology innovator into a financial services company, so we need to be fully compliant. He named some priorities Binance is focusing on in order to become compliant. “We have to hire a lot more people,” he began. “We need to hire people with regulatory compliance experience and very senior people that can bring teams in. We need to significantly … increase the size of our compliance, legal teams.” Binance announced Wednesday that it has hired Greg Monahan, former U.S. Treasury Criminal Investigator, who joins the organization as a Global Money Laundering Reporting Officer (GMLRO). Earlier this month, former acting Comptroller of the Currency, Brian Brooks, stepped down as the CEO of Binance US due to “differences over strategic direction.” Zhao also explained that Binance needs to ditch its decentralized vision. “We were shooting for the decentralized organizational structure which does not work with regulators … Now, we are establishing headquarters, proper structures, proper governance, proper audits, etc.” Furthermore, the CEO said: “We need to make sure that all of our products are fully compliant … This is why we’ve been limiting our futures, derivatives products in most of Europe and some parts of Asia as well.” Next, he said Binance needs “to apply for licenses,” emphasizing that it is “very important” for the company “to communicate with the regulators” and “request regular meetings where we proactively update them on what we do.” A number of regulators worldwide recently issued warnings about Binance. They include regulators in the U.K., Japan, Malaysia, Thailand, Germany, Cayman Islands, Lithuania, and Hong Kong. What do you think about Binance’s compliance plans? Let us know in the comments section below. View the full article

Minneapolis Federal Reserve President Neel Kashkari says crypto is “95% fraud, hype, noise, and confusion.” He added, “I’ve not seen any use case other than funding illicit activities like drugs and prostitution.” Federal Reserve Bank of Minneapolis’ President Says Crypto Is ‘95% Fraud, Hype, Noise and Confusion’ Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, talked about bitcoin and cryptocurrency Tuesday at the Pacific Northwest Economic Regional Annual Summit in Big Sky, Montana. Responding to a question about cryptocurrency given what Miami is doing with bitcoin and its own recently launched Miami coin, Kashkari said: I was more optimistic about crypto or bitcoin about five or six years ago. So far, what I’ve seen is 99% … Let me be charitable, 95% fraud, hype, noise and confusion. He also does not see any legitimate use case for bitcoin. “I’ve not seen any use case other than funding illicit activities like drugs and prostitution. I have not seen any use case that is legitimate so far that bitcoin solves. But if you want to launch Montana coin, don’t let me stop you,” the Fed official said. Some other government officials have voiced similar concerns. U.S. Treasury Secretary Janet Yellen said earlier this year that “Cryptocurrencies are a particular concern,” emphasizing that “many are used, at least in a transactions sense, mainly for illicit financing.” The president of the Minneapolis Federal Reserve Bank continued: “If you go in your basement, and you want to start producing your own currency, the secret service is going to come knock on your door and put you in handcuffs.” He added: “There is no barrier to you creating your own bitcoin or me creating my own — I’ll call it neelcoin.” Commenting on the sheer number of cryptocurrencies on the market, Kashkari opined: There are thousands of these garbage coins that have been created. Some of them are complete fraud, Ponzi schemes, where they pump it up, they dupe people to invest money and then the founders rip them off. In February, Kashkari similarly said that bitcoin and other cryptocurrencies were “like a giant garbage dumpster.” What do you think about the comments by the president of the Federal Reserve Bank of Minneapolis? Let us know in the comments section below. View the full article

On August 17, the decentralized exchange (dex) aggregator 1inch announced the platform will leverage the Layer 2 solution called optimistic rollups provided by the project Optimism. The collaboration with Optimism aims to “substantially increase transaction speeds and lower gas fees for 1inch users.” 1inch to Use the L2 Solution Optimistic Rollups via Optimism Gateway Ever since the Ethereum network has been dealing with transaction congestion and much higher fees in 2021, innovations revolving around Layer 2 (L2) scaling solutions and sidechains have been pushed to the forefront of conversations. For instance, sidechains like the Binance Smart Chain (BSC) and Polygon (formally Matic) have been leveraged to stave off expensive ether gas fees. Other concepts include protocols that are not as battle-tested as the leading sidechains, but show the promise of reducing ether fees and network congestion. One specific concept called “optimistic rollups” has been a very popular L2 solution and there are two teams looking to provide the solution to the general public. Arbitrum and Optimism are the two leading projects that have been developing optimistic rollup solutions. Bitcoin.com News reported on Arbitrum’s upcoming launch this month and Arbitrum One, which will give users real-time information on all the blockchain projects leveraging Arbitrum. Furthermore, Bitcoin.com News reported on Reddit’s decision to leverage Arbitrum as well for the company’s community tokens. 1inch Co-Founder: Optimistic Ethereum Is a Highly Promising L2 Solution Focused on Scalability A number of projects will also be leveraging the solution offered by Optimism, as the dex aggregator 1inch explained on Tuesday, the protocol would be using Optimism’s optimistic rollup tech. On Optimism’s web portal the project notes that Uniswap uses the project’s solution and users can access a gateway from the website. The announcement from 1inch on Tuesday explains that the goal is to increase transactions and lower fees for 1inch users. The co-founder of 1inch, Sergej Kunz, is a proponent of optimistic rollups and spoke highly about Ethereum’s L2 solution. “Optimistic Ethereum is a highly promising L2 solution focused on scalability, and the 1inch launch on Optimistic will facilitate a dramatic increase in transaction speed,” Kunz remarked during the announcement. 1inch detailed that the initial throughput offered by Optimism will allow for 0.6 transactions per second. “However,” the 1inch team says. “Transactions on Optimistic are set to become faster as the project’s team tests and optimizes its infrastructure as part of a strategy to build a low-cost, high-speed solution perfectly suited for DEX trading.” What do you think about the dex aggregator 1inch choosing to leverage Optimism and optimistic rollups? Let us know what you think about this subject in the comments section below. View the full article

President Vladimir Putin has tasked several ministries and the central bank to prepare to verify information provided by government employees about their digital asset holdings. The order comes as part of a new plan to combat corruption which was recently approved by the Russian leader. Authorities to Inspect Crypto Disclosures Filed by Russian Officials as Putin Approves Anti-Corruption Plan Russian President Vladimir Putin has signed a decree approving the country’s National Anti-Corruption Plan 2021-2024. As part of the new strategy, the Russian head of state has instructed the ministries of finance, labor and digital development, along with the central bank, to propose inspections of officials who are obliged to disclose their digital assets and currency. The government departments and the Bank of Russia have until Nov. 15 to submit their proposals, the Russian business news portal RBC reported. The eventual checks must be able to properly establish how accurate and complete the data provided by the officials regarding their cryptocurrency investments actually is. The institutions will have to also analyze the practices currently in place for the disclosure of information about the ownership of digital assets and the controls over expenses for their acquisition. The deadline for this task is Sept. 20, 2023. And before July 15, 2024, the Prosecutor General’s Office should present initiatives aimed at suppressing corruption related to digital financial assets, digital rights (tokens), and cryptocurrency, the report details. Private Crypto Investors Shouldn’t Worry for Now but the Noose is Tightening, Experts Warn Last year, Vladimir Putin signed an order compelling government employees to declare their cryptocurrency holdings. Russian officials were required to submit detailed information about where they bought the digital assets as well as their value by June 30, 2021. The obligation also applies to their spouses and children as well as candidates for public office and their families. Ordinary crypto investors have nothing to fear for now, but they shouldn’t relax either, according to Efim Kazantsev, an expert at Moscow Digital School. The regulatory process regarding the cryptocurrency space in the Russian Federation “follows a path of tightening the screws,” he commented while also noting: The state’s desire to take the crypto sphere under tight control is visible to the naked eye. In the Russian law “On Digital Financial Assets,” cryptocurrency is also defined as property that’s subject to declaration and oversight in terms of the origins of the funds spent for its acquisition, pointed out Roman Yankovsky from the Moscow branch of the Russian Lawyers Association. He emphasized that despite the new presidential decree is not targeting private investors directly, it can affect all market participants. Do you expect the Russian government to eventually go after ordinary crypto investors? Share your thoughts on the subject in the comments section below. View the full article

