Binance to Offer Bitcoin-Pegged BEP2 Token for Trading

Binance Crypto Bitcoin

Binance has announced the launch of crypto-pegged BEP2 trading pairs starting with a bitcoin-pegged token – BTCB.


Bitcoin-Backed Token to be First Ever Crypto-Pegged BEP2

The crypto exchange giant announced the news via a blog post on its website published on Monday (June 17, 2019). According to the statement, Binance plans to offer crypto-pegged tokens on its DEX platform beginning with BTCB.

Users will be able to trade the BTCB/trading pair. According to Binance, the trading pairs of these BEP2 tokens will always that of a pegged token and its native cryptocurrency.

Binance says each crypto-pegged BEP2 token will be fully backed by the native cryptocurrency. The company says it will also provide the address to the reserve wallet so that interested persons can perform their own personal audit.

Changpeng Zhao, the Binance chief even posted a lighthearted Tweet a few hours before the announcement saying there would be a 9001 BTC transaction originating from the platform’s wallet.

Anyone looking to keep tabs on the reserve BTC funds for the BTCB token can do so via the address provided by Binance. While the transparency is laudable, it also seems like a cheeky dig at fiat-pegged stablecoins especially with an excerpt from the statement which reads thus:

The blockchain offers a much easier way to audit a crypto reserve than a traditional bank balance tether.

Bitcoin-Pegged Coin on Binance DEX

Increasing Liquidity on the Binance DEX

For Binance, launching crypto-pegged trading pairs provides more markets for traders on its platform. This expanded trading catalog, the company believes, will increase liquidity on its DEX platform.

On the whole, Binance expects users to avail themselves of the opportunity to trade tokens not found on other platforms. By so doing, Binance hopes the overall utility of its DEX platform will continue to increase thus maintaining its status as the top-ranked decentralized cryptocurrency marketplace in the industry.

Details published in the announcement show that the trading in the BTCB/BTC pair will have a price spread of 0.1% with primarily large buy orders. To maintain 100% backing for the new trading pairs, the exchange says it will make sure that:

The sum of the buy order and the funds on the published reserve address will be bigger than the total supply of the pegged token, ensuring there is always 100% backing.

Aside from the promise of increased liquidity on the Binance DEX, the launch of crypto-pegged BEP2 tokens also constitutes an extension of the swap used to exchange ERC20 BNB tokens into actual BEP2 BNB tokens.

What do you think about trading crypto-pegged tokens on a DEX? Let us know in the comments below.


Images via Twitter @cz_binance.

The post Binance to Offer Bitcoin-Pegged BEP2 Token for Trading appeared first on Bitcoinist.com.

Source: Bitcoininst

Ethereum Price Analysis: ETH Soon To Record a New 2019 High?

Over the past few days, Ethereum has continued to climb higher and has now reached the May 2019 resistance area between $271 – $279. This area had caused ETH to retrace as the bulls struggled to break above it during May 2019. Ethereum has now increased by a total of 13% over the past 7 days – but some of the technical indicators suggest that the current resistance still may be too strong for ETH.

Ethereum remains the second largest cryptocurrency with a current market cap of around $29.12 billion. The coin has been on an incredible bull run over the past 3 months, increasing by a total of 94%.

Looking at the ETH/USD 1-Day Chart:

  • Since our previous ETH/USD analysis, we can see that ETH/USD continued to climb higher from the $250 support level but has now reached the aforementioned resistance area around $271 – $279. We can see that the cryptocurrency spiked higher toward the $279 level in yesterday’s trading, however, the price was unable to break above this level.
  • From above, if the bulls can break above the upper boundary of the resistance range at $279 – and above $280 – the next levels of resistance lie at $290 and $300. The resistance at $300 is bolstered by a long term bearish .5 Fib Retracement at $298.50 and by a long term ascending resistance trend line which also converges in this area. Above $300, further resistance lies at $315, $334 and $350. If the bulls continue further, higher resistance lies at $361, $380, $400 and $421.
  • From below: The nearest level of support now lies at $260 and $250. Beneath $250, further support lies at $240, $235, $224, $210, and $200.
  • The trading volume has managed to remain pretty high, slightly above the average.
  • The Stochastic RSI is quickly reaching overbought conditions which may suggest that ETHUSD will not break the $279 resistance level on this test as the market may be starting to become overstretched.

