Citigroup is looking to staff up its anti-money laundering unit with bitcoin pros
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Business Insider, 1/1/0001 12:00 AM PST
Citigroup is seeking talent with a background in bitcoin to staff up its anti-money laundering group. The New York-based financial-services giant is seeking a vice president and senior vice president to explore risks associated with money laundering in bitcoin, cryptocurrency, and other nascent payment technologies, according to LinkedIn job ads. Qualifications for the senior vice president include "knowledge of cryptocurrency and bitcoin monitoring." Also, a so-called Bitcoin Professional Certification is described as "a plus" for both positions. The senior vice president "will support the Global Head of AML Monitoring Risk Management-Emerging Risk by identifying, analyzing, and implementing AML transaction monitoring risk programs related to developments in cybersecurity, cryptocurrency and emerging payment technologies, products and methods," the job ad said. The mention of a BPC is unusual, as it is not typically a qualification employers are seeking in job candidates. A quick LinkedIn search of "certified bitcoin professional" will only pull up the two Citi ads. A BPC is not unlike other financial professional certification such as a CPA, certified public accountant, or CFA, certified financial analyst inasmuch as it aims to indicate a superior level of knowledge in a subject matter. A number of organizations provide such bitcoin certification, including the Cryptocurrency Certification Consortium, which offers a BPC to those who complete a two year course and a 20-minute test. To be sure, the position will likely look at other emerging risks, besides crypto. But Ryan Taylor, the chief executive officer of Dash, the company behind the crypto of the same name, said it likely indicates Citi is very seriously looking at risks surrounding the nascent market for digital currencies. "The job ads are intentionally vague," Taylor said. "They are either identifying risk to eliminate certain profiles, cut ties with riskier activities ..." Unlike firms like Morgan Stanley and Goldman Sachs, Citi did not immediately clear bitcoin futures trades for its clients. It also banned clients from making crypto currency related purchases with its credit cards. Bitcoin has often been associated with activities such as money laundering. In an interview with Bloomberg News, BlackRock CEO Larry Fink said bitcoin's growth "identifies how much money laundering there is being done in the world." For example, authorities on April 9 broke up a Spanish crime ring that laundered $9.8 million using credit cards and digital currencies, Europol said. "As the cash was already circulating in the financial system, the ring just needed to transfer the criminal money back to the drug dealers in Colombia," a statement from Europe law enforcement said. A spokesman for Citi declined to comment on the job ads. Join the conversation about this story » NOW WATCH: Investors need to lower their expectations |
New York Attorney General Launches Inquiry Into Cryptocurrency Exchanges
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Bitcoin Magazine, 1/1/0001 12:00 AM PST As part of an effort to protect cryptocurrency investors and bring greater transparency into how cryptocurrency exchanges operate, New York Attorney General Eric Schneiderman has sent letters to 13 virtual currency exchanges requesting they disclose key information about their operations. “With cryptocurrency on the rise, consumers in New York and across the country have a right to transparency and accountability when they invest their money,” the attorney general said in a statement today, April 16, 2018. “Yet too often, consumers don’t have the basic facts they need to assess the fairness, integrity and security of these trading platforms.” The letter was part of a “Virtual Markets Integrity Initiative” launched by Schneiderman to shine a light on the policies and practices of platforms used by consumers to trade virtual currencies and initial coin offering (ICO) tokens. A Slew of QuestionsIn addition to the letter, the attorney general sent a three-page questionnaire to New York-based Gemini and itBit, as well as GDAX, BitFlyer and nine other exchanges asking them to disclose, among other things, information such as what banks they use, how they hold customer