PRESS RELEASE. Top6 Derivatives Exchange Bitget has launched a Global Ambassador Program in its latest announcement. Any crypto enthusiasts, professional traders, crypto community leaders and KOLs can apply to become a Global Ambassador of Bitget. Successful applicants can engage in community development of Bitget and share profits from its growth. What is a Global Ambassador? The past year has witnessed an excellent performance of Bitget in market expansion thanks to its efforts in compliance and localization. To better accommodate the rapid development of global markets and serve local users, the platform launches the Global Ambassador Program to attract more powerful partners to join its community. The opportunity is open to crypto lovers, professional traders, social media community leaders and KOLs across the globe. Global Ambassadors, preferably local people, are expected to create local communities on behalf of the platform and introduce its products and services to potential users. They can also collect feedback from users and negotiate better user benefits. In return for their contribution to community operation, Global Ambassadors can be exposed to more industry resources and get a commission much higher than the average industry level. “We are more than happy to share our growth with our partners. We never skimp on this,” says Sandra, global CEO of Bitget in an interview with Blockchainus, “The blockchain technology is still in its early stages. In the future, it will offer young people even greater opportunities to outperform their peers. Our Global Ambassador Program aims to engage talented partners across different regions to explore future possibilities, grow together and share the profits.” What should a Global Ambassador do? With the mission of “Better Trading Better Life”, Bitget is dedicated to providing liberal, ultimate and fair trading services to global users. To become a Global Ambassador, you need to recognize this mission, and the cultures and core values of Bitget. That means, when acting on behalf of the platform, you need to adhere to the principles of “Customer Driven & Always Honest, Open to Collaborate” — always put users first, ensure compliance with the laws and regulations, never do anything evil and never harm the interests of partners. Global Ambassadors are also expected to participate in product training courses provided by Bitget. This will allow them to know more about the products and services so that they can deliver the correct message to users and help them with their transactions. Meanwhile, they need to be active in their own social media community, organize regular events to promote Bitget. They should also collaborate with the operational team to keep the community dynamic, maintain the brand image and answer simple business-related questions raised by users. Ambassadors can also add value to Bitget by creating content to promote its brand awareness and attract new users. They need to be capable of building up trading volumes for their team. What’s more, as the bridge between users and the platform, they should pass the needs and feedback of users to Bitget and offer their constructive advice. Benefits of becoming a Global Ambassador 1．Earn up to 50% of commission on every trade made by new users registered through your unique referral code 2．Get regular bonuses of BFTs as dividends from Bitget 3．Opportunity for community members to get rewards for registration and deposits. 4．Opportunity for community members to win bonus out of trading competitions 5．Participate in various social events on behalf of Bitget and gain exposure to rich industry resources 6．Participate in regular product training to get hands-on information about Bitget. 7．Get exclusive Bitget merchandise on a regular basis. Why choose Bitget? Established in July 2018, Bitget has become the fastest growing derivatives exchange in the world, with over 1.6 million registered users. According to CoinMarketCap, a world-renowned website for cryptocurrency markets, the average daily trading volume of Bitget has exceeded $5 billion, ranking the sixth after two professional derivatives exchange FTX and Bybit, and the top3 traditional comprehensive exchanges: Binance, OKEx and Huobi. With its innovative products and an increasingly robust ecosystem, Bitget has gained a sound footing amid ferocious and homogeneous competitions in just three years. Following the launch of USDT-Margined Futures, One-Click Copy Trade and Quanto Swap Futures, the platform announced this April its full acquisition of decentralized wallet Bitkeep to lay a solid foundation for its future development in this segment. There is no doubt that the wallet will become an important part of its ecosystem and help Bitget reach more global users. As one of the players in the crypto world, Bitget will uphold the principles of cooperation and shared success, doing its best to share profits with collaborators, build a robust ecosystem with joined efforts and offer high quality products and services to users. “Bitget is in a phase of rapid development. We welcome more crypto lovers worldwide to join us. By recruiting Global Ambassadors, we look for people who can be our partners and work with us for mutual achievements,” says Sandra, CEO of Bitget. If you are interested, don’t hesitate to get in touch with Bitget via ambassador@bitget.com. An account manager will introduce more details about the program and invite you for further communication. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Larry Dean Harmon, founder and operator of the bitcoin mixing service Helix has pleaded guilty on Wednesday to money laundering charges. Harmon’s guilty plea follows the U.S. Treasury’s Financial Crimes Enforcement Network (Fincen) fining Harmon $60 million last year. Helix Operator Pleads Guilty to Money Laundering, Conspiracy Charges According to several reports and a court-issued plea, Ohio resident Larry Harmon (38) pled guilty in a D.C. federal court on Wednesday for money laundering and conspiracy charges. Harmon detailed in court that he plans to cooperate with federal authorities after being accused of operating the bitcoin (BTC) mixing service called Helix from 2014 to 2017. U.S. prosecutors said that more than $300 million in bitcoin was transferred into Helix and sent out in an anonymous fashion. However, Charles Flood, the defense attorney for Harmon claims that the operator used a “double-blind system” so he was fully unaware of how much BTC was funneled through Helix. “One interesting thing about this case is there was a double-blind system Harmon had set up with Helix,” Flood said in the federal courtroom on Wednesday. “While he completely acknowledges that he violated the law and was in fact laundering money and knew it was drug proceeds … he does not know the exact amount laundered,” Flood added. Sole Purpose of Bitcoin Mixer Was to Conceal Criminal Transactions, Feds Aim to Seize 3 Properties In a U.S. Justice Department press release issued on February 13, 2020, Don Fort, chief of IRS Criminal Investigation explained that it was Harmon’s intent to obfuscate funds. “The sole purpose of Harmon’s operation was to conceal criminal transactions from law enforcement on the Darknet, and because of our growing expertise in this area, he could not make good on that promise,” Fort remarked at the time. The U.S. government is seeking the forfeiture of three specific properties Harmon owns in Ohio. The court-issued plea explains the federal government wants Harmon’s two properties in Akron, Ohio, and the property he owns in Aurora, Colorado as well. “It was the goal of the conspiracy for the defendant. Harmon, and other co-conspirators to unlawfully enrich themselves by operating a bitcoin money-laundering service which would conceal and promote illegal Darknet drug sales and other illegal activity,” the Justice Department’s paperwork notes. Harmon also pleaded guilty to conspiracy charges that are tethered to the former darknet marketplace giant Alphabay. On or about November 8, 2016, a Federal Bureau of Investigation (FBI) agent working undercover “transferred 0.16 bitcoin from an Alphabay bitcoin wallet to Helix.” The agent then exchanged the BTC in a manner so it was not “directly traceable to Alphabay,” the court statement notes. What do you think about the Helix founder and operator pleading guilty to money laundering and conspiracy charges for his bitcoin mixing service? Let us know what you think about this subject in the comments section below. View the full article