ethusd_jun17-min

Looking at the ETH/BTC 1-Day Chart:

  • Against Bitcoin, we can see that ETHBTC has fallen further from the support at 0.03 BTC. We can see that ETHBTC continued to fall until rebounding from the support at 0.02920 BTC to reach its current point at around 0.02935 BTC.
  • From above: The nearest level of resistance lies at 0.02970 BTC and 0.03 BTC. If the bulls climb above 0.03 BTC, higher resistance is found at 0.030 BTC and 0.031 BTC. Above 0.031 BTC, further resistance can be located at 0.0318 BTC 0.032 BTC, and 0.0325 BTC.
  • From below: The nearest level of support now lies at 0.02920 BTC. Beneath this, support is found at 0.02897 BTC, 0.0285 BTC, 0.028 BTC, and 0.027 BTC.
  • The trading volume is pretty lackluster as it remains below average for June 2019.
  • The RSI has recently broken beneath the 50 level to indicate that the sellers have taken control of the market momentum. The Stochastic RSI sits in oversold territory as we wait for a bullish crossover signal above.

ethbtc_jun17-min

The post Ethereum Price Analysis: ETH Soon To Record a New 2019 High? appeared first on CryptoPotato.

Source: Crypto Potato

Hayden Otto Discusses the Rise of North Queensland’s Bitcoin Cash Movement

Hayden Otto Discusses the Rise of North Queensland’s Bitcoin Cash Virality

Bitcoin cash merchant acceptance has grown significantly over the last year according to the BCH merchant directory Marco Coino. One specific region, North Queensland, Australia has an extremely dense population of bitcoin cash accepting retailers. This week, News.Bitcoin.com spoke with Coinspice Executive Editor Hayden Otto about the influx of adoption in North Queensland and how it’s become a hub for bitcoin cash supporters.

Also read: How to Exchange Your Amazon Gift Cards for Bitcoin Cash

North Queensland Loves BCH

Digital currency acceptance is a big deal to bitcoin cash proponents and many supporters work tirelessly every day to get online merchants and brick-and-mortar retailers to accept BCH for goods and services. Right now, according to Marco Coino data, there are three specific regions which have a great number of BCH accepting merchants compared to the rest of the world — Slovenia, Japan, and North Queensland, Australia.

Hayden Otto Discusses the Rise of North Queensland’s Bitcoin Cash Movement

Hayden Otto, Executive Editor for the publication Coinspice, chatted with News.Bitcoin.com this week about the vast amount of BCH support in the northern part of the massive Australian state. Otto can be seen in a number of videos giving people lessons on how to use BCH, promoting bitcoin cash to retailers, teaching people how to use Local.Bitcoin.com, and regularly discussing important BCH topics on social media. The young entrepreneur explained to our newsdesk why North Queensland (NQ) residents prefer the “cash version” of Bitcoin and how other cities and towns worldwide can emulate NQ’s virality for bolstering crypto payments that work.

Hayden Otto Discusses the Rise of North Queensland’s Bitcoin Cash Movement

News.Bitcoin.com (BC): So when did North Queensland (NQ) really start taking off as far as BCH adoption is concerned?

Hayden Otto: There was BTC adoption from 2011 or so that naturally switched to BCH at the fork. Pretty much all BTC held in the region was dumped for BCH in the weeks immediately following the fork. NQ has always been pro the cash version of Bitcoin with good local networks that were immune to Blockstream/Core narratives. I think that long history has meant that BCH adoption hasn’t been an overnight thing, however, something did change in late 2018 where I suspect a critical mass was gained.

BC: Why do you think BCH is so prevalent in North Queensland?

Hayden Otto: Early on, the merchants decided to adopt BCH exclusively. Supporting a single cryptocurrency allows a merchant to adapt quickly with minimal training but the big plus turned out to be that such installations allowed the extraordinary properties of Bitcoin BCH to shine.

Particularly BCH’s speed advantage which has a huge influence on the user payment experience. Merchants supporting Bitcoin BCH were viewed as trendy and modern by customers and the merchants really responded to that energy and engaged the community.

Hayden Otto Discusses the Rise of North Queensland’s Bitcoin Cash Movement
Over the last two years, there have been many photos shared on social media demonstrating NQ’s passion for bitcoin cash.

