Switzerland Issues Licenses to Blockchain Businesses, Reaffirms AML Regulations

Switzerland’s financial authority issued new guidance last week, reaffirming its anti-money laundering (AML) rules. The authority also issued its first two licenses to two firms that aim to offer blockchain services.   “Switzerland has always applied the AML Act to blockchain services providers. Such providers are obliged, for example, to verify the identity of their customers, to establish the identity of beneficial owners, to take … Continue reading Switzerland Issues Licenses to Blockchain Businesses, Reaffirms AML Regulations

SEC Settles With Founders of Fraudulent Token Sales

The Securities and Exchange Commission (SEC) has settled with the founders of Bitqyck Inc. after it accused them of issuing two fraudulent token sales. According to a release issued by the federal agency, the founders allegedly defrauded over 13,000 investors of $13 million through two tokens, BitqyM and Bitqy. They were also accused of operating an unlicensed exchange to issue the Bitqy token. Bitqyck agreed … Continue reading SEC Settles With Founders of Fraudulent Token Sales

China’s Central Bank – Backed Digital Currency May Be Delayed

China’s digital currency, which was reported to be launching as early as November 11 earlier this week, may take time. A research team from the world’s biggest crypto exchange, Binance, found that the Chinese central bank does not appear to be very committed to it. The currency does not have a technical roadmap yet, making it difficult to achieve a November 11 launch. China has … Continue reading China’s Central Bank – Backed Digital Currency May Be Delayed

France Cracks Down On Cryptojacking Operation That Infected 850,000 Computers Worldwide

The French police have taken down a global malware network that infected over 850,000 systems, mostly based in Latin America. The hackers employed cryptojacking to use remote computers for mining cryptocurrencies. They also stole personal data from Israeli hospitals and conducted ransomware operations. In this case, the cryptocurrency being mined was Monero and the botnet army responsible for the infection was based in the Paris … Continue reading France Cracks Down On Cryptojacking Operation That Infected 850,000 Computers Worldwide

Self-proclaimed Bitcoin Inventor Craig Wright Ordered to Hand Over Up to $5 Billion of Bitcoin Holdings

Craig Wright, the self-proclaimed and dubious inventor of Bitcoin, has been ordered by a U.S. court to hand over up to $5 billion in Bitcoin holdings to the estate of David Kleiman. Wright claims that he invented Bitcoin along with Kleiman and that they mined several coins together between 2011 and 2013. Ira Kleiman, David’s brother, sued Wright for his share of the mined cryptocurrency. … Continue reading Self-proclaimed Bitcoin Inventor Craig Wright Ordered to Hand Over Up to $5 Billion of Bitcoin Holdings

China May Launch Digital Currency As Soon As November 11

In early August, an official from the People’s Bank of China announced that they were close to launching their cryptocurrency. Yesterday Forbes reported sources as saying that the digital currency could launch as soon as November 11, Singles Day in China. This is the most important shopping day in China and is similar to Black Friday in the US.   Seven companies from the tech … Continue reading China May Launch Digital Currency As Soon As November 11

Messaging App Telegram To Release Gram Tokens to its Users On October 31

Messaging app Telegram is planning to launch its Gram tokens on October 31. According to a New York Times report, the app also plans to make digital wallets available for 200 million (out of a total of 300 million) users on its platform. Telegram envisages Gram tokens as a payment mechanism for user transactions on the Telegram Open Network (TON) – a blockchain-based payment system. … Continue reading Messaging App Telegram To Release Gram Tokens to its Users On October 31

Five Drug Dealers Who Used Crypto Sentenced to Prison

U.S. district courts have sentenced five drug dealers, who used cryptocurrencies to evade authorities and conduct illegal transactions, to prison sentences ranging from 5 to 20 years. Four of the criminals were sentenced in Arizona, while a fifth, Wyatt Pasek, based in California was sentenced to 17.5 years for drug-related offenses. A False Sense of Security According to the Department of Justice release, the four … Continue reading Five Drug Dealers Who Used Crypto Sentenced to Prison

Facebook Adds Another Lobbyist To Convince Congress About Libra

Even as U.S. lawmakers remain unconvinced about the merits of its crypto-and-blockchain venture, Facebook is ramping up its lobbying efforts in the nation’s capital.  The social media behemoth is reported to have added FS Vector to its growing list of lobbyists. John Collins, who previously worked as the head of policy at Coinbase, leads the company. The latest move after a Switzerland trip by U.S. … Continue reading Facebook Adds Another Lobbyist To Convince Congress About Libra

Binance Starts Crypto Lending Program

The world’s biggest cryptocurrency exchange Binance has started a crypto lending program with teaser rates of between 7% to 15%. The teaser rates are for BNB (Binance exchange’s token), Tether, and Ethereum Classic, and they are valid for a limited 14-day period. In crypto-lending, users lend their idle cryptocurrency to exchanges or service providers for a certain period of time and earn interest on it. … Continue reading Binance Starts Crypto Lending Program

BOE Governor Carney Makes Case For Digital Currency Spanning Borders

Mark Carney, Governor of the Bank of England, wants to replace the dollar’s dominant role in the global economic system with a cryptocurrency controlled by public authorities. He made the suggestion at a gathering of governors of the U.S. Federal Reserve in Jackson Hole, Wyoming. The Case for a Synthetic Hegemonic Currency (SHC)    Carney’s suggestion of a global currency spanning borders comes at a … Continue reading BOE Governor Carney Makes Case For Digital Currency Spanning Borders