funds, what fees they charge, how they come up with those fees, how they move funds around, who has access to the order books, and the scope of third-party audits. Gemini, an exchange operated by the Winklevoss twins, told Bitcoin Magazine, it “applauds” the attorney general’s initiative and looks forward to submitting its responses to the questionnaire. Coinbase, itBit and BitFlyer were not immediately available for comment. As the price of bitcoin crossed $10,000 for the first time in November 2017, reaching a peak of over $19,700 a few weeks later, a rush of new traders began entering the market. But, as many have learned the hard way, putting funds on exchanges comes with its own set of risks. Outside of the U.S., this year alone, Coincheck in Japan lost $530 million worth of NEM (XEM) in a hack; BitGrail, an Italian exchange, lost $170 million worth of Nano (XRB); and Coinsecure, an exchange in India lost $3.5 million in bitcoin (BTC). Tough Times AheadIn the U.S., cryptocurrency regulation is becoming a tough web to untangle for companies trying to do business in the space. Not only do cryptocurrency businesses and virtual exchanges have to deal with federal regulators like the Securities and Exchange Commission, Financial Crimes Enforcement Network and the Commodity Futures Trading Commission, but they also have to contend with regulators in each of the 50 states. Stephen Palley, a lawyer in Washington D.C., known for his work in the crypto space, says he is not surprised to learn of the New York attorney general’s initiative. At the same time, he views it as a grim sign of what is to come. “This is just the start. There will be a major onslaught. It will shut down or shut out a bunch of exchanges from the U.S.,” he told Bitcoin Magazine. In a tweet, Palley referred to Schneiderman as an “activist” and noted,“Being in his crosshairs isn't a great thing.” This article originally appeared on Bitcoin Magazine. |
Amazon Sees Bitcoin Use Case in Data Marketplaces
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CoinDesk, 1/1/0001 12:00 AM PST The e-commerce giant describes how merchants and law enforcement could make a bitcoin transaction stream more valuable by splicing it with other data. |
Newsflash: Bitcoin Price Dives Below $7,900 after New York Opens Probe into Exchanges
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CryptoCoins News, 1/1/0001 12:00 AM PST Bitcoin price dove below $7,900 on Tuesday after the New York Attorney General’s office announced that it had opened an inquiry into the cryptocurrency exchange industry. The flagship cryptocurrency had traded above $8,000 for most of the day, with many analysts arguing it would embark on a bull run now that tax season is coming … Continued The post Newsflash: Bitcoin Price Dives Below $7,900 after New York Opens Probe into Exchanges appeared first on CCN |
The owner of the New York Stock Exchange is expanding its crypto tool aimed at Wall Street
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Business Insider, 1/1/0001 12:00 AM PST
One of the largest exchange operators in the world is diving deeper into crypto. Intercontinental Exchange Group, the parent company of the historic New York Stock Exchange, is looking to expand its crypto data product, the Cryptocurrency Data Feed, which aims to provide banks, traders, and other Wall Street firms with an institutional-grade view of the cryptocurrency market. Now, ICE is in the process of enhancing the product. Lynn Martin, the head of ICE data services, told Business Insider in a recent interview that the product transmits data covering 65% of the $300 billion market for digital currencies. Martin, who was recently named on Business Insider's list of crypto pioneers, said the exchange is looking to cover more exchange venues with the product. Already it covers 18 venues, which is up from 15 at the time of product launch. Over the course of the next few months , ICE will focus on deepening the product's market depth. Looking towards the future, the exchange will add more features to the feed, including one that shows data about spreads between different exchanges. Bitcoin and other cryptocurrencies are known to trade a wildly different price across exchanges. That's a mouth-watering profit opportunity for traders. Such information can help the exchange's clients find opportunistic trades and manage their risk. Across equities and other traditional markets such tools are readily available for traders. But in crypto they are just rolling out. Subscribe to read our BI Prime list of the traders, investors, and technologists pioneering crypto on Wall Street.Join the conversation about this story » NOW WATCH: Investors need to lower their expectations |