BC: There’s a video of you using Bitcoin.com’s BCH Register app at the Grand Central Cafe (GCC). Can you tell us how the Grand Central Cafe got introduced to the app?

Hayden Otto: GCC does a lot of BCH business and was originally onboarded with the Bitcoin.com Wallet. When the BCH Register App became available, the local BCH merchant group chose them to trial it.

BC: With so many merchants in the area, what other payment services do people use in the region to pay with BCH in North Queensland?

Hayden Otto: Most merchants simply use the Bitcoin.com Wallet or BCH Register. There were a small number of Travelbybit PoS being used but these merchants have elected to adopt Bitcoin BCH exclusively.

Hayden Otto Discusses the Rise of North Queensland’s Bitcoin Cash Movement

BC: Can you tell our readers about the North Queensland BCH meetup?

Hayden Otto: They always get a good turnout for their meetups and typically it is a combination of merchants, users, and business leaders. There are many smaller meetups that typically occur on a weekly basis and on a less frequent basis they hold a large meetup and organise a speaker to video call in. At their last major meetup, Gabriel Cardona and Corbin Fraser were speakers while Amaury Séchet and Andy Murphy were organized for the one before. With these large meetups, attendees are always sporting custom T-shirts, BCH gadgets, badges or just wearing lots of green.

BC: You’ve filmed a lot of videos onboarding BCH merchants. Can you tell us what drives you to do this?

Hayden Otto: I think emergent_reasons said it best: “We have the morally pleasant benefit of not needing to lie to do great marketing.” I’ll onboard until Bitcoin BCH becomes the first global currency.

Hayden Otto Discusses the Rise of North Queensland’s Bitcoin Cash Movement
Hayden Otto is also well known for appearing in the short film called “The Tale of Two Bitcoins.”

BC: Who owns the BCH mobile with the green Bitcoin Cash symbol that’s posted in a lot of NQ pictures shared on Twitter and Reddit regularly?

Hayden Otto: The BCH car(s) belongs to a local Bitcoin BCH enthusiast who created them from donations and input from local suppliers and made them available to the local BCH community for events or visiting VIPs.

BC: There’s a BCH-only automated teller machine (ATM) in North Queensland correct? Can you tell us about the machine?

Hayden Otto: There are actually many Bitcoin BCH-only ATMs in North Queensland. With recent changes to AML/CTF laws, they have been temporarily withdrawn from service while they are modified for compliance. I have tested the prototypes, they’re great. Watch this space.

Hayden Otto Discusses the Rise of North Queensland’s Bitcoin Cash Movement
NQ has a few Bitcoin Cash mobiles.

BC: What’s your opinion on the current state of BCH adoption right now?

Hayden Otto: Bullish. There are many Bitcoin BCH startups in North Queensland, several with million dollar plus seed capital.

These companies are still mostly in stealth mode but products are beginning to reach test stage. There is a lot of Bitcoin BCH momentum in North Queensland that has yet to be reported on.

BC: How can other towns and cities emulate what’s happening in North Queensland with BCH adoption?

Hayden Otto: There are some simple rules:

  1. Merchants need nothing more than a Bitcoin.com Wallet to get started.
  2. If anybody in your user group wants to purchase some BCH, consider underwriting a merchant instead. Purchasing coins from a merchant is cheaper than getting them from an exchange and the coins stay in the community.
  3. Spend and replace – this costs you nothing but it provides great examples to others. Merchants will start encouraging users with specials and so on.

What do you think about all the merchant adoption in North Queensland, Australia? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Twitter, Hayden Otto, Reddit, Marco Coino, and Pixabay.


Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely.

The post Hayden Otto Discusses the Rise of North Queensland’s Bitcoin Cash Movement appeared first on Bitcoin News.

Source: Bitcoinnews.com

Bitcoin Price Analysis: Bears in ‘Disbelief’

bitcoin price chart analysis

Bitcoin price closed the week at $8,974, up 17.6%, marking a tremendous recovery from the previous week, completely reversing the loss in valuation from the previous week and putting in a new yearly high of $9,391. Let’s take a look whether Bitcoin price can continue onwards and upward and breakthrough the $10k psychological barrier.