The war in Afghanistan has been an extremely long conflict since the United States invaded the country in 2001, in order to drive the Taliban from power. After a messy exit, the U.S. occupation in Afghanistan has been compared to mistakes made during the Vietnam War. Now that U.S. forces have left Kabul in great numbers, reports show that the New York branch of the Federal Reserve has confiscated $10 billion worth of the Afghanistan central bank’s assets. Moreover, last week the Biden administration halted dollar shipments that were headed to Afghanistan. America’s ‘Messy’ Afghanistan Exit Transforms Into Financial War The Afghanistan War that the U.S. participated in has been a long-running foreign policy embarrassment for American bureaucrats who backed the invasion. 2021’s “fall of Kabul” has been a messy exit and critics of the United State’s military-industrial complex have compared the Afghanistan War to the Vietnam War. Addressing the American public, president Joe Biden explained that despite the “messy” exit, “there was never a good time to withdraw U.S. forces.” Since U.S. forces left last week, there’s been a shortage of U.S. dollars. However, since the exit, the number of U.S. troops being sent back to Afghanistan has risen to 6,000. Additionally, the U.S. is still leveraging financial warfare as the Afghanistan central bank’s $10 billion in assets are being held by the U.S. and allied forces. According to reports, the central bank of Afghanistan’s assets included $1.3 billion in gold and $361 million in international currencies. Afghanis have zero access to these funds because the assets are being held in financial institutions like the New York branch of the Federal Reserve (FRBNY). There is (or rather was) $160 million worth of gold bars and silver coins held at the Afghanistan bank's vault at the presidential palace. — zerohedge (@zerohedge) August 18, 2021 FRBNY holds afghani gold bars worth $1.3 billion which account for more than half of the Afghan central bank’s gold reserves. A consolidated statement indicates that FRBNY holds roughly $6.1 billion of all assets. The Afghan central bank won’t be seeing these funds any time soon as the American government believes it would fall into the hands of Taliban forces. Moreover, last week the Biden administration halted shipments of U.S. dollars being sent to Afghanistan to keep the funds away from Taliban members. NY Fed, US Banks, and the Biden Administration Work to Prevent Access to Afghani Funds Sources familiar with the matter say the U.S. has an Afghani financial blockade set up as the Federal Reserve and other U.S. financial institutions are “working to prevent” access to the funds. For some reason, the Biden administration and allied forces wholeheartedly believe the bank assets of the Afghan government should be policed and sanctioned. “Any central bank assets the Afghan government has in the United States will not be made available to the Taliban,” a Biden administration official remarked to the press. AFGHANISTAN CENTRAL BANK HAS $10 BILLION IN ASSETS, BUT A MAJORITY OF THE FUNDS ARE HELD BY THE FEDERAL RESERVE IN NEW YORK -RTRS And now the gold is gone. All gone — zerohedge (@zerohedge) August 17, 2021 The added forces since the so-called departure from Afghanistan and the economic sanctions show the U.S. is not willing to pull out from policing the world so easily. Afghanistan will likely have issues with the financial system monopolized by the global central banking system the same way many other nation-states are excluded because of the opinions of the American bureaucracy. Nation-states like North Korea, Venezuela, Turkey, Iran, and now Afghanistan will feel the wrath of financial weaponry and economic exclusion. The subject of the Biden administration halting dollar shipments this past week was a popular topic on the bitcoin-focused Reddit forum r/bitcoin. Many believe Satoshi Nakamoto’s invention was created to bypass the opinions of financial central planners and the whims of bureaucrats. What do you think about the U.S. Federal Reserve and Biden administration continuing to police Afghanistan with financial weaponry? Let us know what you think about this subject in the comments section below. View the full article

Government watchdog Empower Oversight has requested internal documents from the U.S. Securities and Exchange Commission (SEC) on cryptocurrency that potentially show conflicts of interest at the commission involving former high-level officials. This affects the commission’s lawsuit against Ripple Labs and its executives. SEC’s Conflicts of Interest Involving Bitcoin, Ether, XRP, Ripple Empower Oversight Whistleblowers & Research (Empower Oversight) announced Wednesday that it has submitted a detailed request under the Freedom of Information Act (FOIA) to the U.S. Securities and Exchange Commission (SEC) “seeking communications between SEC officials and their current and former employers.” Empower Oversight is “a nonprofit, nonpartisan educational organization dedicated to enhancing independent oversight of government and corporate wrongdoing,” its website describes. The organization “works to help insiders document and report corruption to the proper authorities while also seeking to hold authorities accountable to act on those reports.” In his letter to acting Chief FOIA officer Olivier Girod, Empower Oversight founder Jason Foster wrote: “We write today seeking information regarding the appearance of conflicts of interest by former high-level officials at the SEC relating to cryptocurrencies.” The government watchdog explained that from May 2017 to December 2020: Senior SEC official William Hinman reportedly participated in the SEC’s regulation of cryptocurrencies while receiving millions of dollars from his former employer, the law firm Simpson Thacher. The group explained that “Simpson Thacher is a part of the Enterprise Ethereum Alliance, an industry organization whose objective is to drive the use of Enterprise Ethereum.” Furthermore, Empower Oversight alleged that “Hinman, while in his capacity at the SEC, declared that the Ethereum cryptocurrency, ether, was not a security, causing its value to rise significantly,” adding: Later, the SEC sued one of Ethereum’s competitors, Ripple, declaring its cryptocurrency, XRP, was a security. Shortly thereafter, XRP’s value plummeted 25%. Noting that after Hinman left the SEC in December 2020, he returned to Simpson Thacher as a partner, Empower Oversight added that “The leader of the SEC division that brought the XRP lawsuit, Marc Berger, similarly left the SEC for Simpson Thacher.” The announcement also mentioned former SEC Chairman Jay Clayton and how he handled cryptocurrency issues while heading the securities regulator. It details: As with Mr. Hinman and ether, while at the SEC, Mr. Clayton declared that bitcoin wasn’t a security, and its value rose. The government watchdog emphasized that the SEC’s lawsuit against Ripple and its executives over the sale of XRP was filed at the end of Clayton’s tenure at the commission. Moreover, after leaving the SEC, Clayton joined One River Asset Management, a cryptocurrency hedge fund exclusively focused on bitcoin and ether, Empower Oversight noted. Do you think there were conflicts of interest regarding how the SEC treated bitcoin, ether, and XRP as well as its lawsuit against Ripple? Let us know in the comments section below. View the full article

