WeChat, the popular Chinese messaging app owned by Tencent (TCEHY), has released an update to its Payment Service Protocol that bans merchant users from trading or engaging with cryptocurrencies. As first pointed out by Dovey Wan, founding partner of crypto investment firm Primitive, WeChat’s new policy means that merchants will be banned if they service any token […]
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Mercado Livre Bans Cryptocurrency Listings Following $750 Million Investment From Paypal
Cryptocurrency listings have been prohibited from publication on Mercado Livre, also known as Free Market, following a $ 750 million investment into the platform from Paypal. Just prior to the announcement, more than 10,000 listings relating to virtual currencies were identified on the platform.
Also Read: Why Africa Continues to Lag Behind in Cryptocurrency Adoption
Latin America’s Largest Marketplace Bans Crypto Asset Listings
Mercado Livre, the largest Latin American e-commerce marketplace by number of visitors, has prohibited the listing of advertisements offering the sale of cryptocurrencies on the platform. The news comes shortly after it announced that Paypal had purchased $ 750 million worth of shares in Mercado Livre.
Immutability Questioned After Steemit Blog Bans 9/11 Blackmailer’s Account
The blockchain-powered blogging platform Steemit is being accused of centralization and censorship. On Jan. 7, 2019, the hacker group The Dark Overlord had its account banned from Steemit by a developer known as ‘Jredbeard’ for violating the company’s terms of service agreement.
Also Read: Developer Releases Cash-DB, a Terab Project Fork for the BCH Network
Gab Says Decentralized Exchanges Are the Future Following Coinbase Bans
Gab, a social network created as an alternative to Twitter, claims decentralized cryptocurrency exchanges are the future after the company’s merchant account and its founder, Andrew Torba, were banned by industry-leader Coinbase. As predicted: the on ramps and off ramps (exchanges) are going to start censoring not only companies, but also individuals. @coinbase has now banned […]
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PayPal (PYPL) Bans The Hacker News, Readers Call for a Switch to Bitcoin
In what is turning out to be a theme of 2018, PayPal (PYPL) has reportedly banned cybersecurity news source, The Hacker News, from using its payment platform — suggesting the seemingly legitimate news source may not be all that it appears. Instead of giving a valid reason, company says "specific reasons for such a decision is proprietary […]
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No Coins for You! Michigan Bans Crypto Donations for Political Campaigns
Michigan’s campaign finance board has formally indicated that campaign donations made using cryptocurrency are not allowed in the state. In a November 8 letter addressed to Michigan state legislature candidate William Baker, who earlier made an inquiry on the issue before losing in the recent mid-term elections, the Michigan Department of State informed Baker that
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PayPal Bans Gab for Hate Speech Following the Pittsburgh Shooting
Gab, a social networking service created as an alternative to Twitter, has reportedly been banned from using PayPal (PYPL) as a payment processor following the shooting that took place early Saturday morning at the Tree of Life synagogue in Pittsburgh, Pennsylvania, where 11 people were killed and at least 6 were injured. The suspect, now charged with 29 […]
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Biggest Bank in Nordic Region Bans Bitcoin, Gets Caught for Money Laundering
Nordea Bank, the largest financial group in the Nordic countries, which banned Bitcoin in January, has been caught in a major money laundering scandal for allegedly receiving dirty money from two banks in the Baltics. Yle, a state-owned publication in Finland with over 3,500 employees, reported that finance authorities in Sweden received a report with
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Taiwanese Candidate Accepts Crypto Donations, California Bans Them
Using cryptocurrency for political donations has been a hot topic in many societies. Two recent developments demonstrate different views on the matter. A Taiwanese politician who has accepted bitcoin from his supporters believes crypto donations can help keep his country’s political system clean and transparent. At the same time, the California campaign watchdog says cryptocurrency can raise questions about transparency and is hard to track.
Also read: Russian Law Won’t Mention ‘Cryptocurrency’, Russians Won’t Stop Trading
Crypto Onslaught in China Continues as Guangzhou Bans Cryptocurrency Events
In an ongoing onslaught on the once-booming Chinese cryptocurrency industry, China’s Guangzhou Development District government has prohibited all physical venues from hosting digital currency-related promotions or events. Guangzhou Development District, which is one of China’s special economic zones, reportedly issued a circular to all local business on August 24 outlawing them from hosting any crypto-related activities. The new ban is meant to help “maintain the security and stability of the financial system,” the circular read.
China Crackdown: After Beijing, Guangzhou Hub Bans Cryptocurrency Events
The Guangzhou Development District, a special economic zone in southern China with a close proximity to Hong Kong, has reportedly banned all promotional events related to cryptocurrency as the country’s crypto crackdown continues. One of China’s earliest special economic zones installed to encourage and foster businesses with less-restrictive laws, the Guangzhou Development District issued a
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N.Y. Judge Rules in Favor of CFTC, Permanently Bans Crypto Startup
A New York judge has issued a court order permanently banning a New York-based crypto promoter whose firm was accused of defrauding investors and failing to deliver on its promises. In his ruling, Judge Jack Weinstein stated that the crypto firm, CabbageTech Corp., had defrauded investors using false statements, and ordered its operator, Patrick McDonnell, to pay more than $ 1 million in restitution and penalties. The ruling brings to an end a process that kicked off in January when the U.S. Commodities and Futures Trading Commission charged McDonnell with fraud and misappropriation of funds.
