Slow But Steady: FATF Review Highlights Crypto Exchanges’ Struggle to Meet AML Standards

Source Node: https://cointelegraph.com/news/slow-but-steady-fatf-review-highlights-crypto-exchanges-struggle-to-meet-aml-standards
Time Stamp: August 8, 2020 9:00 AM - Modified On: May 21, 2021 - Published By:
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In June 2019, the intergovernmental Financial Action Task Force (FATF) introduced its revised set of standards for virtual asset service providers. The document establishes the anti-money laundering and counter-terrorism (AML/CFT) requirements that regulated VASPs —  the term mainly referring to cryptocurrency trading platforms — must eventually implement in their day-to-day operations. The guidelines are framed as recommendations, and the FATF leaves it to the participating nations’ governments to develop their own regulations in accordance with suggested principles.The watchdog has also set a 12-month review timeframe to monitor the public and

TikTok Ban: The Beginning of a New Age in Social Networks?

Source Node: https://beincrypto.com/tiktok-ban-the-beginning-of-a-new-age-in-social-networks/
Time Stamp: August 8, 2020 8:28 AM - Modified On: May 21, 2021 - Published By:
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President Donald Trump has signed an executive order that forbids American companies to transact with Tencent and Bytedance. The ban comes after a long debate involving alleged data mining from apps like WeChat and TikTok. Following the ban, Tencent shares fell 5%. American companies will effectively have 45 days to stop transacting with these companies. The ban is sparking worldwide debate regarding the boundaries of national security. Is this an opportunity for decentralized social media platforms to step up? Tencent and the Yuan Plummet The announcement was immediately felt on

Title Token for Blockchain Estate Registry, Part 3

Source Node: https://cointelegraph.com/news/title-token-for-blockchain-estate-registry-part-3
Time Stamp: August 8, 2020 6:00 AM - Modified On: May 21, 2021 - Published By:
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The advantage of the cross-blockchain protocol for public registries is that it can unite any number of existing ledgers in one ecosystem and does not need to upgrade the protocols of such blockchains. In simple terms, the protocol works as an aggregator of tokens across blockchains. The protocol conceptually comprises two major elements:The format requirements for an entry by knowing the standard of a record, the user’s machine can automatically collect records from various ledgers in one bundle.The hook, which is the algorithm that scans blocks of ledgers and extracts

Eerily Accurate Analyst Thinks Bitcoin Could Hit $20,000 in the Next 3 Months

Source Node: https://bitcoinist.com/eerily-accurate-analyst-bitcoin-hit-25000-next-3-months/?utm_source=rss&utm_medium=rss&utm_campaign=eerily-accurate-analyst-bitcoin-hit-25000-next-3-months
Time Stamp: August 8, 2020 3:00 AM - Modified On: May 21, 2021 - Published By:
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Bitcoin has finally started to show weakness after recovering from last weekend’s flash crash. After falling as low as $10,500 last weekend, the leading cryptocurrency surged as high as $11,950 before retracing. As of the time of this article’s writing, BTC trades for $11,500, sliding to this critical level from the aforementioned highs. The retracement for Bitcoin has been bearish, especially considering it was rejected at $12,000 again. Some remain optimistic that Bitcoin bulls are in control, though. One historically accurate analyst that predicted BTC’s macro price action is still

Ransomware Attacks Demanding Crypto Are Unfortunately Here to Stay

Source Node: https://cointelegraph.com/news/ransomware-attacks-demanding-crypto-are-unfortunately-here-to-stay
Time Stamp: August 8, 2020 3:00 AM - Modified On: May 21, 2021 - Published By:
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Year after year, the ransomware landscape changes dramatically. In 2019, a new resurgence of attacks occurred as businesses and government institutions became the main targets of ransomware, given their capacity to yield larger payouts. The most recent attack was against Garmin, a navigation systems company, on July 23. Due to the attack, many of its online services such as customer support, website functions and company communications were affected. Reportedly, the Russian cybergang Evil Corp launched the attack, demanding $10 million in cryptocurrency to restore access to Garmin’s services. Overall, according to a

What is Wrapped Bitcoin? A Guide to WBTC

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Time Stamp: August 8, 2020 12:24 AM - Modified On: May 21, 2021 - Published By:
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WBTC is a way for Bitcoin to run on the Ethereum blockchain. Performing quick and affordable transactions using Bitcoin (BTC) has long been a problem of the community ever since it became more popular. This is why there have been many developments planning to address this issue.  But what if we can make our BTC coins functional on the Ethereum (ETH) blockchain? Would there be a difference? Wrapped BTC (WBTC) is a multi-institution project that aims to solve common BTC problems by creating its ERC-20 token counterpart. And in the