Major Dutch football club PSV has signed a partnership deal with a crypto exchange and its sponsorship will be paid entirely in bitcoin. “PSV is the first club in the EU to receive the sponsorship amount in crypto,” said the football club. PSV Professional Football Club Will ‘Hodl’ Bitcoin Major Dutch football club PSV, also known as PSV Eindhoven, announced Tuesday that it will hodl bitcoin with the help of crypto exchange Anycoin Direct. The professional sports club from Eindhoven, Netherlands, plays in the Eredivisie, the top tier in Dutch football. “PSV has signed a unique partnership with Anycoin Direct,” the announcement details, adding: The entire sponsorship amount will be paid in bitcoin. PSV is the first club in the EU to receive the sponsorship amount in crypto. The club worked with crypto technology for the first time earlier this year to sell a non-fungible token (NFT) of its 1988 European Cup 1 final victory against Benfica. Anycoin Direct, a local startup from the Eindhoven area, will be PSV’s “official partner for the next two seasons,” the club confirmed, elaborating, “The main goal is to grow awareness of crypto and Anycoin Direct in Europe.” Anycoin Direct offers the buying and selling of 28 cryptocurrencies. Frans Janssen, Commercial Director at PSV, commented: “The possibilities and the future that the world of cryptocurrency offers is very promising. As a club in the heart of the Brainport region, we are always innovating, cryptocurrency fits well into this picture.” PSV’s announcement adds that immediately after signing the deal with Anycoin Direct, Janssen created bitcoin wallets to facilitate the partnership deal. What do you think about PSV getting its sponsorship paid entirely in bitcoin? Let us know in the comments section below. View the full article

PRESS RELEASE. Crown Sterling’s Crown Sovereign token (CSOV), the world’s first quantum-resistant digital asset, will be listed on Bitcoin.com Exchange in late September. This represents a milestone for both parties, one where Crown Sterling’s (CSOV) token will be listed on one of the world’s leading exchanges, while the Bitcoin.com Exchange team will be the first CEX in the space to list the token. CSOV will trade with BTC and USDT pairs. What is Crown Sterling in a nutshell? Crown Sterling is unlike many other software companies in the space, it delivers Quantum-Resistant cryptography, by means of certain secure communications techniques with it’s random number generators (RNGs), alongside its other encryption products. The company has innovated the well-known and scalable Elliptic Curve Diffie-Hellman (ECDH) encryption software module by replacing vulnerable prime number private keys with high entropy non-repeating irrational number derived private keys. Its purpose, ultimately as a software house, is to change the face of digital security and lead the future of Self-Sovereign Blockchain and NFT technology. Its product suite serves this purpose. By engineering the first viable One-Time Pad encryption module, CrownEncryptOTP (TM), and complimenting it by means of building the world’s first quantum-proof digital asset. The proof, though, is in the product: Next Generations ECDH Quantum Resistant One-Time Pad Cryptography High Entropy Random Numbers Irrefutable Mathematics Data Security NIST Validated Cryptography Products What is CSOV? The Crown Sovereign Token (CSOV) is a cryptocurrency ultimately tied to Crown Sterling’s CrownEncryptOTP, complimenting one another with the utility to ensure the individual and merchant’s protection of sensitive information. Token Holders use CSOV to pay for the (Quantum) secure transmission of their data with each transaction. This is just one example of CSOV’s utility within the Crown Sterling ecosystem, the company created by Robert Grant and his team of mathematicians and physicists. The scope for creating the token was focused around data sovereignty, one aspect the industry needs right now, due to significant privacy and vulnerability issues. It’s time people gain control of their own data once again, which is the primary mission of Crown Sterling and its technologies. Strong Endorsement Danish Chaudhry, CEO of Bitcoin.com Exchange, shared his views on CSOV’s upcoming listing, saying that: “The Crown Sterling team are providing a platform and product suite which is currently something the industry needs, and with such intricacy that you rarely find in the sphere today.” Chaudhry continues on by saying: “We’re very excited to see how CSOV will continue to empower their vision, and gain further outreach with our outstanding community at the exchange once listed in September.” Robert Grant, CEO at Crown Sterling expressed his enthusiasm about the upcoming listing of CSOV onto the exchange, by stating: “We are very excited that with this listing our Self-Sovereign Blockchain and Cryptography products will gain wider market access.” About Bitcoin.com Exchange The mission of Bitcoin.com Exchange is to empower people from all over the world to trade cryptocurrencies with ease and confidence, from first-time traders to advanced trading professionals. With high liquidity, 24/7 multilingual support and dozens of trading pairs, complemented with a high level of security, we offer an attractive platform for trading any cryptocurrency. Within one year since launch, on average, our exchange has been visited by more than 500K active traders per month, and growing. About Crown Sterling Crown Sterling delivers next generation software-based, Quantum Resistant cryptography in the form of random number generators and encryption products. From irrational numbers that modernize existing cryptography, to leading-edge encryption products and developer tools, Crown Sterling is changing the face of digital security with its non-integer-based products. Crown Sterling’s Mission: Personal Data Sovereignty. For more information, please visit Crown Sterling online at www.crownsterling.io. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Employees of Ukraine’s Ministry of Digital Transformation may become the first in the country to get their salaries in digital currency. The National Bank of Ukraine is developing an electronic version of the Ukrainian hryvnia and the ministry is considering the option of using the state-issued coin for remuneration. Government Employees to Be Paid With Digital Hryvnia The Digital Ministry is planning to compensate its employees with Ukraine’s central bank digital currency (CBDC), once the new hryvnia is ready for testing. In a recent interview with online news portal TSN, Minister Mykhailo Fedorov revealed this is among the department’s first initiatives for the digitalized national fiat, stating: We have it on the table as one of the first pilots, the payment of salaries to employees of the Ministry of Digital Transformation in electronic hryvnia. Fedorov pointed out that “Ukrainians rank first in the world in terms of adaptability to virtual assets.” This openness to technology can be one of Ukraine’s main advantages, he noted, which can attract additional investments to the country and its businesses. Source: Mykhailo Fedorov, Facebook. Ukraine was ranked first among over 150 nations in last year’s edition of the Global Crypto Adoption Index by blockchain forensics firm Chainalysis. The government in Kyiv is yet to introduce comprehensive regulations for the country’s expanding crypto space and issue its own digital currency. A draft law “On Virtual Assets,” which was recently revised, is expected to be adopted by the end of the year. Ukraine’s Coin May Be Used for Subsidies and Social Payments Another project to pilot the implementation of the digital hryvnia is to use it in the payment of social benefits and government subsidies. However, Mykhailo Fedorov believes authorities need to test the technology first, in order to gather user experience data and understand how it all works before applying the CBDC in the social sphere. The official emphasized: We are studying the experience of other countries that have launched pilots or are trying to introduce similar electronic currencies. Fedorov, who also serves as Ukraine’s First Deputy Prime Minister, further elaborated that the central bank digital currency comes with the option to employ smart contracts that can potentially limit the misuse of government grants, Forklog reported. All this will depend on the technical implementation of the digital hryvnia, he noted. In a separate interview with financial news portal Minfin, Fedorov’s deputy, Oleksandr Bornyakov, revealed that besides moving forward with the digital hryvnia project, Ukraine is preparing to legalize cryptocurrencies. In July, a survey among representatives of the country’s financial sector indicated that the industry would like the future CBDC to be based on blockchain and used to facilitate transactions in the crypto space. Do you think Ukraine is gearing up to become a hotspot for digital currencies? Tell us in the comments section below. View the full article