Google Bans Cryptocurrency Mining Apps From Play Store
In the Google’s latest move against virtual currencies, cryptocurrency mining apps have been banned from the Google Play Store. Despite the ban, Google has indicated that it will continue to permit mining apps that mine for cryptocurrency from outside of a device, such as cloud-based mining.
Also Read: Exchanges Round-Up: CME Volume Doubles Q2, Lawyer Predicts SEC Delays ETF Until March
Non-Cloud-Based Cryptocurrency Mining Apps Banned from Play Store
Google has updated the developer policies for its Play Store to prohibit several categories of apps, targeting cryptocurrency mining applications and alongside many others.
Australian Bank Bans Use of Mortgage Funds for Crypto Speculation
One of Australia’s oldest financial institutions, Bank of Queensland, has prohibited the use of home equity loans for virtual currency speculation. The move has been attributed to concerns pertaining to the growing regulatory oversight of the cryptocurrency sector in Australia.
Also Read: Tether Announces Appointment of New Chief Compliance Officer
Bank of Queensland Cracks Down on Customers Using Mortgage Funds to Trade Crypto
Bank of Queensland has banned its customers from using loans that are leveraged against home equity for the purposes of cryptocurrency speculation due to concerns pertaining to the increasing regulatory oversight of cryptocurrency activities in Australia.
Russian Court Bans Telegram, Founder Pavel Durov Defiant
Russian security services ordered Telegram to hand over access to encrypted user messages, but the messaging application (app) refused. Founder Pavel Durov didn’t bother to send lawyers to Moscow’s Tagansky court, and the court dutifully ruled against his company, taking less than 20 minutes in decreeing an immediate ban.
Also read: CBS’s NCIS Los Angeles Weaves Stolen Bitcoin Into Script, LL Cool J Is on the Case
In a Blow to Bitcoin, India Bans Banks from Dealing in Cryptocurrencies
In what amounts to a major clampdown down on bitcoin and other cryptocurrencies, the Reserve Bank of India (RBI) announced in a press release today, April 5, 2018, that it is banning banks and regulated financial entities from dealing with digital currencies.
“In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling [virtual currencies],” India’s central bank said.
RBI Bans India’s Financial Institutions from Cryptocurrency Related Business Dealings – Ulterior Motives at Play?
The Reserve Bank of India (RBI) has officially ordered all regulated entities to refrain from providing services to any and all businesses involved in the dealing of digital currencies — including, of course, Bitcoin.
Bitcoin Ban
The announcement comes via an official press release issued by The Reserve Bank of India (RBI).
Unsurprisingly, the RBI positions itself as merely looking out for consumers’ interests, while also citing the frequently used claims that cryptocurrencies are simply tools for criminals and those looking to undermine market integrity.
Twitter Abruptly Bans Cryptocurrency Ads — Beginning Today
Twitter is a fast player. Less than two weeks ago, the social media giant announced it was developing new policies which would lead to the eventual ban of cryptocurrency and ICO-related advertisements on its platform. Bitcoin enthusiasts everywhere likely figured they had a little time to spare, as the changes weren’t expected to take effect until sometime in April at the earliest.
In addition, it was reported that Twitter would also be banning ads for cryptocurrency exchanges, though there would allegedly be exceptions to the rule.
Google Bans Cryptocurrency Ads, But Bitcoin Not Affected
Following in the footsteps of Facebook, Google has announced it will ban cryptocurrency and initial coin offering (ICO) promotional material from its ad platform.
Google Cracks Down on Sketchy ICOs & Crypto Ads
Alphabet Inc.’s Google explained the new policy will go into effect in June of this year, affecting its search engine, advertisements on YouTube, and and its display-ads network.
Google’s crackdown is intended mainly to “prevent consumer harm” and follows Facebook, which adopted a similar policy in late January.
Google’s announcement reads:
Chinese Entrepreneur Warns Against Mining and ICO Bans
Angel investor and Founder of Chinese app Meitu, Cai Wensheng, has published criticisms of the central government’s expanding regulatory crackdown on cryptocurrencies via Wechat. Mr. Wensheng warns that heavy-handed regulatory policies may squander the opportunity for China to maintain a significant presence in the burgeoning global cryptocurrency sector, in addition to arguing that many of the challenges faced by cryptocurrencies are indicative of the typical “development process” experienced by emerging monetary forms.
Also Read: Cryptocurrency Exchange Poloniex Has Been Bought by Circle
Meiti Founder Argues Mining Could Comprise Major Chinese Export Industry