By CCN Markets: U.S. Treasury Secretary Steven Mnuchin said that the G7’s Financial Action Task Force (FATF) organization will never let crypto assets “become the equivalent of secret numbered accounts.” Mnuchin was addressing a plenary session of the G7 initiative aimed at combating money laundering and terrorism financing. The U.S. Treasury Secretary was referring to secretive bank accounts commonly offered in Switzerland as well as other offshore financial hubs where the identity of the account holder is kept secret and a client is only identified by a code word. Mnuchin also disclosed that he had convened a working group comprised
People and businesses in need of crypto-friendly banking now have a new service to try. Cashaa is a London-based online platform that recently launched promising one account for old and new money. Its products are targeted at those who are underserved by traditional financial institutions.
Cashaa Offers Startups Banking and Crypto Payment Services
Opening a first bank account can be problematic for young companies in many jurisdictions around the world. The business accounts offered by Cashaa are designed for small and medium enterprises and startups registered worldwide, not only U.K. or EU-based entities. The accounts will allow them to accept both fiat and cryptocurrency payments.
Mistertango is a platform that provides crypto users and businesses with access to traditional finances. Its services are open for exchanges, investors and others involved in the industry. The crypto-friendly payment processor offers both personal and business accounts that come with the option to create multiple Ibans.
Crypto Exchanges Are Welcome
The Mistertango platform promises private individuals a fast and easy onboarding process. Personal accounts give users the opportunity to manage their online payments across various devices, mobile and desktop, and stay informed about all transactions and balances thanks to real-time notifications.
There’s a new open source bitcoin cash (BCH) wallet called Crescent Cash which uses the Cash Accounts protocol by default. The new application was designed by the programmer Pokkst who built the wallet for simplicity by allowing BCH users to send funds to a specific username as opposed to a long alphanumeric address.
2019 has witnessed a Cambrian explosion of crypto interest schemes. Previously, the only way to make a passive income on your cryptocurrency was through hodling and hoping it would rise in dollar terms, or to operate a masternode for a dubious altcoin. Today’s investors have it a whole lot easier thanks to a string of new savings programs that promise annual interest simply for locking up digital assets.
On March 2, Jonathan Silverblood, the creator of the Bitcoin Cash name system Cash Accounts, published a user-friendly wallet design he’s been working on for a long time. The Cashual Wallet concept is a BCH client specifically designed for ease of use and features the Cash Accounts name system integration.
In this edition of The Daily, Bitmex has updated its Terms of Service. The revised rules prohibit residents of certain countries, including the U.S., from trading digital assets on the platform. Also, the native token of the leading crypto exchange Binance, BNB, has hit a record price against BTC. And in Malta, companies from the crypto industry are facing limited access to banking services.
Money laundering cases related to cryptocurrencies in Japan have increased significantly in 2018. Nevertheless, their number remains a fraction of the total. According to the Japanese press, the majority of reported money laundering instances actually involve banks and other traditional financial institutions.
Most Instances Involve Banks and Credit Card Companies
The number of cases of suspected money laundering linked to cryptocurrencies reported in Japan surpassed 7,000 last year, the Japan Times reported, quoting the National Police Agency. The figure represents a 10-fold increase in comparison with the 669 cases registered between April and December of 2017, when crypto exchange operators were obliged to report suspicious transactions that may be linked to the movement of illicit funds.
Last month, on the 10th anniversary of the Bitcoin genesis block, Bitcoin Cash (BCH) developer Jonathan Silverblood launched his Cashaccount.info platform. The Cash Accounts platform allows users to tether human-readable names to BCH addresses in order to make payments easier. Now the Chinese BCH light client Ifwallet has become the first public wallet with Cash Accounts sending support.