Vienna-based crypto platform Bitpanda has announced the firm has secured $263 million in a Series C funding round. The financing was led by Valar Ventures and Leadblock Partners, Jump Capital, Alan Howard, and Redo Ventures joined the investment round. The latest financing gives Bitpanda an overall valuation of $4.1 billion. Crypto Unicorn Bitpanda Is Now Valued at $4.1 Billion After Capital Raise Digital investment platform Bitpanda revealed on August 17 that the company raised $263 million in a Series C investment round. The Austrian fintech unicorn is now valued at $4.1 billion, which is triple the size of the firm’s previous $1.2 billion private valuation. The company says funds will be used to “strengthen” the team, “double down” on technology, and Bitpanda seeks international expansion as well. Bitpanda notes the Series C was signed this month and will need to be cleared by the Austrian Financial Market Authority (FMA). The financing follows Bitpanda’s previous Series B investment round in May when the company raised $170 million. Bitpanda was founded in Austria by Eric Demuth, Paul Klanschek, and Christian Trummer in 2014. The platform now boasts 3 million users and believes it’s “on track to achieve 6x customer growth year over year.” Bitpanda also expects 2021’s revenues to increase sevenfold in comparison to last year’s revenue. “We believed in Bitpanda’s potential from the beginning and we are impressed by the results that Eric, Paul, Christian, and the Bitpanda team have achieved,” Andrew McCormack, founding partner of Valar Ventures said during the announcement. Bitpanda follows a slew of other crypto firms raising millions of dollars including companies like Dune Analytics, Paxos, FTX, Mintable, Bitcoin Suisse, Valr, Coin Metrics, Messari, Truefi, Matrixport, and Lolli. Bitpanda says that after the Series B finance round, the company produced its commission-free stocks product and in June it launched its B2B market called Bitpanda While Label. “We started Bitpanda in 2014 with a clear vision: to bring investing closer to everyone, everywhere,” Eric Demuth, co-founder and CEO of Bipanda said in a statement sent to Bitcoin.com News. “We wouldn’t be here today without the efforts of our talented team members who are constantly rolling up their sleeves to make things happen,” he added. What do you think about Bitpanda raising $263 million? Let us know what you think about this subject in the comments section below. View the full article

Venezuelan authorities have reconnected affected bitcoin miners to the power grid in Carabobo state, after having been disconnected for undisclosed causes. Sunacrip, the cryptocurrency watchdog in the country, mediated between the regional power utility authorities and the affected miners, and managed to exert pressure to reconnect these miners, who were disconnected last week. Venezuelan Bitcoin Miners Reconnected to Power Grid Venezuelan authorities executed a reconnection operation yesterday for a group of affected bitcoin miners. The miners were reconnected to the national power grid after they were cut off last week without an official explanation. Sunacrip, the national cryptocurrency watchdog, mediated between the affected miners and regional authorities in Carabobo state. This closes the bitcoin miner saga that started last week when all officially registered miners in Carabobo were disconnected by the national power company, Corpoelec. The reconnection occurred after miners got together with Asonacrip, a private nonprofit organization that works for the promotion of cryptocurrency in the country, and arranged a meeting with Sunacrip. At the meeting — that happened last week — Joselit Ramirez, head of the institution, promised miners they would be operating again in a 48-hour period. These miners were allegedly disconnected from the power grid due to a power contingency that the region was facing at that time, according to some people familiar with the matter. However, no official explanation has been offered by Corpoelec, the national power company. Licensed Mining The meetings with Sunacrip and subsequent reconnection of power to miners only happened because all of the affected miners were registered and acted under the license of Sunacrip, as national laws mandate. However, there are many mining operations that are not licensed and are less resilient to this kind of event. Until now, several cryptocurrency mining machines have been seized by Venezuelan authorities across the country due to a lack of permits. Sunacrip has been promoting the benefits of mining registration in the country, but there is still opposition due to the distrust that some have in the crypto community toward the government. The occurrence of questionable actions against miners has diminished since Sunacrip established that security authorities could only visit cryptocurrency farms with the presence of one of its officers. What do you think about the reconnection of Venezuelan miners to the power grid? Tell us in the comments section below. View the full article

A Kenyan regulator, the Capital Markets Authority (CMA), has cautioned investors and Kenyan citizens against investing with Fxbitinvest, a bitcoin trading company. The warning was issued after the regulator noted Fxbitinvest’s use of exaggerated return-on-investment promises to lure unsuspecting Kenyans. Unrealistic Promises According to a CMA statement issued on August 12, Fxbitinvest is offering prospective investors a return on investment (ROI) of 400% within a space of six hours. In addition, the regulator also identifies the “paybill numbers” that are being used by individuals behind Fxbitinvest to collect funds from Kenyans. The CMA names persons associated with the company either in their capacity as employees or as owners. The identified individuals and their social media handles are Hassan Juma and Godfrey Koome who are both based in Kenya. The third individual, who is supposedly based in North America, has only been identified as an anonymous director. Aggrieved Investors Urged to Engage Police In addition to advising Kenyans against depositing funds with the bitcoin trading company, the CMA said investors defrauded by Fxbitinvest should contact the Kenyan police. The CMA statement explained: Any investor who has been defrauded because of investing with the company is encouraged to report to the nearest police station with their national identity card, deposit slip or Mpesa statement, any contract that was entered into and other documents to support the claim. Alternatively, the regulator said aggrieved investors can lodge a direct complaint via the online complaints portal or by visiting the CMA’s offices. What are your thoughts on this story? Share your views in the comments section below. View the full article