Bitcoin just dropped sharply and suddenly
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Business Insider, 1/1/0001 12:00 AM PST
The price of bitcoin tumbled more than 2% in a matter of minutes Tuesday afternoon, just hours after New York's Attorney General Eric Schneiderman announced an investigation into major cryptocurrency exchanges. It wasn't immediately clear what may have caused the sudden drop, but Schneiderman's letters to 13 major cryptocurrency platforms, including New York-based Gemini and Coinbase's GDAX, could have a possible chilling effect on the crypto space at large. Bitcoin was trading at $7,900 per token at the time of writing, down roughly $160 for the day. While still the largest cryptocurrency by market cap, the price of bitcoin has declined by 41% since the beginning of the year. Most other major cryptocurrencies were in the green Tuesday, with third-largest digital currency litecoin leading the way after Korbit, a Korean trading exchange, said it would support the token. Reuters also reported Tuesday that Cambridge Analytica, the firm at the heart of Facebook's ongoing data privacy imbroglio, was planning to issue a digital currency. You can track the price of bitcoin in real-time here>> Join the conversation about this story » NOW WATCH: Wall Street's biggest bull explains why trade war fears are way overblown |
Bitcoin just dropped sharply and suddenly
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Business Insider, 1/1/0001 12:00 AM PST
The price of bitcoin tumbled more than 2% in a matter of minutes Tuesday afternoon, just hours after New York's Attorney General Eric Schneiderman announced an investigation into major cryptocurrency exchanges. It wasn't immediately clear what may have caused the sudden drop, but Schneiderman's letters to 13 major cryptocurrency platforms, including New York-based Gemini and Coinbase's GDAX, could have a possible chilling effect on the crypto space at large. Bitcoin was trading at $7,900 per token at the time of writing, down roughly $160 for the day. While still the largest cryptocurrency by market cap, the price of bitcoin has declined by 41% since the beginning of the year. Most other major cryptocurrencies were in the green Tuesday, with third-largest digital currency litecoin leading the way after Korbit, a Korean trading exchange, said it would support the token. Reuters also reported Tuesday that Cambridge Analytica, the firm at the heart of Facebook's ongoing data privacy imbroglio, was planning to issue a digital currency. You can track the price of bitcoin in real-time here>> Join the conversation about this story » NOW WATCH: Wall Street's biggest bull explains why trade war fears are way overblown |
Ripple’s Brad Garlinghouse and Michael Arrington to talk cryptocurrency at Disrupt SF
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TechCrunch, 1/1/0001 12:00 AM PST Ripple CEO Brad Garlinghouse and Arrington XRP Capital founder (and TechCrunch founder) Michael Arrington will be joining us at TechCrunch Disrupt SF in September to talk money. Garlinghouse has had a long and storied career in the tech industry, serving as a Senior Vice President at Yahoo!, President of Consumer Applications at AOL, and CEO […] |
Telegram's CEO Is Using Bitcoin to Bypass Russia's App Ban
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CoinDesk, 1/1/0001 12:00 AM PST Pavel Durov is paying network administrators in bitcoin to bypass a Russian ban on Telegram. |
New York's attorney general launches an investigation into crypto
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Business Insider, 1/1/0001 12:00 AM PST
New York Attorney General Eric Schneiderman is looking to add transparency to the opaque market for digital currency. Schneiderman's office has sent out letters to 13 cryptocurrency exchange operators on Tuesday as part of his broader crypto fact-finding mission aimed at protecting investors in the nascent market for digital coins. His office is requesting information from crypto exchanges about the use of bots, outages, consumer protection, and other issues.
