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  South Korea: Financial Regulators To Investigate Banks Over Crypto AML Measures
Posted by: admin - 03-23-2018, 10:50 AM - Forum: News From Cryptocurrency Market - No Replies

South Korean financial regulators will investigate local banks over compliance with anti-money laundering (AML) guidelines for operations with cryptocurrency exchanges, as reported by a local news outlet Yonhap News yesterday, March 21.
According to Yonhap, the Financial Intelligence Unit (KoFIU) and the Financial Supervisory Commission (FSC) will start examining the corporate accounts of crypto exchanges in Korean banks next month.
In December 2017, FSC announced that it will ban anonymous cryptocurrency trading and require traders’ accounts on cryptocurrency exchanges to be associated with bank accounts registered under their real names, starting from Jan 30 this year.
After denying reports of an alleged cryptocurrency trading ban in the country as false, South Korean Finance Minister Kim Dong-yeon reaffirmed that the government will not ban or “suppress” the cryptocurrency market.
On March 6, the government of South Korea banned its public officials from holding and trading cryptocurrencies under the civil servants’ law. On Feb. 24, South Korean Blockchain Industry Association announced that it will inspect 33 of its members, among which are the Coinone, Bithumb, and Korbit cryptocurrency exchanges to evaluate their compliance with self-regulatory measures.

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  Official: G20 Calls for Cryptocurrency Regulation Recommendations by July 2018
Posted by: admin - 03-21-2018, 11:24 AM - Forum: News From Cryptocurrency Market - No Replies

The world’s economic leaders gathered in Buenos Aires, Argentina for the G20 summit, and sought for proposals of cryptocurrency regulations to come by July 2018 according to the G20 communique. The document backs the words of Frederico Sturzenegger, Argentina’s Central Bank chief, who noted cryptocurrencies need to be examined.
Having seen the document, CCN can confirm that rumblings of a crackdown on cryptocurrencies are out of the picture. It shows the world’s economic leaders seemingly prefer to call cryptocurrencies “crypto-assets,” implying they see cryptos as assets and not currencies.
The G20 communique notably acknowledges the “technological innovation” underlying cryptocurrencies, which has the potential to “improve the efficiency and inclusiveness of the financial system and the economy more broadly.”
It reads that cryptocurrencies raise issues when it comes to consumer and investor protection, tax evasion, market integrity, money laundering and terrorism financing, echoing concerns regulators throughout the world have in the past expressed.
The G20 communique goes on to read:

Quote:“Crypto-assets lack the key attributes of sovereign currencies. At some point they could have financial stability implications. We commit to implement the FATF [Financial Action Task Force] standards as they apply to crypto-assets, look forward to the FATF review of those standards, and call on the FATF to advance global implementation. We call on international standard-setting bodies (SSBs) to continue their monitoring of crypto-assets and their risks, according to their mandates, and assess multilateral responses as needed.”
[img=642x1024]https://248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com/wp-content/uploads/2018/03/G20-July-Reg-Crypto-642x1024.png[/img]
Not all countries are on board with this approach, however. According to local news outlet El Cronista, Brazil’s Central Bank president Ilan Goldfajn has revealed cryptocurrencies won’t be regulated in his country.
At the end of the communique, it becomes clear that cryptocurrency regulations are coming by July 2018. It reads:
Quote:“We ask the FSB [Financial Stability Board], in consultation with other SSBs, including CPMI and IOSCO, and FATF to report in July 2018 on their work on crypto-assets.”
The conclusion the world’s economic leaders seemingly arrived to has been expressed by FSB chief and Bank of England governor Mark Carney, who in a letter sent to G20 finance ministers argued cryptocurrencies ”do not pose risks to global financial stability at this time.