Bitcoin Price Weekly Chart

The weekly chart shows the bitcoin price 00 moving from lows of $3,322 to highs of $9,391. This is a staggering increase of 182%, which is reminiscent of some of the moves seen in late 2017.

Although this time it is largely going under-reported in mainstream media and is yet to capture the imagination of the general public, who normally arrive late to the party.

bitcoin price analysis chart

Having found support at $7.5k last week and printing new highs on Sunday, BTC/USD has begun the new week positively, again putting the newly found 2019 highs of $9,391 under pressure.

The VPVR, which illustrates volume traded at price levels, shows that above $9,300 there is very little price history which — as was found below $6k — can result in fast moves while the market attempts to rationalize the relatively unchartered territory.

Therefore, should bitcoin price continue moving upwards and can break through $10k there may still be room to move higher.

The Mac-D continues to trend upwards above zero but is doing so with slightly less conviction as shown by the histogram failing to print a higher high as its signal line catches up with BTC price.  This is something to keep an eye on but nothing to lose any sleep over yet for the bulls.

Should the battered bears re-emerge to put the breaks on in this market, the 100 WMA will likely be the first line of support at the 38.2% retracement – around $7000, with the 50 WMA below that at $5500.

The 100 WMA was an important support level during the parabolic advance from 2015 lows and may prove to hold as support when there is the inevitable correction.

4-Hour Chart

The Monday morning price action has seen the bulls re-enter the market, pushing price back up to test the yearly highs. The main task for the bulls now is to establish support at $9k and find the momentum to break through $10k.

Current price action looks to be following a similar pattern to that which was seen when bitcoin was trying to break through $6k.  Should bitcoin be able to continue finding support above previous highs, a similarly large move of disbelief could occur before the end of June.

As previously reported by Bitcoinst, the next logical target would be as high as around $13k which is where the 61.8% retracement level from the lows back to the 2017 highs is typically where pro-traders will look to start taking profits and put in their short positions.

Crypto Market Sentiment

As reported in last week’s update we remarked that there was a bearish sentiment amongst leverage traders in the market with Bitmex funding being negative and the Bitfinex long-to-short ratio being at parity.

The Long-to-Short ratio has now moved negative to 0.93, having briefly moved positive last week and the Funding rates at Bitmex have reset after reaching relatively high rates last week.

This is important as it is indicative of how the leveraged positions are interoperating the market and should price continue to move upward against the leveraged positions, there will be buying pressure imposed on those who may have bet against the price action.

Nex Bull Target for Bitcoin Price

While it remains to be seen what will happen next for BTC, the market seems to be of the view that $10k may be difficult to overcome – this is the same sentiment which was seen when Bitcoin was “unlikely to break $4k and $6k,” which is a positive sign for those who remain contrarians to the overall market.

The $11- $13k range is now the target for the bulls, with $7.5k and the 100 WMA likely to be key levels to watch over the next couple of weeks.

To get receive updates for the writer you can follow on Twitter (@filbfilb) and TradingView.

[Disclaimer: The views and opinions of the writer should not be misconstrued as financial advice.  For disclosure, the writer holds Bitcoin at the time of writing.]


Images via Shutterstock, Tradingview.com

The post Bitcoin Price Analysis: Bears in ‘Disbelief’ appeared first on Bitcoinist.com.

Source: Bitcoininst

Litecoin Creator Invited to Talk Crypto at $4.6M Warren Buffet Lunch

Warren Buffet Bitcoin Lunch

Tron’s Justin Sun has announced that his first ‘plus one’ for the Warren Buffet charity lunch will be Litecoin Founder, Charlie Lee.


The Litecoin creator tweeted that he was ‘excited about this opportunity to meet a legend’. We believe this refers to Buffett rather than Sun.

It’ll Take More Than Justin Sun To Sell Buffett On Crypto

Justin Sun won the lunch date with noted crypto-sceptic Warren Buffett after bidding $4.57 million in a charity auction. Despite bidding more than $1 million more than the previous record-winning bid, many thought his efforts would be in vain.

Undeterred however, Sun promised to enlist ‘all of the blockchain leaders’ in his quest to convince Buffett of cryptocurrency’s value. Luckily, $4.57 million paid for more than just a single seat at the table, and Sun can take up to seven guests with him.