LA Man Pleads Guilty to Running Crypto Money Transmission Service Without License

A Los Angeles – based 25-year-old man, who ran a bitcoin exchange service, has pleaded guilty to owning and running a money transmitting service without license. Federal authorities accused Kunal Kalra of using the crypto exchange service to transact up to $25 million in cryptocurrency and cash for various people, including drug dealers from the Dark Web. The lawsuit further alleged that the criminals and … Continue reading LA Man Pleads Guilty to Running Crypto Money Transmission Service Without License

FTC Settles With Four Promoters Accused of Crypto Fraud

The Federal Trade Commission has settled with four promoters accused of running fraudulent crypto schemes. Three of the four, Eric Pinkston, Thomas Dluca, and Louis Gatto were involved in two schemes called the MY7Network and the Bitcoin Funding Team. The schemes promised to makes participants rich according to the FTC. The agency also accused Scott Chandler, the fourth person involved in the scheme, of being … Continue reading FTC Settles With Four Promoters Accused of Crypto Fraud

Venezuela’s Biggest Department Store Operator Has Installed Crypto-cash Registers

Traki, the largest department store operator in Venezuela has said that it will install crypto-cash registers at 49 of its retail outlets. The chain plans to collaborate with Pundi X, based in Singapore, to install the XPOS point of sale devices that facilitate crypto payments by shoppers. Pundi X’s CEO Zac Cheah said the partnership with Traki was the exact use case for which they … Continue reading Venezuela’s Biggest Department Store Operator Has Installed Crypto-cash Registers

Tensions Rise In Facebook’s Libra Association Amidst Regulatory Pressure

During a June earnings report, Facebook had cautioned that its blockchain and cryptocurrency Libra may not launch due to regulatory pressure from around the world. That future prospect seems to have become more real with recent developments. After governments and international organizations piled on the project, it is the turn of Facebook’s partners to ratchet up pressure. According to a Financial Times report, three members … Continue reading Tensions Rise In Facebook’s Libra Association Amidst Regulatory Pressure

Rwanda Central Bank Considers Digital Currency

Rwanda’s central bank is investigating the possibility of issuing a digital currency to boost economic growth. A Bloomberg report yesterday stated that the country is planning to learn from the experiences of other nations which are conducting similar explorations. For example, Sweden’s Riksbank is considering issuing a digital version of the Krona, known as e-krona, to cope with a dramatic decline in cash transactions. Singapore’s … Continue reading Rwanda Central Bank Considers Digital Currency

Tether Plans To Launch New Stablecoin Backed By Offshore Chinese Yuan

Tether is planning to launch a stablecoin pegged to offshore Chinese yuan. According to a Coindesk report, the new stablecoin was announced by Zhao Deng, Bitfinex shareholder and OTC trader, on China’s biggest messaging platform WeChat. He also told the publication that the stablecoin’s reserves would be held in Belgium. Deng stated that his peer-to-peer trading platform RenrenBit would support trading and deposits for the … Continue reading Tether Plans To Launch New Stablecoin Backed By Offshore Chinese Yuan

White House Issues Advisories Regarding Opioid Crisis Drug Purchases Made Using Crypto

The White House issued advisories on illegal drug purchases in the US yesterday, specifically addressing the use of cryptocurrencies to purchase fentanyl, a controlled drug. The two advisories were targeted at online payment platforms as well and financial firms. These advisories stated that cryptocurrencies, especially those that were easy to convert to fiat including Bitcoin Cash, Bitcoin, Monero, and Ethereum, could be used for drug … Continue reading White House Issues Advisories Regarding Opioid Crisis Drug Purchases Made Using Crypto

OFAC Sanctions Chinese Druglords Using Bitcoin For Money Laundering

The Office of Foreign Assets Control (OFAC), acting under the Foreign Narcotics Kingpin Act, has sanctioned three Chinese drug lords and their crypto addresses. It is alleged they broke laws related to drug smuggling and money laundering. Fueling the Opioid Crisis  The US Treasury charged Fujing Zheng, Xiaobing Yan, and Guanghua Zheng as “significant narcotics traffickers” and froze their properties within U.S. jurisdiction. Their email … Continue reading OFAC Sanctions Chinese Druglords Using Bitcoin For Money Laundering

Facebook’s Libra Project Is Being Probed by EU Officials: Reports

Facebook’s Libra project, already under fire from regulators around the world, is being probed by the European Union. EU antitrust officials have sent questionnaires to Facebook’s partners in the project requesting details about it, according to reports. “The Commission is in particular concerned about the possible competition restrictions that may result from the Association, especially with regard to information that will be exchanged and the … Continue reading Facebook’s Libra Project Is Being Probed by EU Officials: Reports

How To Pay Crypto Taxes

The Internal Revenue Service (IRS) arrived late to the cryptocurrency party. But it is making up for lost time. In less than a month, the federal agency is reported to have sent out three sets of letters to holders of cryptocurrencies. The first one was an informational missive to 10,000 crypto holders, educating them about their tax liabilities with regards to the asset class. The … Continue reading How To Pay Crypto Taxes