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  Carney On Eve of G20: Cryptos Don't Pose Risks to Financial Stability
Posted by: admin - 03-19-2018, 12:34 PM - Forum: News From Cryptocurrency Market - No Replies

An international group of central bank regulators and government ministers said Sunday that cryptocurrencies don't pose a risk to global financial stability, comments that come on the eve of talks on the subject by the G-20.
In a letter published on March 18, Financial Stability Board chairman Mark Carney, who also leads the Bank of England, said that the organization doesn't see the tech as a threat - at least at this juncture.
Carney wrote:

Quote:"The FSB's initial assessment is that crypto-assets do not pose risks to global financial stability at this time. This is in part because they are small relative to the financial system."
"Even at their recent peak, their (cryptocurrencies) combined global market value was less than 1% of global GDP," he continued. "In comparison, just prior to the global financial crisis (in 2008), the notional value of credit default swaps was 100% of global GDP.
Their small size, and the fact that they are not substitutes for currency and with very limited use for real economy and financial transactions, has meant the linkages to the rest of the financial system are limited."
While the note is mostly in line with Carney's previous comments on the limited impact of cryptocurrencies on the global financial system, the letter offers a window into where the discussions around this area may head to at the G20 meeting this week. As previously reported, government officials will meet Monday and Tuesday in part to talk cryptocurrencies, an agenda item that has been deemed "important" in a bid to reach a "common response" to regulation.
As acknowledged in Carney's letter, a number of major countries - France, Japan and the U.S. among them - have called for a unified response to speculation around cryptocurrencies. Most recently, Japanese officials reportedly expressed interest in joint efforts around money laundering.
Indeed, some of those calling for action seem to share Carney's assessment as well. As previously reported, U.S. Treasury Secretary Steve Mnuchin - who supports an international approach to regulation - has said in the past that he doesn't view cryptocurrencies as a threat to financial stability.

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  Multiplybits - Bitcoin price correction as main target
Posted by: admin - 03-18-2018, 07:38 AM - Forum: Reviews - No Replies

Security

- SSL Certificate

Evaluation: 4/5

Design

- Good design template and members area

Evaluation: 3/5

Investment Plans

investment plans are present:

A Plan with 2.5% Daily for 365 Calendar Days, a Plan with 2.75% Daily and the last plan with 3% daily both for 365 Calendar Days too .

The 1st plan with a minimum deposit of $25, offers a return of 2.5% daily. BEP can be achieved in the 40th day.

The 2nd plan 
with a minimum deposit of $1000, offers a higher return, with BEP (RETURN OF THE PRINCIPAL INVESTMENT) after 36 days for a 2.75% daily return every day.

In the 3rd and last plan with a minimum deposit of $10000, the 3% daily return is the highest one, with BEP achieved after 33 days.

In terms of daily rates and days to Return the Principal Investment, the 3 plans are similar. The main difference between them is the minimum investment amount required. The 1st and 2nd plan are the most reasonable ones with $25 and $1000 of minimum deposit needed.

The program have 42 days of lifetime now, which means that investors who choosed any plan from day 1, already completed 1 cycle of investment.

Long term is the main word for this investment plans, let´s see if this is true.


The payouts are made in instant mode.

Only Bitcoin payment method is available.

Evaluation: 4/5

Features

- Gold Coders Licensed Script

- Live Support

Evaluation: 3/5

Social Networks

- Social networks are well present in template
. Facebook, Twitter and Telegram are part of this program.

Evaluation: 4/5

In conclusion, I give to this program a Evaluation of 3.6 out of 5.

Remember, invest all you can afford to lose!

You can join here:

[Image: banner_468.gif]

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  Bitcoin Futures Launch in the UK
Posted by: admin - 03-16-2018, 12:02 PM - Forum: News From Cryptocurrency Market - No Replies