I’m Thrilled To Invite My Good Friend To Be The 1st Guest

Charlie Lee was the creator of Litecoin, one of the first Bitcoin spin-off coins back in 2011. In December 2017 he sold all of his LTC holdings, citing a potential conflict of interest, to focus on managing the altcoin. Over the past week, Litecoin has been performing incredibly well, as a looming reward halving causes FOMO.

Lee certainly has the knowledge and experience to bring to the table, when it comes to promoting the benefits of crypto.

However, although he will be the first guest to join the group, he isn’t the first person Sun asked.

That honour went to Binance CEO, Changpeng (CZ) Zhao, who unfortunately had to decline the offer.

So Who Will Get The Other Six Golden Tickets?

With Charlie Lee considered a safe pair of hands by most in the crypto-community, it remains to be seen who else Sun will invite along. After all, there are another six chairs to fill.

Will he stick with respected voices in the world of cryptocurrency and investing; the usual suspects who get invited onto TV panel discussions on crypto? Names such as Anthony Pompliano, Barry Silbert, Tim Draper, or Mike Novogratz.

Perhaps that would be the obvious choice; appealing to Buffett through arguments that he can (or should) understand. But wouldn’t it be fun if he went a bit left field with his choices?

What about someone with the more mainstream appeal of Jack Dorsey? Or the softer side of cryptocurrency’s hardcore, Brenna Sparks? I’d like to think that the often alternative perspective of John McAfee would also be a welcome addition. But I fear Buffett would too easily dismiss his opinions as those of a madman, without truly listening.

Mind you, if it’s televised…

Who else would you like to see attend the Warren Buffett lunch? Let us know in the comment section below!


Images via Shutterstock

The post Litecoin Creator Invited to Talk Crypto at $4.6M Warren Buffet Lunch appeared first on Bitcoinist.com.

Source: Bitcoininst

Binance Introducing Bitcoin-Pegged Token To Boost DEX Utility

The world’s leading cryptocurrency exchange doesn’t seem to show any signs of slowing down. Just today, it announced that it will issue a number of cryptocurrency-pegged tokens on its decentralized exchange starting with BTCB – a BEP2 token pegged to BTC.

BTC-Pegged Token on Binance Chain

Earlier today, the CEO at Binance, Changpeng Zhao came up with a tweet saying that 9001 BTC will soon be transferred for a “good thing.” Naturally, this caused immediate curiosity among members of the community, most of which praised the CEO for his transparency, as it’s always the case.

It wasn’t long after Zhao’s tweet the reason became evident. The world’s leading cryptocurrency exchange has announced its very first cryptocurrency-pegged token – BTCB.


It is a BEP2-based one which will be pegged to BTC. Immediately after the announcement, the exchange also explained that this is the reason for the transfer of the 9001 BTC earlier today. It was also clarified that 9001 BTCB tokens were already minted.

BTCB will be 100% backed by Bitcoin and the reserve address can be found here. The announcement also outlines that large buy orders will be maintained on the trading pair on Binance.com and that there will be a price spread of about 0.1%, hence providing an easy way for anyone to convert from the pegged token to the native one on the main exchange.

What’s The Point of a BTC-Pegged Token on Binance Chain?

As detailed in the official announcement, cryptocurrency-pegged tokens on Binance Chain bring a few distinct advantages.

For once, it allows traders on the DEX to receive exposure to coins which have their very own blockchains and are not native on Binance Chain. This should, in theory, also increase the volume and the liquidty, hence substantially improving the overall utility value of Binance DEX.

The announcement details that this can also provide a higher degree of transparency compared to fiat tethering as is the case of USDT, for example, because anyone can publicly audit the reserves at any time they want.

However, the post also says that Binance hasn’t excluded decentralized solutions such as cross-chain atomic swaps and that such are already being developed at the time of publishing the announcement.

Finally, Binance revealed that the BTCB/BTC trading pair will be announced within a “day or so” on the main exchange while issuing a proposal for DEX listing as well.

The post Binance Introducing Bitcoin-Pegged Token To Boost DEX Utility appeared first on CryptoPotato.

Source: Crypto Potato

Three of the Top REITs to Buy Now – One Pays 9%

If you’re looking to make north of 20% on your money each year, you need to know the top REITs to buy.