Cryptocurrency exchanges that received letters include New York-based Gemini and Coinbase's GDAX. "As the letters explain, the Initiative seeks to increase transparency and accountability as it relates to the platforms retail investors rely on to trade virtual currency, and better inform enforcement agencies, investors, and consumers," a news release said. Crypto exchanges have been prone to hacks and outages and do not subscribe to the same regulatory mandates as well-established equity exchanges such as the New York Stock Exchange and Nasdaq. In a wide-ranging note on blockchain and bitcoin by JPMorgan, the firm notes "it is estimated that a third of bitcoin trading platforms have been hacked and these cyber theft/hackers took over $630 million in bitcoins." Outages have also been commonplace. As the market for digital currencies soared at the end of 2017, customers at exchanges including US-based Kraken and Coinbase were frequently unable to access or move their crypto holdings. Schneiderman is requesting the information by May 1, and his office plans to publish its findings. Join the conversation about this story » NOW WATCH: A $163 billion chief economist outlines his biggest market fear |
Litecoin surges after being added to a Korean crypto exchange
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Business Insider, 1/1/0001 12:00 AM PST
Join the conversation about this story » NOW WATCH: Wall Street's biggest bull explains why trade war fears are way overblown |
Litecoin surges after being added to a Korean crypto exchange
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Business Insider, 1/1/0001 12:00 AM PST
Join the conversation about this story » NOW WATCH: Wall Street's biggest bull explains why trade war fears are way overblown |
Marsh and IBM Collaborate to Put Proof of Insurance on the Blockchain
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Bitcoin Magazine, 1/1/0001 12:00 AM PST International insurance broker Marsh is working with IBM to develop a commercial blockchain solution that will allow businesses to certify that the contractor they are about to hire has the proper, up-to-date insurance coverage necessary to begin work. The solution will be built on Hyperledger Fabric, an open-source permissioned blockchain framework, using IBM Blockchain Platform, a cloud-based blockchain application development solution, Marsh said in a statement yesterday, April 16, 2018. Insurance standards organization ACORD will provide input on the project, and Dallas-based ISN Software Corporation, which supplies contractor and supplier management services, will be the first client to use the new solution. Marsh is aiming to solve an important problem. Businesses often hire contractors, vendors and other third parties to work for them or provide services, but before doing so, they need to know that the vendor has proper liability insurance, so the business is covered in the event something goes wrong or a vendor performs substandard work. Typically, a client will request a certificate of insurance (COI), also known as an ACORD certificate, which is a document that has all the information on it to show a client has up-to-date insurance coverage. The problem with PDFs or paper documents is they can be faked. Documents can can also get misplaced, lost or damaged. Blockchains, on the other hand, are nearly impossible to tamper with. By putting proof of insurance on the blockchain, parties that need evidence of insurance can ideally trust the coverage is up to date and historically correct. Marsh said it expects its blockchain solution to allow clients to speed up necessary business functions such as hiring contractors and transferring risk, while increasing coverage certainty. “Marsh sees great opportunity in leveraging blockchain technology to better serve our clients by maximizing efficiency and creating new opportunities in the insurance value chain,” said Sastry Durvasula, chief digital officer at Marsh. Sandip Patel, general manager, insurance industry, at IBM, believes that simplifying the insurance verification process is a key business enabler. “This is an ideal example of how blockchain can be used on a much broader scale to drive real business results,” he said. Currently in the pilot stage, Marsh’s new blockchain network is expected to go into production later this year. ISN will be the first Marsh client to try out the solution, putting its contactors’ policies on the ledger for hiring businesses to check. “The insurance industry has been dependent on paper certificates of insurance, manually populated by an insurance agent,” said Brett Parker, technical insurance lead, at ISN. “By digitizing the policy information, we can streamline the process saving our customers time to focus on their core competencies.”