Coinfloor have announced their group of cryptocurrency exchanges will now include Coinfloorex, a bitcoin futures exchange. Offering “institutional grade risk management and governance,” traders, hedge funds, and miners will get bitcoin futures “at scale” through “specifically designed cryptocurrency contracts and operational controls.”
Also read: Québec Premier: We’re Not Really Interested in Bitcoin Mining
Coinfloor Launches Physical Bitcoin Futures
“Our mission is to build a bridge between Fiat currency and cryptocurrency,” Obi Nwosu, CEO of Coinfloor stressed, “to drive the stability and sustainability of cryptocurrency. Numerous market participants are calling on existing cryptocurrency exchanges that provide futures contracts to switch from cash to physical settlement. However, making that transition will be very difficult for them to achieve. We understood this requirement from the start, and have worked for over two years to bring this functionality to market. Now, institutional investors and traders can capitalise on market dynamics, within their own risk parameters and in line with their individual trading strategies.”
As such, Coinfloor claims to have launched the “first physically delivered cryptocurrency futures contract” through its newly created crypto exchange, Coinfloorex. The contracts were “created to protect investors and traders against price slippage on positions at time of settlement, as well as concerns of market manipulation.”
[Image: Coinfloor-Infographic_1-2.jpg]
The company is well-known in the ecosystem, having been around since early 2013, using a peer-to-peer crypto exchange model. Bitcoin vetted brokers are connected to investors in bitcoin. Using a local bank, buyers are able to send money directly to sellers. They were also an early adopter of solving the normal two-step conversion between fiat and bitcoin. Coinfloor was one of the first to try a no-fee trading model, but later reinstated fees at the end of last year. It also continues to play an active role in courting regulators to take crypto seriously.
The innovation this time around seems to be the “physical delivery” aspect of bitcoin futures. “Settlement is based on physical delivery rather than an index price from across other exchanges, which provides maximum pricing transparency. Access to Coinfloor’s spot exchange enables investors to easily convert Bitcoin to Fiat currency post-physical delivery, creating opportunities for longer-term currency appreciation or through meeting Bitcoin-denominated obligations,” the company explained.
[Image: coinfloor-logo.jpg]
For any crypto exchange, hacking is an issue. Anticipating such worries, “Security of the exchange is underscored by 100% multi-signature cold storage cryptocurrency custody
facility, safeguarding client portfolios from theft, loss or other security issues associated with partially online or online only storage of assets. Coinfloor also provides monthly solvency audits of Bitcoin balances, which gives institutional investors assurance that Coinfloorex has sufficient Bitcoin liquidity to manage market fluctuation,” the announcement explained.
Ultimately the product is aimed at more savvy “sophisticated investors.” April of this year is the date physical delivery of the bitcoin futures contract (XBT) is to be made.

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  Japan to Call for Crypto Rules at the G20 Summit
Posted by: admin - 03-14-2018, 11:49 AM - Forum: News From Cryptocurrency Market - No Replies

Japanese representatives will push for the adoption of global rules on cryptocurrencies at the upcoming G20 meeting in Argentina. Next week, the summit will gather finance ministers and central bankers in Buenos Aires. Other countries also want to put crypto matters on the table, with signals coming from key members of the European Union.   
Also read: Excessive Crypto Regulation Not Optimal, EU Banking Authority Says
Stringent Regulations Won’t Be Good
Japan, a country with a proactive fintech policy, is going to urge its G20 counterparts to look into cryptocurrencies and agree on some common regulations. Japanese authorities were among the first to adopt a regulatory framework with a mechanism to oversee trading on registered cryptocurrency exchanges. Their new initiative aims at implementing international guidelines for the quickly developing crypto industry.
[Image: shutterstock_248686375_j-300x211.jpg]According to unnamed Japanese officials, quoted by Reuters, Tokyo will urge G20 members to invest more efforts in preventing the use of cryptocurrencies for illicit activities, like money laundering. Other media reports suggest that one of the sources is Japan’s Chief Cabinet Secretary Yoshihide Suga. He has shared his expectations of active Japanese involvement in the G20 discussions on cryptocurrencies and their impact on the global economy.
Differences in each country’s approach, however, are likely to limit the chances of reaching agreement on specific global rules in a joint communique, the official said. Another source confirmed that discussions will focus on anti-money laundering measures and consumer protection, and not so much on how cryptocurrencies could affect the banking system.

Quote:
Quote:The general feeling among G20 members is that applying too stringent regulations won’t be good.
Finance ministers and central bank governors from the Group of 20 will meet in the Argentinean capital on March 19-20. Other nations also plan to put forward ideas for cryptocurrency regulation. In February, high-ranking French and German officials issued a letter urging their colleagues in G20 to discuss the implications of cryptocurrencies, like bitcoin. They stressed on the need for a transnational regulatory approach and announced intentions to jointly propose regulations.
The Trick: Regulate, but Don’t Stifle
The G20 countries intend to discuss issues related to cybersecurity, the fintech sector and cryptocurrencies, Russian Deputy Minister of Finance Sergey Storchak confirmed in the beginning of March. Digitalization has been included in the agenda on ministerial level for the first time. It has been discussed previously only by experts in the Financial Stability Council, Storchak said. In his words, very few of the G20 members regard cryptocurrencies the same way they view fiat money. The Russian official predicted that the summit would most likely confirm that position.
[Image: shutterstock_795298723.jpg]
What Japan is actually worried about is that some nations have looser regulations, when it comes to cryptocurrencies and their possible use for illicit purposes. Last month, Japanese authorities carried out checks on several exchanges after the theft of over $500 million from Coincheck. They revealed almost 700 cases of possible money laundering. In Argentina, the international Financial Action Task Force (FATF) is expected to present a report exploring ways to prevent the use of cryptocurrencies to launder illicit funds.
According to one of the Japanese officials quoted by Reuters, “the trick will be to apply regulations to protect consumers and prevent illicit activity, without stifling innovation in the fast-growing cryptocurrency and fintech sectors”. The G20 countries account for more than 80% of the world’s gross product and trade. Next week’s meeting will demonstrate if they are ready for a measured approach towards cryptocurrency regulation.