Real estate investment trusts provide investors with a mouth-watering combination of strong dividends and share price appreciation, creating a one-two punch that can give you market-beating returns every year.

Of course, overzealous investors are more interested in chasing the hottest tech stock or IPO rather than doing what the “smart money” private equity firms do – which is invest in real estate assets.

We can’t blame retail investors – there are more than 225 REITs registered with the SEC that have a combined market capitalization of more than $1 trillion.

7-Day Cash Course: With the secrets in this video series, you could potentially start collecting anywhere from $1,190, $1,313, and even $2,830 in consistent income – each and every week. And it can be yours for only $1…

Knowing where to start and what to buy can be extremely difficult to decide. But lucky for you, we have a secret weapon…

To determine the best REITs to buy, we use the Money Morning Stock VQScore™. This proprietary ranking system tracks 1,500 of the profitable companies in the world and assigns each a score from 1 to 4.

The higher the ranking, the more likely the stock is poised to shoot to the moon.

Today, we uncovered the top three REITs to buy in June 2019.

Each REIT has a monster dividend, significant share price upside, and a VQScore that signals a big return in the second half of 2019.

Here we go…

Top REITs to Buy No. 3

Read more

Blockmodo Lets You Create a Snapshot Cryptocurrency Price Widget

Blockmodo Lets You Create a Snapshot Cryptocurrency Price Widget

Cryptocurrency prices never stop moving, as the market exists in a constant state of flux. There are instances, though, when it’s useful to be able to hit the pause button and view the price of a cryptocurrency at a fixed point in time. For such occasions, Blockmodo’s snapshot widgets provide historical prices that are easy to absorb at a glance.

Also read: Bitcoin.com Just Rebranded – Check out Our New Look

Snapshot Widget Shows Crypto Prices Frozen in Time

If you’re composing an article that addresses cryptocurrency prices at a specific point in time, it may be beneficial to have a visual representation. Until recently, your options were limited to screenshotting the chart and then embedding the image into your report. Blockmodo has now created a snapshot tool that provides a cleaner, lighter and less laborious alternative. Its price widgets page provides the ability to include a snapshot price quote, accompanied by relevant market data. The code can then be embedded into your blog or website as HTML, where it will form an aesthetically pleasing miniature chart.

A snapshot widget can be particularly useful for situations where you want to be able to show context to readers. This might be because a particular digital asset has just experienced sudden volatility or passed an all-time high, for example.

A snapshot of Bitcoin Cash’s price was taken on June 17th, 2019. The price was 429.91 USD with an open price of 427.06 USD. Bitcoin Cash price quote.

Use a Streaming Widget for Real-Time Data

In addition to its snapshot widgets, Blockmodo provides more conventional streaming widgets that display the live price of a particular digital asset. Alternatively, for real-time data on BCH and BTC, Bitcoin.com provides a host of streaming widgets. Our bitcoin cash and bitcoin core widgets have recently been updated to reflect Bitcoin.com’s new branding. Available in white or black, Bitcoin.com widgets are finished in a tasteful green, and provide live updates on the state of the bitcoin markets, pegged to various fiat currencies.

What are your favorite crypto price widgets? Let us know in the comments section below.


Images courtesy of Shutterstock.


Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

The post Blockmodo Lets You Create a Snapshot Cryptocurrency Price Widget appeared first on Bitcoin News.

Source: Bitcoinnews.com

Bitcoin Back In G20 Spotlight As Industry Meets FATF Over Data Demands

G20 Bitcoin crypto

Cryptocurrency exchanges will meet with the regulators who want to treat them like banks at the upcoming G20 Summit – but Bitcoin price has already shaken off concerns.


FATF Meets Its Match

As Bitcoinist reported last week, June 21 sees publication of new material from the Financial Action Task Force (FATF) aimed at cryptocurrencies.

Set to affect what the organization calls “virtual asset service providers” – exchanges, asset managers and more – the FATF’s suggestion has already gained the support of G20 members, and will impact around 200 countries in total.

financial action task force (fatf)

Since hinting about its plans late last year, the FATF has gained considerable criticism from cryptocurrency sources who see a lack of understanding about how cryptocurrency transactions work.

Specifically, demands for exchanges and others to collect and store data about the sender and recipient of transactions are all but impossible to fulfil.