This article originally appeared on Bitcoin Magazine. |
CRYPTO INSIDER: Tuesday is Tax Day
CRYPTO INSIDER: Tuesday is Tax Day
CRYPTO INSIDER: Cryptocurrencies are sliding thanks to tax day
CRYPTO INSIDER: Cryptocurrencies are sliding thanks to tax day
The biggest porn site in the world is now accepting a 'privacy-focused' cryptocurrency called Verge
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Business Insider, 1/1/0001 12:00 AM PST
As for why Pornhub is only accepting Verge cryptocurrency payments, a relatively obscure digital currency, a spokesman for the adult entertainment website said that its users specifically asked for it. A January 2018 post with close to 6,000 votes on Pornhub's suggestion page requested that the website start accepting Verge payments. In a statement, Pornhub said that Verge's focus on providing user anonymity made it an obvious choice when it came to a cryptocurrency partnership on its site. "Verge is a secure and anonymous cryptocurrency, which is very near and dear to us here at Pornhub," the statement read. "[Verge] provides that extra layer of security many people look for, particularly in the adult entertainment industry." On its website, Verge is described as a cryptocurrency which "improves upon the Bitcoin blockchain" and uses open-source software like Tor and I2P — both of which have been used in connection to the former trading site for illicit goods, the Silk Road. Pornhub's statement says that the currency allows for anonymous transactions "by obfuscating the IP address and geolocation of its users so that they are untraceable." While the vast majority of Pornhub's revenue comes from ads that appear alongside its videos, the site generates a portion of its earnings from its streaming-subscription service, called Pornhub Premium, which provides users with access to ad-free videos and HD content. The company declined to share the percentage of revenue it receives from subscription-based content, but said that more than 2 million people had signed up since Premium's launch in 2015, and that the demand for subscription-based content is growing. This is the first time that Pornhub's official website has accepted digital currencies, but subsidiaries of the site's parent company, MindGeek, have accepted cryptocurrency payments in the past. Just last month, MindGeek-owned Playboy.TV began accepting cryptocurrencies like bitcoin and ethereum on its platform. Along with Pornhub's official site, two of its affiliate sites, production company Brazzers and adult gaming portal Nataku, will also begin accepting Verge. Join the conversation about this story » NOW WATCH: A neuroscientist explains why reality may just be a hallucination |
The biggest porn site in the world is now accepting a 'privacy-focused' cryptocurrency called Verge
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Business Insider, 1/1/0001 12:00 AM PST
As for why Pornhub is only accepting Verge cryptocurrency payments, a relatively obscure digital currency, a spokesman for the adult entertainment website said that its users specifically asked for it. A January 2018 post with close to 6,000 votes on Pornhub's suggestion page requested that the website start accepting Verge payments. In a statement, Pornhub said that Verge's focus on providing user anonymity made it an obvious choice when it came to a cryptocurrency partnership on its site. "Verge is a secure and anonymous cryptocurrency, which is very near and dear to us here at Pornhub," the statement read. "[Verge] provides that extra layer of security many people look for, particularly in the adult entertainment industry." On its website, Verge is described as a cryptocurrency which "improves upon the Bitcoin blockchain" and uses open-source software like Tor and I2P — both of which have been used in connection to the former trading site for illicit goods, the Silk Road. Pornhub's statement says that the currency allows for anonymous transactions "by obfuscating the IP address and geolocation of its users so that they are untraceable." While the vast majority of Pornhub's revenue comes from ads that appear alongside its videos, the site generates a portion of its earnings from its streaming-subscription service, called Pornhub Premium, which provides users with access to ad-free videos and HD content. The company declined to share the percentage of revenue it receives from subscription-based content, but said that more than 2 million people had signed up since Premium's launch in 2015, and that the demand for subscription-based content is growing. This is the first time that Pornhub's official website has accepted digital currencies, but subsidiaries of the site's parent company, MindGeek, have accepted cryptocurrency payments in the past. Just last month, MindGeek-owned Playboy.TV began accepting cryptocurrencies like bitcoin and ethereum on its platform. Along with Pornhub's official site, two of its affiliate sites, production company Brazzers and adult gaming portal Nataku, will also begin accepting Verge. Join the conversation about this story » NOW WATCH: A neuroscientist explains why reality may just be a hallucination |