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  Study Finds $3B Worth of Faked Cryptocurrency Volumes and Wash Trades
Posted by: admin - 03-12-2018, 09:43 AM - Forum: News From Cryptocurrency Market - No Replies

On March 10 a cryptocurrency trader and researcher published a report on how he believes $3 billion worth of cryptocurrency trade volumes, primarily from a couple of exchanges, are concocted. The author of the study, Sylvain Ribes, alleges that the exchange Okcoin has been fabricating up to 93 percent of its trade volumes.
Also read: Thailand Dodges Extreme Cryptocurrency Regulations
Massive Discrepancies Between Exchanges
Sylvain Ribes has published a study that reveals some interesting information about trade volumes stemming from exchanges like Okcoin (Okex) and Huobi, which may be falsifying their trade volumes. Ribes calculated his data from order books across all major exchanges to “measure how badly market selling $50k USD worth of each cryptocurrency would crash the price.”
Further Ribes refers to a term called “slippage,” which he defines as “the percentage change between the observed mid-spread price and the lowest price I had to consent to sell the asset.” Throughout Ribes’ research of various currency volumes coming from exchanges like GDAX, Bitfinex, Kraken, Binance and more he found vast inconsistencies between trading platforms.  
“I found ridiculously massive discrepancies between exchanges. Not the kind that can be easily hand-waved away (“oh well, their users must behave differently”), but the kind that can only be explained by some figures being overstated as much as 95%,” explains Ribes’ study.

Quote:
Quote:Leading the pack is Okex, currently ranked #1 exchange by volume with $1.7b total volume on both Coinmarketcap and Livecoinwatch websites.
[Image: jjj.png]Orange, dark blue and light blue dots are GDAX, Bitfinex, and Kraken. Red dots are Okex. The exchange “Okex is a ghost town” says Ribes.  
‘A Suffocating Majority of Okex Volume Is Fake’
Okex volumes raised a red flag for Ribes who says because the markets are unregulated artificial volumes and wash trading should be expected. Ribes’ slippage and volume chart shows the pairs with a daily volume of $100K across four exchanges over 24 hours.   
“Many pairs, albeit boasting up to $5 million volumes, would cost you more than 10% in slippage, should you want to liquidate a mere $50k in assets — Those pairs included, at the time of the data parsing (06/03/18): NEO/BTC, IOTA/USD, QTUM/USD — Hardly illiquid or low-profile assets,” Ribes states.
Quote:
Quote:Although those numbers alone prove to me without the shadow of a doubt that a suffocating majority of Okex volume is fake, I had not witnessed first-hand how they implemented it — I thus logged into their platform and had a look at some pairs trading history. And indeed, they fake their volume in a laughingly obvious and artificial way.  
Ribes says that Okex volumes are very different than an exchange like Poloniex that is “generally quite liquid across all pairs.” The trader believes it’s quite “obvious” that Okex volumes are doctored. Further, the paper suggests that the trading platform Huobi Pro has roughly 81.8 percent of “made-up volume.” He details that even though there appears to be more organic volumes taking place “there still exists a strong background of constant low-key wash trading.” The study also looked at exchanges like Bittrex, Hitbtc, and Binance against “respectable” exchanges.
[Image: OKexfakeV.png]Okex data, and estimated percentage of fake volumes from Ribe’s study.
Binance CEO Calls Ribes Study a “Good In-Depth Analysis”
Hitbtc is a touch less liquid and small differences can be seen for various reasons. Ribes says the results stemming from Binance were more “intriguing,” but notes that the exchange has a “pretty restrictive policy when it comes to API-trading.”  
“Inspecting their volume history does not show any obvious suspicious activity,” explains Ribes.
After the report was published, Zhao Changpeng, the CEO of Binance said Ribes study was a “good in-depth analysis.”
Quote:
Quote:We like liquidity, but we don’t like “flash” liquidity, which are used by many HFT “market makers” — Binance believes having these restrictions help the much larger number of retail traders.
Additionally, Ribes has asked Okcoin and Huobi Pro over Twitter if they would like to provide a statement concerning his recent study on phony trade volumes. “I’m happy to quote you on a comment if you’d like to provide one,” the trader states. This is also not the first time these exchanges have been questioned about falsified trade volumes.