A young South African electronics engineer has rued his decision to delete a text document containing the keys and password to a crypto wallet that held some 20 bitcoins. According to the engineer, the lost coins had been mined more than ten years ago using a modified personal computer that “boasted an AMD Phenom X3 processor and 512MB RAM.” Low BTC Price and Lack of Exchanges According to a Mybroadband report, the 24-year-old engineer whose pseudonym is Mark Michaels, started mining the cryptocurrency “after reading about the technology on the internet.” At the time, the engineer was only in seventh grade. Although the report quotes Michaels stating he does not recall how long it took him to mine the BTC, it does however note that the value of bitcoin was still far below ($0.08 per BTC) the one dollar mark at the time. This lowly price as well as the lack of crypto exchanges to sell the BTC eventually caused the then-teenage bitcoin miner to lose interest. The engineer explained: Eventually, I got bored of it, as you couldn’t do much else on your PC while it was busy, and the bitcoin you mined was practically worthless. Failed Recovery Attempts It would be some seven years after deleting the file that the engineer would attempt to recover the lost bitcoins. By then, the price of the cryptocurrency had climbed to $1000. The report quotes the young engineer narrating his first, but ultimately unsuccessful attempt to regain access to the coins. He said: I remember collecting all the hard drives, memory sticks, CDs and DVDs in the house and carefully going through each of them. This took around a week. I also tried running data recovery software on my main hard drive, but this was not of much use. By then, that drive had been formatted and reused multiple times. Despite the loss of the bitcoins — which are currently worth more than $900,000 — and the failed attempts to recover them, the engineer said he has since made peace with his hasty decision. He also claims that he never got into cryptocurrency to make money. According to the Mybroadband report, the young engineer now owns various cryptocurrencies, but not in large amounts. He also still mines ETH but only when his “current rig is not in use.” What are your thoughts about this story? Tell us what you think in the comments section below. View the full article

HUMAN Protocol has launched on the Ethereum Mainnet. To complement this launch – which also involved the listing of HMT (the native token of HUMAN Protocol) on FTX and Gate.io on the 10th of August – the HUMAN Protocol Foundation has now released the HUMAN App: the first opportunity for people to earn HMT directly for completing data-labeling tasks, and the first gateway into the HUMAN experience. HUMAN Protocol provides the end-to-end infrastructure – the tools, plugins, integrations, and APIs – to hire, manage, validate, and compensate individuals at scale. It is designed to support the creation of global job markets in which almost any human or machine can publish a job and any Worker with the requested skill set, knowledge, or background can complete the tasks associated with that job. While in theory the Protocol may support any job, the current majority of HUMAN tasks – produced through hCaptcha – involve the labeling of images. These tasks are now available within the HUMAN App, with the successful completion of each rewarding HMT. Through this, the HUMAN App will support the production of diverse, relevant, and less biased datasets, and empower a new generation of AI and ML technologies. This announcement follows the record-breaking CoinList sale of HMT earlier this year. To learn more about HUMAN Protocol, read this introductory piece. The HUMAN App and HMT HUMAN Protocol is designed as a broadly applicable technology, with implications for many industries, including the gig economy – discussed in this piece – and those related to machine learning and artificial intelligence. HUMAN Protocol offers the platform for machines to empower humans by liberating their time and attention, and to increase access to global workforces – and, for those workforces, global opportunity. HUMAN Protocol is a proven technology. Now with the HUMAN App, HUMAN is delivering real-world utility to the HUMAN network and ecosystem. The HUMAN App is the first opportunity for the community to earn HMT for completing data-labeling tasks. On the Protocol, a job may be made up of thousands or millions of tasks. If a job is the production of a dataset, each task is the individually labeled image within that dataset. The HUMAN App is the virtual gateway to the HUMAN experience. While it begins with data-labeling tasks, reflecting the majority of the work currently processed through the Protocol, it is designed to be able to accommodate any type of work, and reward Workers in proportion to the value produced by that work. More than access to opportunity, HUMAN Protocol is designed to facilitate access to the value of opportunity, and of the contributions made by individuals every day. The HUMAN App will allow anyone to be rewarded for completing CAPTCHAs. By incentivizing workforces at a global scale, HUMAN aims to further nurture its community, to provide a clear example of what is possible, and ensure that those labeling images are compensated for their contributions. How it works Individuals earn HMT for activities within the HUMAN App. This begins at registration – which earns 1 HMT – and continues for each job that is completed. For example, 1 HMT is earned for every CAPTCHA solved (that is, each image labeled). Individuals must connect or create a KYC-verified crypto wallet to receive HMT, and to verify their identity. Every image labeled contributes to a machine’s understanding of the world. While, for now, the CAPTCHAs presented are solvable by anyone, HUMAN Protocol is designed for images to become more specialized, and require more specific backgrounds and knowledge sets. To learn more about the HUMAN App, visit the website. For the latest updates on HUMAN Protocol, follow the team on Twitter or join the Discord. Alternatively, to enquire about integrations, usage, or to learn more about how HUMAN Protocol supports machine-learning technologies, get in contact with the HUMAN team. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

The Shenzhen office of the People’s Bank of China (PBOC) has reportedly set out to correct the business activities of about a dozen companies allegedly engaged in cryptocurrency transactions. According to Chinese media, the entities have been targeted in a crackdown on crypto trading in the city. People’s Bank of China Cracks Down on Coin Trading in Shenzhen The branch of China’s central bank in Shenzhen is cracking down on illegal cryptocurrency trading, the Chinese business news outlet Cnstock.com revealed Tuesday. As part of the new campaign, the PBOC has “rectified” 11 companies “suspected of carrying out illegal virtual currency activities,” the report detailed. According to the article, the regulator has also identified a local financial website accused of illegally advertising foreign exchange cash deposit transactions. Furthermore, the People’s Bank of China has investigated eight cases involving illicit online foreign exchange operations and cross-border stock trading. It’s unclear whether the targeted entities have been allowed to continue with their other business activities. According to Chinese crypto journalist Colin Wu, also known as ‘Wu Blockchain’ on Twitter, the PBOC has shut down the 11 firms. The Shenzhen branch of the Central Bank of China recently launched a special crackdown on illegal cryptocurrency trading activities and shut down 11 companies suspected of conducting illegal virtual currency activities. — Wu Blockchain (@WuBlockchain) August 17, 2021 Besides the crypto trading crackdown, the regional office of the Chinese central bank has also embarked on a mission to help consumers and businesses avoid violations of current financial regulations. The initiative includes an educational program devoted to financial risk prevention. The branch has organized teams of experts who will provide door-to-door services to over 3,000 companies in order to improve their handling of foreign currency matters. The regulatory campaign in Shenzhen comes amid an ongoing offensive by the Beijing government against activities related to decentralized digital currencies across the country. It also coincides with efforts to promote the use of the new national digital yuan currency, a CBDC issued by the People’s Bank of China. In May, the State Council, the executive power in China, vowed to turn its attention to cryptocurrency mining and digital asset trading as part of its push to establish control over financial risks and reach its long-term environmental goals. This year, Chinese central authorities reiterated previous warnings regarding the crypto industry. Do you think the People’s Bank of China will expand its crackdown on crypto activities in Shenzhen? Share your expectations in the comments section below. View the full article