Bitcoin exchange Kraken plans to pull out of Japan
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Business Insider, 1/1/0001 12:00 AM PST
Kraken, one of the largest cryptocurrency exchange operators in the world, is pulling out of Japan, the company announced in a statement Tuesday. The pull out comes as regulators in the country ramp up oversight efforts after the $500 million hack of Coincheck, one of Japan's domestic exchanges, at the beginning of 2018. Kraken said it is temporarily ceasing operations in Japan to focus its efforts on other regions, but market watchers expect that it might be connected to regulatory pressure from the Japanese Financial Services Agency (FSA). Japan has given out a number of licenses for cryptocurrency exchanges to operate in the country. Kraken, however, was given special permission to operate without one. Japanese regulators have been cracking down on a number of unlicensed exchanges in the wake of the Coincheck hack. Notably, regulators in the country issued a warning to Binance, the world's largest cryptocurrency exchange, in March. A number of exchanges have shut their doors in the country, including Mr. Exchange and Tokyo Gateway, per reporting by CoinDesk. Yo Sub Kwon, the founder of Coinsetter, a cryptocurrency exchange acquired by Kraken in 2016, told Business Insider the regulatory response is "an overdue reaction." Speaking specifically about Kraken, Kwon said "they are going to pull out temporarily and go back to the FSA when they are ready to register with them." Japan has been a notable haven for cryptocurrency trading. 40% of bitcoin trading from October to November was conducted in yen, according to a Nikkei report cited in a note by Masao Muraki, a global financial strategist at Deutsche Bank. The country was among the first to designate bitcoin as a legal tender and it has one of the most well-established regulatory environments for cryptocurrencies. As for Kraken, the company oversees the trading of as much as $41 million worth of bitcoin on its platform in a 24-hour period, according to data provider CoinMarketCap. A spokesperson for the company did not respond to a message seeking comment. Join the conversation about this story » NOW WATCH: Wall Street is divided over whether stocks can storm back from their latest meltdown |
Hash Card To Allow Cryptocurrency Spending Wherever Fiat Cards Are Accepted
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CryptoCoins News, 1/1/0001 12:00 AM PST This is a sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. Attempts have been made to create a bitcoin card that offers instant conversions to fiat currency and reliable exchange rates, but up until now, such efforts have not come The post Hash Card To Allow Cryptocurrency Spending Wherever Fiat Cards Are Accepted appeared first on CCN |
Bitcoin Workshop: A Comprehensive Platform for Crypto Investors
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CryptoCoins News, 1/1/0001 12:00 AM PST This is a sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. Most new cryptocurrency investors are quickly overwhelmed by the sheer volatility and trading volume of any given cryptocurrency currently on the market. Given that swings of 20 to 30 The post Bitcoin Workshop: A Comprehensive Platform for Crypto Investors appeared first on CCN |
IMF’s Lagarde Calls for Open-Minded, Even-Handed Cryptocurrency Policies
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CryptoCoins News, 1/1/0001 12:00 AM PST Cryptocurrencies are growing on IMF Chief Christine Lagarde. The bitcoin price is trading in the green again today and oddly enough may be getting some of its lift from some positive remarks from Lagarde, who is at the helm of the International Monetary Fund (IMF). Her message to the world is that “crypto-assets do not pose an immediate The post IMF’s Lagarde Calls for Open-Minded, Even-Handed Cryptocurrency Policies appeared first on CCN |
Ripple Wants Governments to End ‘Wild West’ Era of Cryptocurrencies
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CryptoCoins News, 1/1/0001 12:00 AM PST A senior Ripple official has called on British regulators to revisit their ‘wait and see’ approach to cryptocurrencies and called for new rules introduced by the likes of Japan. While cryptocurrencies are commonly seen as financial instruments meant to circumvent governmental controls or oversight from central banks, Ripple (XRP) – the world’s third-largest cryptocurrency with The post Ripple Wants Governments to End ‘Wild West’ Era of Cryptocurrencies appeared first on CCN |
Incoming Fork at Block Height 520419, FoxBTC Announces Bitcoin Hard Fork
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CryptoCoins News, 1/1/0001 12:00 AM PST This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. The Bitcoin blockchain remains the sole impetus behind the greatest movement in decentralization, dominating 43% of a $300 billion market capitalization and pioneering disruptive innovations. However, this blockchain The post Incoming Fork at Block Height 520419, FoxBTC Announces Bitcoin Hard Fork appeared first on CCN |