“The people trying to understand Bitcoin are not consulting with anyone who actually understands it and who can put it into a proper context. Bitcoin is not a bank. It is not SWIFT. It is not money. It is just a database,” Azteco CEO, Akin Fernandez commented on Twitter.

BTC To Take Center Stage At Dedicated Event

Ahead of the G20 Summit in Osaka, Japan on June 28, a selection of crypto exchanges will meet with representatives of the FATF in order to voice concerns about its requirements.

The exact nature of the plans remains unclear, with executives seemingly upbeat about the meeting serving as an opportunity for clarification.

“Direct conversations with FATF to clarify the unique natures (sic) of the crypto industry will help to build a mutual understanding of regulatory exposure, and find industry wide solutions to manage such exposures,” Elaine Sun, chief compliance officer at Huobi Group, told financial news outlet FN June 17.

Fernandez had previously echoed calls to circumvent the FATF, arguing it would be in the interests of G20 nations such as the US.

“This is America’s chance to lead the entire world in the adoption of Bitcoin,” he added.

It would mean US companies were the bankers of billions around the world who use Bitcoin services. Mandating that this should not happen at all is short sighted and very unwise.

The meetup appears conspicuous, even garnering its own name, the V20.

On Monday, Bitcoin price 00 had completed a full reversal of its previous downward correction from $9000, hitting new highs not seen since May last year. At press time, BTC/USD circled $9200, having reached as high as $9372 in the past 24 hours.

What do you think about the FATF meeting? Let us know in the comments below!


Images courtesy of Shutterstock

The post Bitcoin Back In G20 Spotlight As Industry Meets FATF Over Data Demands appeared first on Bitcoinist.com.

Source: Bitcoininst

New Rules Make Korean Bitcoin Exchanges Liable for Customer Losses

South Korea Bitcoin

Bithumb is one of five South Korean bitcoin exchanges that has adopted a new directive which mandates that platforms be liable for losses whether not they occur due to negligence on the part of the operators.


Bithumb Adopts FTC Directive

According to The Korea Herald, Bithumb and four other exchanges in South Korea have updated their terms of service (ToS) to reflect a new directive from the country’s Fair Trade Commission (FTC).

This new corrective recommendation stipulates that exchange platforms be liable for issues caused by hacks or system downtime even if such didn’t occur as a result of negligence on the part of the exchanges themselves.

Bithumb’s previous ToS indemnified the platform from any losses due to events beyond its control. This new protocol is likely due to the rampant cyberattacks suffered by bitcoin exchanges in South Korea.

Numerous reports indicate that state-sponsored cybercrime syndicates from North Korea are responsible for these hacks. Security experts believe that Pyongyang is funneling the proceeds of these exchange hacks into its nuclear weapons programs.

North Korea Bitcoin Exchange Hackers

Bithumb, in particular, has been a victim of such hacks with two separate attacks between June 2018 and March 2019. In total, hackers managed to steal more than $45 million.

At the time of the March 2019 hack, there were reports that the attack might have been an inside job. In its Q4 2018 crypto anti-money laundering report, CipherTrace identified internally-orchestrated cryptocurrency heists as one of the emerging risk factors in the industry.

In Japan, the Financial Services Agency (FSA) has directed all exchanges to improve their cold wallet security protocols. This move is to prevent bad actors from within the exchanges to successfully steal stored funds.

The Fate of South Korean Bitcoin Exchanges in 2019

Bithumb and many other South Korean exchanges will be hoping for better financial performance in 2019. Last year, three of the ‘big four’ bitcoin exchanges recorded losses with only Upbit recording a positive annual bottom-line figure.

Bithumb was the worst performing of the lot, recording a net loss in excess of $180 million. The platform’s losses even exceeded that of Korbit and Coinone combined as they both recorded $40 million and $5 million respectively.

Apart from the hacks suffered by the likes of Bithumb, the 2018 bear market also caused steep declines in their revenue earnings. With the trend reversal in this year’s bull market, these platforms should be expecting healthier revenue figures.

Do you think antitrust regulators in other jurisdictions will direct bitcoin exchanges to adopt similar protocols? Let us know in the comments below.


Images via Shutterstock

The post New Rules Make Korean Bitcoin Exchanges Liable for Customer Losses appeared first on Bitcoinist.com.

Source: Bitcoininst