By CCN: Binance, the world’s leading cryptocurrency exchange, has recently put out a statement claiming that the leaked cryptocurrency exchange user know-your-customer (KYC) data isn’t from its users, as it uses digital watermarks on every user picture it collects. Recently, CCN revealed a hacker going by “ExploitDOT” was selling leaked KYC data from cryptocurrency exchange
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By CCN.com: Facebook is lying when it claims it has more than 2 billion monthly users around the world. That’s what tech entrepreneur Aaron Greenspan ― a former Harvard classmate of Facebook CEO Mark Zuckerberg ― alleges in a bombshell report. “Facebook has been lying to the public about the scale of its problem with fake
The post Facebook Has 1 Billion Fake Accounts, Mark Zuckerberg ‘Greatest Con Man in History’: Researcher appeared first on CCN
Banks in India have been closing the accounts of customers they believe have made transactions involving cryptocurrencies. The majority of crypto users in the country, however, have reportedly found a way to avoid their accounts being closed by their banks which are complying with the crypto banking ban imposed by the country’s central bank.
Avoiding Problems With Banks
Reports of banks in India closing customer accounts with cryptocurrency-related transactions have been on the rise. Banks cite compliance with the circular issued by the country’s central bank, the Reserve Bank of India (RBI), that bans them from providing services to customers and businesses dealing with cryptocurrencies.
The Hong Kong-based bitcoin futures exchange BitMex, is pulling the plug on trading accounts in the US and in the Canadian province of Quebec amidst growing regulatory restrictions in North America. Although BitMex is one of the most active bitcoin trading platforms in the world with a current turnover of $ 928 billion, the trading platform
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Cryptocurrency exchange HitBTC has frozen its customers’ accounts ahead of an annual proof of keys event, according to multiple sources. On December 31, 2o18, the company responded to an open complaint on Reddit after the user accused them of suspending his withdrawal requests. Redditor PEDXS said that he had dutifully passed the know-your-customer test after
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TRON founder Justin Sun’s plan for blockchain domination seems to be going well. The TRON blockchain now has over 1 million user accounts and has reached over 100 million contracts recorded. The number of TRON addresses, or users, is growing by between 10,000 and 40,000 per day. According to tronscan.org TRON, user address growth now
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TRON (TRX) officially reached 1 million network accounts on December 23, only 184 days after its mainnet went live. As first highlighted by Misha Lederman, Ethereum (ETH) accomplished the same feat last January, 542 days after its own mainnet launch. This means that TRON hit 1 million accounts roughly 3-times faster than Ethereum. #TRON reached 1 million […]
Menlo Park-based Robinhood has launched savings and checking accounts for its US customers, according to a company blog post. The new accounts would follow the similar trend that we have become accustomed to: “fee-free, commitment-free and surprise-free” were the words used lavishly on the company’s website. Robinhood, which operates a crypto trading platform in addition to
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German blockchain startup Bitwala has launched crypto banking in Germany.
After securing €4 million (roughly $ 4.5 million) from VC firms Earlybird and Coparion in September of 2018 to develop a crypto banking solution, the company has allegedly amassed a waiting list of 30,000 potential users.
Bitwala’s new banking solution, which it claims was built to “close the gap between crypto and traditional banking,” was developed in partnership with local fintech startup SolarisBank, which has a banking license and is fully regulated by the German financial regulatory authority Federal Financial Supervisory Authority (BaFin) and the European Central Bank (ECB).
In a landmark judgment, the Supreme Court of Chile has ruled that state-owned Bancoestado was justified in closing the accounts of cryptocurrency exchange Orionx without explanation. The judges ruled that the bank acted in compliance with laws on money laundering and terrorist financing, a threat allegedly posed by censorship-resistant, decentralized cryptocurrencies.
Cryptocurrencies Lack ‘Intrinsic Value’
Cryptocurrencies such as bitcoin are not legally recognized in Chile, but they are not banned, either. Nonetheless, the ruling has significant implications for relations between banks and crypto exchanges. Commercial banks can now shut down exchange accounts without notice, while pointing to laws on money laundering and terrorist financing.
Union Bank of Nigeria PLC, Nigeria’s sixth largest bank by assets has issued a general notice informing its customers that henceforth all accounts linked to cryptocurrency trading activities will be monitored and may be subject to restrictions going forward. Originally owned by Barclays Bank before becoming locally owned in 1979, the bank is one of
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