Analysing Cryptocurrency Trends: Cryptics Announces Its AI Prediction Solution
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CryptoCoins News, 1/1/0001 12:00 AM PST This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. Every now and then, there is news in papers or television about a person who had bought bitcoin or other rising cryptocurrencies in the past when it was The post Analysing Cryptocurrency Trends: Cryptics Announces Its AI Prediction Solution appeared first on CCN |
Ripple calls for more crypto regulation in the UK
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Business Insider, 1/1/0001 12:00 AM PST
This story was delivered to BI Intelligence "Fintech Briefing" subscribers. To learn more and subscribe, please click here. Ripple, the company that owns the world’s third-largest cryptocurrency by market cap, XRP, has urged British regulators to develop more crypto regulation in the country, according to the Telegraph. It says there is a need for more regulation to enable innovation in the field, while also minimizing the risk for investors, and that the main focuses for regulators should be consumer protection, anti-money laundering (AML), and financial stability. Ripple also cited Japan evolving its crypto regulations last year to ensure customer protection by forcing crypto exchanges to comply with AML regulations. It argued that the UK should do something similar in order to give more clarity in the field, and help these companies thrive. The UK has been at the forefront of other fintech segments, but it's lagging behind on crypto. The UK is one of the biggest fintech players in the world, and has driven innovation in the country with regulations and initiatives. However, when it comes to crypto, it has largely taken a wait-and-see approach, according to Ryan Zagone, director of regulatory relations at Ripple. And, although the government launched a task force earlier this year, it will likely still take time before it sees any results. All the while, banks in the country have made confusing moves, with Barclays comparing Bitcoin to an "infectious disease," while also partnering with cryptocurrency exchange Coinbase to give it access to Faster Payments. This likely leaves many crypto players confused, and regulators need to step in to ensure there is more certainty in the sector. For now, only a relatively small share of crypto trading occurs in GBP.The UK is not the biggest player when it comes to crypto trading, lagging behind the US, the rest of Europe, and Japan in terms of Bitcoin trading volumes. Hence, without establishing clear rules when it comes to cryptos, it will likely remain a relatively small player in the field. It would therefore be wise of the country's regulators to look into how they can set up efficient rules for the crypto space to make the UK a more important player in the future, and to allow crypto companies operating in the country to get more clarity. Subscribe to an All-Access membership to Business Insider Intelligence and gain immediate access to:
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Ripple calls for more crypto regulation in the UK
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Business Insider, 1/1/0001 12:00 AM PST
This story was delivered to BI Intelligence "Fintech Briefing" subscribers. To learn more and subscribe, please click here. Ripple, the company that owns the world’s third-largest cryptocurrency by market cap, XRP, has urged British regulators to develop more crypto regulation in the country, according to the Telegraph. It says there is a need for more regulation to enable innovation in the field, while also minimizing the risk for investors, and that the main focuses for regulators should be consumer protection, anti-money laundering (AML), and financial stability. Ripple also cited Japan evolving its crypto regulations last year to ensure customer protection by forcing crypto exchanges to comply with AML regulations. It argued that the UK should do something similar in order to give more clarity in the field, and help these companies thrive. The UK has been at the forefront of other fintech segments, but it's lagging behind on crypto. The UK is one of the biggest fintech players in the world, and has driven innovation in the country with regulations and initiatives. However, when it comes to crypto, it has largely taken a wait-and-see approach, according to Ryan Zagone, director of regulatory relations at Ripple. And, although the government launched a task force earlier this year, it will likely still take time before it sees any results. All the while, banks in the country have made confusing moves, with Barclays comparing Bitcoin to an "infectious disease," while also partnering with cryptocurrency exchange Coinbase to give it access to Faster Payments. This likely leaves many crypto players