Lloyds Banking Group, the British parent company of Lloyds Bank, is currently hiring a “digital currency [and] innovation senior manager,” according to a recent job listing posted to BYP Network. Lloyds is one of the largest financial services firms in the world with close to $500 billion assets under management (AUM). The new digital currency job advertisement highlights the new employee will work with the firm’s mobile banking network with “over 30 million customers.” Lloyds Banking Group Is Hiring a ‘Digital Currency and Innovation Senior Manager’ A job listing published on BYP Network explains that Lloyds Banking Group is in need of a digital currency expert. Lloyds notes that the company’s Payments Liquidity & Settlement team is a newly formed venture unit and the group and “global network of bank relationships” details that they “look towards the future, digital currencies.” The job listing follows the recent surge of Fortune 500 firms that have been looking to hire digital currency experts like Amazon, Apple, and Walmart just revealed it is looking for a cryptocurrency lead as well. “The outlook for digital assets has shifted markedly as a number of factors have converged to make them ready for the possibility of wider adoption,” Lloyd’s job listing says. “Regulatory clarity is improving whilst central banks are actively exploring digital currencies. 86% are running pilots, and certain geographies, e.g. China, are close to going live.” Lloyds Candidate Required to Understand Cryptocurrencies, Ideally Based in Birmingham, Edinburgh, London, Possibly Remote An individual who is interested in working for Lloyds must have a strong payments product background and “first-hand experience and knowledge of digital/cryptocurrencies and related technologies.” The Lloyds’ digital currency expert candidate must be aware of fintech services and the current market. Alongside all those requirements, the candidate must “communicate complex ideas, proposals, issues, and implications in a concise way to colleagues at all levels and to a range of business partners.” Lloyds notes that the base salary for this position is £59,040pa and £87,600pa or $120K. However, Lloyds will also provide the potential employee with benefits such as: A performance related discretionary bonus Generous pension contribution 30 days leave plus bank holidays A flexible cash pot (4% of base salary) to spend on benefits Private health cover Wider corporate benefits and perks Meanwhile, bitcoiners from the subreddit forum r/bitcoin discussed the recent Lloyds job listing for a digital currency expert and one person mentioned the bank gave them issues for purchasing BTC in the past. “I got such a bollocking for trying to buy bitcoin through my Lloyds account. Had to speak to someone from [the] top level fraud team. Got grilled about my long game, volatility etc. I was polite but if I wasn’t so English I would have told them to get f***** and give me my money. Took most of it out though,” the Redditor said. The Lloyds’ digital currency expert job listing further details that if the candidate meets the skill sets mentioned above the bank would “ideally” like the employee to reside in Birmingham, Edinburgh or London. “These locations are our main payment hubs but applicants are welcome from across the UK,” Lloyds’ job listing concludes. However, at the very top of the advertisement, there is a remote icon hinting that the job position could be fulfiled from a remote location. What do you think about the British retail and commercial banking group Lloyds looking to hire a digital currency expert? Let us know what you think about this subject in the comments section below. View the full article

Charles Schwab’s chief investment strategist says she puts faith in the entire U.S. financial system, the banking system, the power of the central bank, and the Federal Reserve more than bitcoin. Charles Schwab’s Strategist Skeptical of Cryptocurrency Charles Schwab Chief Investment Strategist Liz Ann Sonders shared her thoughts on cryptocurrency and the U.S. financial and banking systems on a Yahoo Finance webinar last week. The Wall Street strategist explained that she trusts the U.S. financial system more than she trusts cryptocurrency miners, stating: I still put some faith in the entire U.S. financial system, the banking system, all of its protections, as well as the power of the central bank, the Federal Reserve, to sort of control the fiat currency that is also the global monetary standard and the world’s reserve currency — versus, say, bitcoin miners. Regarding cryptocurrency, she said: “I am an admitted skeptic to some degree. I’m not on either end of the spectrum, meaning I’m a skeptic but I’m not [saying] this is complete nonsense.” She explained that she has been asking one question for a long time, “which is what problem is this solving for?” However, the strategist said, “I have yet to get a very compelling answer.” Commenting on using bitcoin as an inflation hedge, she noted that the cryptocurrency has been around since 2009 but “the only burst of inflation that we’ve gotten since that period of time was during a three-month period where bitcoin was cut in half. So you sort of lose that argument.” The strategist proceeded to raise concerns about bitcoin’s “concentration,” which she considers a significant threat. “The latest data that I’ve seen is the top 2% of bitcoin holders own somewhere between 90% and 95% of bitcoin. And then there’s leverage associated with a lot of this,” she described. The strategist cited “The implosion of Melvin Capital with Gamestop” and “The implosion of Archegos and stocks like CBS Viacom” as examples of what concentration issues could lead to. Noting that crypto could have “underestimated” risk factors, she opined: I think that thread of leverage and concentration arguably can weave its way through a lot of these areas where you’ve seen tremendous amount of speculation. What do you think about the comments by the Charles Schwab strategist? Let us know in the comments section below. View the full article

U.S.-based crypto trading platform Bitfront is going to discontinue services in South Korea before stricter rules for the industry are enforced in September, Korean media reported. The exchange, a subsidiary of Japanese tech giant Line, is currently available to Korean traders. Line’s Bitfront Exchange to Discontinue Services for Korean Cryptocurrency Traders With tighter regulations on the horizon, digital asset exchange Bitfront is reportedly joining those platforms that are planning to pull out of South Korea’s cryptocurrency market. The U.S.-registered entity, which was established by the Japanese messaging app company Line, is going to limit its services in the country next month, Korean media revealed. According to Yonhap, the exchange will stop providing Korean-language service in mid-September. “Citing the tougher regulations, Bitfront also said it will discontinue payments with Korean credit cards on Sept. 14,” the news agency detailed in a report on foreign crypto exchanges “seeking distance” from South Korea ahead of the upcoming changes. Bitfront will discontinue its Korean-language marketing activities via social media channels like “Facebook, Telegram and Line for its Korean clients this month,” the Korea Economy Daily added, quoting industry sources on Tuesday. At the time of writing, Bitfront’s website is still available in Korean. Foreign Crypto Exchanges Leaving South Korea Because of Regulatory Changes The stricter rules, introduced with the revised Special Funds Act which took effect on March 25, will be enforced in September after a six-month grace period. They require crypto trading platforms to register with Korea’s anti-money laundering body, the Financial Intelligence Unit (FIU), by Sept. 24 and cooperate with domestic banks on the issuance of real-name accounts. Failure to comply could lead to blocked access, penalties, and even criminal prosecution. In July, the country’s Financial Services Commission (FSC) warned over two dozen exchanges targeting Korean nationals. Smaller and foreign-based exchanges have found it difficult to secure a partnership with a local banking institution as Korean banks fear exposure to money laundering, fraud, and other crypto-related risks. Starting from Sept. 25, exchanges will be banned from withdrawing money for cryptocurrency trading if they have not implemented real-name bank accounts, Yonhap noted. Binance, the world’s leading cryptocurrency exchange, said last week it’s ending the offering of a number of products and services in South Korea. This decision, announced on Friday, involves the discontinuing of trading pairs and payment options in Korean won as well as peer-to-peer (P2P) merchant applications and Korean language support. On Wednesday, another overseas digital asset exchange, FTX Trading, removed Korean from the language options available on its website. What are your expectations about the future of the crypto trading market in South Korea? Share your thoughts on the subject in the comments section below. View the full article