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  Japanese Exchanges ‘Punished’ By FSA Regulators
Posted by: admin - 03-09-2018, 09:20 AM - Forum: News From Cryptocurrency Market - No Replies

The Japanese Financial Services Agency (FSA) stated on Thursday 8th that it has suspended two cryptocurrency exchanges. Each suspension is a month long and starts from today. The suspension has been ordered as the result of poor security and compliance standards.
Bit Station and FSHO were the exchanges that had trading halted for a month. However, 5 other exchanges came under fire from the FSA and must produce and submit a ‘Security Improvement Plan’ by March 22nd. 
The FSA found these five exchanges to have insufficient security measures. Those five exchanges are Tech Bureau, GMO Coin, Mister Exchange, Bicrements as well as Coincheck.
Coincheck
Coincheck suffered one of the worst cyber heists in history in late January this year. Over $500 million in NEM were stolen. It is thought that the heist prompted Japanese regulators to conduct more thorough checks of all crypto exchanges in the country. The Coincheck CEO Koichiro Wada even agreed with the FSA decisions and said that the current systems:

Quote:“Weren’t in keeping with the expansion of our business”
Coincheck CEO Koichiro Wada
Coincheck said a hacker used malware to infiltrate the network, the hacker then proceeded to steal an encrypted key which was used to transfer coins out of the exchange. Despite claiming to store the majority of their funds in ‘cold storage’, the coins were stolen from ‘hot wallets’ which are exposed to the internet making the coins more vulnerable.
Unregistered Exchanges
According to an article from Reuters, many of the exchanges in Japan are unregistered with the FSA. 
Quote:“It’s problematic that these 16 unregistered exchanges have been able to continue trading... In the first place, should they have been allowed to operate while their applications for registrations are still incomplete?”
Sanae Takaichi
It is not just the unregistered exchanges that have been deemed to fall short in security measures. The FAS found that GMO Coin, a registered exchange, was suffering system glitches frequently and the exchange was unable to identify the root cause of the glitch. It is the FSA's hope that, by ordering security reports for March 22nd, another possible Coincheck scenario can be avoided.

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  Binance Liquidates User’s Altcoin Holdings Due To Unknown Issue
Posted by: admin - 03-08-2018, 10:53 AM - Forum: News From Cryptocurrency Market - No Replies

Binance, one of the biggest cryptocurrency exchanges in the world, is currently dealing with a problem, as it’s liquidating user’s altcoin balances at market price, without warning them or getting their consent. On social media, speculators claim Binance may have been hacked.
According to various users on Twitter and Reddit, the cryptocurrency exchange, which often sees daily trading volumes above the $2 billion mark, just seemingly sold their altcoins for bitcoin. Describing his experience, one Reddit user stated:

Quote:“WTF is happening! Binance just sold all my alts at market rate and I have got just the Bitcoin now. Is it because of account getting hacked or binance bot issue?
Reddit user "shashankkgg"
Various victims noted that their coins were then used to buy ViaCoin (VIA) a little-known altcoin that, on Binance, pumped 1100% in about a minute because of the incident. This saw some claim VIA was behind the attack.
 
[Image: via_pump.png__800x496_q85_crop_subsampli...pscale.png]ViaCoin on Binance
 
Affected users claim they’ve checked their login history for evidence of unauthorized access, and found nothing suspicious. Some added that they use two-factor authentication (2FA) as an added layer of security, and yet rumors the exchange was hacked are spreading through social media.
Binance has since revealed there’s no evidence the company has been breached and is investigating the issue. The exchange’s CEO, Changpeng Zhao, took to Twitter to reveal that user’s funds are safe.
 