Analysts Fear an Ethereum Drop to $300 As Price Becomes “Heavy”

Source Node: https://bitcoinist.com/analysts-fear-an-ethereum-drop-to-300-as-price-becomes-heavy/?utm_source=rss&utm_medium=rss&utm_campaign=analysts-fear-an-ethereum-drop-to-300-as-price-becomes-heavy
Time Stamp: August 8, 2020 12:00 AM - Modified On: May 21, 2021 - Published By:
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Ethereum has begun to drop over the past 24 hours as the asset was once again rejected at $400. $400 is a psychological and technical resistance for the leading cryptocurrency, which is still up 50% in the past two weeks. Analysts believe that the recent price weakness could be a precursor to a stronger retracement in the days ahead. One commentator is predicting a drop to $300. This purportedly lines up with important technical levels on Ethereum’s medium-term chart. Investors in ETH should watch Bitcoin and other markets for some

Major South Korean Bank Joins the Crypto Custody Business

Source Node: https://cointelegraph.com/news/major-south-korean-bank-joins-the-crypto-custody-business
Time Stamp: August 7, 2020 10:00 PM - Modified On: May 21, 2021 - Published By:
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KB Kookmin Bank, one of the largest banks in South Korea, has partnered with blockchain venture fund, Hashed, and crypto trading platform, Cumberland Korea, to establish “strategic technology cooperation” on the custody of digital assets.The companies belonging to the partnership state that their inception into the crypto custody business is a response to regulatory changes. These changes encouraged them to look into new business models — specifically ones which rely on blockchain technology.Simon Kim, CEO of the Seoul and San Francisco-based firm, Hashed, stated:"Combining our insight in the blockchain industry

Bullish Bitcoin Price Trend Intact Even After BTC Retests $11.4K Support

Source Node: https://cointelegraph.com/news/bullish-bitcoin-price-trend-intact-even-after-btc-retests-114k-support
Time Stamp: August 7, 2020 9:48 PM - Modified On: May 21, 2021 - Published By:
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 Bitcoin (BTC) price swiftly fell to $11,322 after reaching a daily high at $11,909The drop came as U.S. jobless claims fell to $1.2 million but lawmakers inability to reach a deal on the next coronavirus stimulus package has worried some investorsDespite the pullback to the $11.4K support, Bitcoin price remains in an uptrend Crypto market daily price chart. Source: Coin360Earlier today Bitcoin (BTC) price abruptly dropped to $11,322 after topping out at $11,909.The mild correction came as U.S. jobless claims fell to 1.2 million and U.S. markets opened slightly in the

BitMEX Leaderboard Trader Fears Bitcoin Could See a Second “Flash Dump”

Source Node: https://bitcoinist.com/bitmex-leaderboard-trader-fears-bitcoin-could-see-a-second-flash-dump/?utm_source=rss&utm_medium=rss&utm_campaign=bitmex-leaderboard-trader-fears-bitcoin-could-see-a-second-flash-dump
Time Stamp: August 7, 2020 9:00 PM - Modified On: May 21, 2021 - Published By:
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Bitcoin has slid lower over the past 24 hours as the cryptocurrency failed to surmount $12,000 in the latest leg higher. As of the time of this article’s writing, BTC trades for $11,600 — 5% shy of the local highs. Investors are still reeling from the flash crash that transpired approximately one week ago. While that was seemingly a black swan event, a trader is fearing a secondary event. The individual in question is a two-time BitMEX return on equity (ROE) leaderboard trader, meaning he has a strong track record.

Analyst: Bitcoin May “Teleport” to $13,000 if It Breaks Key Level

Source Node: https://bitcoinist.com/analyst-bitcoin-may-teleport-to-13000-if-it-breaks-key-level/?utm_source=rss&utm_medium=rss&utm_campaign=analyst-bitcoin-may-teleport-to-13000-if-it-breaks-key-level
Time Stamp: August 7, 2020 7:00 PM - Modified On: May 21, 2021 - Published By:
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Bitcoin is currently caught in an unwavering consolidation phase within the upper-$11,000 region This is where the cryptocurrency has been trading throughout the past several days Unless buyers step up and shatter the resistance that sits around $12,000, the crypto could be poised to see notable losses One analyst is now noting that he is closely watching the price region between $11,800 and $12,000, as a firm close above this level could lead BTC to “teleport” to $13,000 It has so far been unable to do so, and the cryptocurrency