The Brazilian Federal Police launched Operation Compliance, a probe against cryptocurrency-related money laundering crimes last week. The probe resulted in the execution of several seizure warrants across the country, involving 150 federal policemen active in five different cities. Operation Compliance came about by way of an investigation that identified cryptocurrency-related money laundering crimes on the internet starting in 2018. Brazilian Police Fight Crypto Money Laundering The Brazilian Federal Police were deployed last week to scrutinize several locations that were allegedly linked to cryptocurrency-related money laundering operations. This following an investigation that started back in 2018. Operation Compliance required the involvement of 150 federal policemen, who carried out 34 search and seizure warrants in several cities of the country, including Goiânia, Campo Grande, São Paulo, Laranjal Paulista, Recife, and Vitória. But the Brazilian police did not only limit themselves to the execution of these warrants. The operation also encompassed the issuance of more than 30 orders to block bank accounts and cryptocurrency portfolios by a Federal Court in Goiás. The total amount of funds that were blocked has not been shared by police sources. The preliminary investigation, which started in 2018, identified the activities of a hacker that used different bank accounts to divert funds for cryptocurrency businesses, that were funneled through the bank accounts of the investigated companies. Cryptocurrency Crime Pursued The Brazilian authorities have been very busy when it comes to identifying and pursuing possible cryptocurrency-related crimes. Just in the last month, the Brazilian police seized more than $33 million in a similar probe that investigated the alleged relationship between a group of unnamed exchanges and shell companies. Also, earlier this month, the first sale of seized bitcoin was ordered by a Brazilian federal court. The bitcoins, taken from the alleged Ponzi scheme organization Tradergroup, were sold on one of the exchanges with more liquidity in the country with the intention of reimbursing investors part of the money invested. However, the $1.1 million worth of bitcoin sold was not enough to give all users of the platform the full amount of their investment. What do you think of the swift Brazilian action on cryptocurrency-related money laundering? Tell us in the comment section below. View the full article

On August 17, 24 Hours of Le Mans, the endurance sports car race held annually in Le Mans, France, and the European art collective the Automobilist revealed the launch of the first-ever 24H Le Mans’ non-fungible token (NFT) collection. 24 Hours of Le Mans and the Automobilist to Launch ‘Legends of Le Mans’ NFT collection The sports car race called the 24H of Le Mans is a popular race held every year in France and it’s the world’s oldest endurance car racing event. The first 24H of Le Mans was held in May 1923 and racers leveraged the public roads in the city adjacent to the Sarthe River. On Tuesday, 24H of Le Mans alongside the collective of automotive and motorsport aficionados called the Automobilist, announced the organizations will be dropping the race’s first NFT collection. According to the announcement the collection was crafted by the Automobilist, and the NFTs will be hosted on the blockchain services platform Bitski. The 24H of Le Mans and Automobilist NFTs will showcase “ iconic cars and momentous moments” from the famous race. The Bitski platform says the 24H of Le Mans’ “drop goes live on August 20” at 8 a.m. (PST). This year’s 89th Le Mans’ endurance race in France is starting in three days on August 21-22. 24H of Le Mans’ NFT Drop Will Feature Iconic Race Cars Like the Ford GT40, Jaguar D-Type The “Legends of Le Mans” NFT collection will introduce a number of unique, non-fungible token art pieces and the auction is meant to coincide with the 89th edition of the race. The NFTs will feature iconic cars from across the 1940s to 1970s like the Ford GT40 and the Jaguar D-Type. The fine art “Fords and the Furious,” piece is officially licensed and endorsed by 24H of Le Mans and was designed by the Automobilist. The announcement details that there will be limited edition tributes as well. “Every car and Le Mans edition has its own unique story to tell and through this NFT drop, fans and followers of the motorsport now have the opportunity to own 24H Le Mans officially licensed digital artworks, each with its own unique story represented visually by Automobilist,” says Pavel Turek, CEO of Automobilist. Screenshot of one of the “Legends of Le Mans” NFT collection pieces designed by the Automobilist. 24H of Le Mans and the Automobilist are not the only car and motorsport aficionados that have entered the non-fungible token industry. Well known brands like Porsche, and the Motor Team McLaren have jumped into the NFT fray. Four months ago, Supercar collector Mario Bauer tokenized his limited edition Lamborghini Aventador LP720/4 50th anniversary edition. DeLorean Motor Company (DMC) also launched an NFT collection this year featuring the DMC-12. NFT enthusiasts can even own digital versions of their favorite die-cast Hot Wheels cars. What do you think about the 24H of Le Mans and Automobilist NFT collection? Let us know what you think about this subject in the comments section below. View the full article

The Chinese multinational technology giant, Alibaba Group, has launched a non-fungible token (NFT) marketplace. According to regional reports, the Alibaba NFT platform not only provides customers with the ability to purchase and sell NFTs, but the marketplace also allows people to license and sell intellectual property (IP), as it is copyrighted by blockchain technology. Alibaba’s NFT Market Offers Blockchain Copyright Service Alibaba is a large corporation from China that specializes in internet services, technology, and e-commerce solutions. The company, founded in 1999, quickly catapulted to being one of the biggest in the world with $257 billion in assets under its wing. Alibaba has raked in $21.8 billion in revenue so far in 2021 and the company has been involved with cryptocurrency and blockchain solutions for years now. The billion-dollar company has launched its NFT marketplace this week according to a report published on August 17 by the South China Morning Post (SCMP). It’s worth noting that the Hangzhou-based tech giant also owns SCMP. The report says that the NFTs issued are minted on what’s called the “New Copyright Blockchain” and that it is operated by the Sichuan Blockchain Association Copyright Committee. One of the Alibaba NFT marketplace services is called “Blockchain Digital Copyright and Asset Trade,” and it allows any content creator to copyright material via the blockchain and sell the rights (tokens) as well. The copyright is basically tokenized, and only the owner of the token truly owns the content according to the Alibaba NFT marketplace intro page. SCMP reporter Josh Ye details that the Alibaba NFT platform “already has numerous products listed,” but they won’t see an auction until next month. South China Morning Post, Tencent, Ant Group Launch NFTs Josh Ye also notes that one item is a Star Wars illustration and a painted rendition of Sichuan’s West Pearl Tower. “Each auction starts at 100 yuan (US$15), and bidding requires a 500 yuan deposit,” the SCMP writer notes. The reporter also details that SCMP will be issuing non-fungible token assets similar to American magazine corporations like TIME, USA Today, and Fortune. In addition to Alibaba, the company’s fintech affiliate Ant Group is jumping into the NFT industry and the Alibaba NFT market is connected with Tencent Holdings as well. On the global playing field, Alibaba will have to face challenges from other markets that have raised millions of dollars this year like Rarible, Opensea, and Makersplace. Further, the Crypto.com and FTX-branded NFT marketplaces will also be Alibaba’s competitors. What do you think about Alibaba getting into NFTs and the newly created Alibaba NFT marketplace? Let us know what you think about this subject in the comments section below. View the full article