 
In response to the incident, Binance temporarily suspended trading and withdrawals. On Reddit, the company revealed that, so far. the only confirmed victims had registered API keys to use with trading bots. If, through phishing, bad actors got a hold of people’s API keys, they could trade their funds, but not withdraw them.
If this is indeed what happened, then hacker likely used people’s coins to pump ViaCoin so he could launder money through the little-known cryptocurrency. As one trader explained:
Quote:“If you can phish somebody’s API keys, then you can trade, but you can’t withdrawal [sic] from their account. So buy some VIA on your account, set a super high sell, then on the phished accounts you control you dump all their alts, then with 100% of their bitcoin you buy your super high sells on VIA, and effectively transfer their BTC ()with slippage) to your account.
Unknown, via @nondualrandy on Twitter
However, various Reddit users claim their accounts were affected, although they never used Binance’s API. Some API users, on the other hand, claim their accounts weren’t affected. Rumors of Binance getting hacked affected the cryptocurrency ecosystem as a whole. Bitcoin, the flagship cryptocurrency, has fallen 9.55 percent to $9,698 in the last 24-hour period, according to CryptoCompare.

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  Mark Carney: Prospect Of Crypto Replacing Fiat Is ‘Tenuous At Best’
Posted by: admin - 03-05-2018, 11:07 AM - Forum: News From Cryptocurrency Market - No Replies

Mark Carney, the Bank of England governor delivered a speech titled ‘The Future Of Money’ and spoke in depth on cryptocurrencies and the challenges they posed. Throughout the speech he dismissed the idea of cryptocurrencies replacing fiat money.
Mr Carney said that they entailed significant risks for investors and those investing in cryptocurrencies could lose money. The governor said that cryptocurrencies do not currently pose a threat to financial stability. However, he said that if more people started investing the bubble could raise concerns for macro financial stability.
During the speech Mark Carney explained the three qualities of money; store of value, medium of exchange and a unit of account. Following the basic tenants of money Carney gave a brief history of money, covering cowry shells to cigarettes in WW2. He used the image below to explain how cryptocurrencies failed as a store of value and thus by default failed as a medium of excahnge and a unit of account.
[Image: money.png__400x395_q85_crop_subsampling-2_upscale.jpg]
The second half of the speech systematically disproved cryptocurrencies position as a real form of money. He claimed they are ‘Poor stores of value’, ‘Inefficient media of exchange’ and ‘Virtually non-existent units of account’.
Policy Response
According to Carney the technology behind crypto-assets is exciting and governments should be careful to not stifle innovation in this area. But, much of the speech focused around cryptocurrencies replacing fiat as the dominant form of money. To wit Carney said: “their prospects of replacing fiat money are tenuous at best”
According to Carney the cryptocurrency markets do not threaten financial institutions, however, if retail adoption where to grow and greater integration to the traditional financial system were to occur risk would increase.
In terms of the regulatory response Mr Carney said there were three options:

  1. Isolate
  2. Regulate
  3. Integrate
China’s heavy-handed approach to regulation was cited as an example of isolation leading to ‘missed opportunities’. Mr Carney suggested that the regulation option would be most beneficial as it could help combat illicit activities, promote market integrity and increase the safety of the financial system. However, no examples of what this regulatory option might look like were given.
Quote:“The time has come to hold the crypto-asset ecosystem to the same standards as the rest of the financial system. Being part of the financial system brings enormous privileges, but with them great responsibilities.”
Mark Carney
Throughout the speech the idea of cryptocurrencies replacing fiat was dismissed and Mark Carney had this to say in the closing remarks:
Quote:“I trust you have gathered by now that for many reasons the crypto-assets in your digital wallets are unlikely to be the future of money.”
Mark Carney
Crypto Community Response
The speech has elicited rebuttals from crypto enthusiasts which typically referred to the flaws of fiat currency. As well as Mr Carney’s poor performance of the Canadian economy during his time at the Canadian central bank:
Despite Mark Carney disregarding the possibility of crypto replacing fiat, the speech is undoubtedly pushing the debate further to into mainstream awareness. A debate which the crypto community appears to take as a challenge.

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