confused, and regulators need to step in to ensure there is more certainty in the sector. For now, only a relatively small share of crypto trading occurs in GBP.The UK is not the biggest player when it comes to crypto trading, lagging behind the US, the rest of Europe, and Japan in terms of Bitcoin trading volumes. Hence, without establishing clear rules when it comes to cryptos, it will likely remain a relatively small player in the field. It would therefore be wise of the country's regulators to look into how they can set up efficient rules for the crypto space to make the UK a more important player in the future, and to allow crypto companies operating in the country to get more clarity. Subscribe to an All-Access membership to Business Insider Intelligence and gain immediate access to:
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Billionaire banking heir and cryptocurrency investor Matthew Mellon dies in rehab at 54
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Business Insider, 1/1/0001 12:00 AM PST
LONDON — Billionaire banking heir and cryptocurrency investor Matthew Mellon has died in a rehab facility in Mexico, according to multiple press reports. He was 54. His cousin Peter Stephaich confirmed Mellon's death but declined Tuesday to provide any details, according to Bloomberg. A representative told the New York Post that the billionaire "died suddenly" in Cancun, Mexico, where he was attending a drug rehabilitation facility. He was the former chair of the finance committee of the Republican Party in New York, and had struggled with an addiction to opioid-based painkillers OxyCotin. Mellon was the descendant of two great banking dynasties. On his father's side he was descended from the founder of Mellon Bank, now part of BNY Mellon. And on his mother's side he was related to Anthony Joseph Drexel, the cofounder of now-defunct Wall Street investment bank Drexel Burnham Lambert, which pioneered junk bonds in the 1980s. In recent years, Mellon had also made money investing in cryptocurrencies. He was an early investor in XRP, the cryptocurrency linked to startup Ripple, and Forbes reported in February of this year that his investment in the cryptocurrency was worth $1 billion. Mellon's representative told the New York Post: "Mellon made his fortune in cryptocurrency, turning a $2 million investment into $1 billion." Mellon is survived by his first wife, Jimmy Choo cofounder Tamara Mellon, his second wife, fashion designer Nicole Hanley, and his three children. SEE ALSO: Everything you need to know about the complex relationship between Ripple and cryptocurrency XRP Join the conversation about this story » NOW WATCH: There's only one thing that can rescue stocks from a trade war disaster |
Tax Day Bounce? Bitcoin Price Crosses $8,000 as Sell Pressure Fades
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CryptoCoins News, 1/1/0001 12:00 AM PST The Bitcoin price saw a moderate bounce on Tuesday, as the impending conclusion of tax season in the US suggests that an important source of sell pressure will be eliminated from the markets. As CCN reported, many analysts attributed the first-quarter sell-off in part to the fact that traders and investors were forced to sell … Continued The post Tax Day Bounce? Bitcoin Price Crosses $8,000 as Sell Pressure Fades appeared first on CCN |
$8,500? Bitcoin Eyes Gains with Key Support at $7,900
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CoinDesk, 1/1/0001 12:00 AM PST The technical charts remain bullish for bitcoin and point to $7,900 as the key support zone. |
Coinsecure Offers 10% Bounty on $3 Million Theft, Customer Refunds in Rupees Not Bitcoin
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CryptoCoins News, 1/1/0001 12:00 AM PST Indian cryptocurrency exchange Coinsecure has reiterated its intention to refund customers after last week’s $3(+) million theft. A significant majority of the stolen funds could be paid in Indian fiat rupees instead of bitcoin – if the siphoned bitcoins aren’t recovered. In a notice posted on its website over the weekend, Delhi-based crypto exchange Coinsecure The post Coinsecure Offers 10% Bounty on $3 Million Theft, Customer Refunds in Rupees Not Bitcoin appeared first on CCN |
Bitcoin Merchant Adoption Might Just Be Accelerating In Asia
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CoinDesk, 1/1/0001 12:00 AM PST Luxury brand Bellatorra Skin Care reports hot demand for crypto payments from both wholesale and retail customers as it expands into China and India. |
Economists Explore Bitcoin's 'Equilibrium Price' in New Paper
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CoinDesk, 1/1/0001 12:00 AM PST Two economists have developed a model for pricing bitcoin and other assets in decentralized financial networks. |
Lightning + NFC? The New Plan to Bring Bitcoin to Retail
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CoinDesk, 1/1/0001 12:00 AM PST A new proposal explores the combination of the lightning network and NFC to move the layer-two bitcoin tech forward. |