Blockchain 

Four Crypto Exchanges Face Stricter Regulation in South Korea: Report

Four South Korean cryptocurrency exchanges are reportedly facing stricter regulation as they aim to renew their banking accounts. As local industry media TheBchain reports on July 29, the new requirements come after the Financial Action Task Force (FATF) released recommendations on virtual currency regulations. Per the report, South Korean cryptocurrency exchanges Bithumb, Upbit, Coinone and Korbit will have to comply with new, stricter norms to successfully renew their banking partnerships following the FATF guidance released in June. As Cointelegraph reported at the time, the new guidance posits that crypto asset…

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Blockchain 

Crypto Exchanges Dragged Into Major Anti-Corruption Case

Four individuals allegedly involved in hacking the cell phones of Brazil’s Justice Minister Sergio Moro regularly used Bitcoin (BTC) and other cryptocurrencies, Cointelegraph Brazil reported on July 25. On July 23, the Federal Police of Brazil arrested four individuals who allegedly hacked Moro’s cell phones while he was acting as a judge in the Operation Car Wash case involving former President Luiz Inácio Lula da Silva.   Operation Car Wash is a major criminal money laundering investigation initiated by Moro, which further expanded to allegations of corruption at major Brailizan petroleum…

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Blockchain 

Noncustodial Crypto Exchanges, Explained | Cointelegraph

3. There are a number of advantages that make NCEs an appealing alternative to both centralized and decentralized cryptocurrency exchanges. User control: Firstly, users maintain control of their own crypto wallets, private keys and holdings. Some platforms allow users to remain anonymous by not requiring any documentation for account creation, others require customers to complete Know Your Customer (KYC) verification. Variety of crypto trading pairs: NCEs essentially act as aggregators of cryptocurrency trading pairs. They do not require users to deposit funds or crypto holdings and provide a wide range…

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Bitcoin 

Ex-CEO of BTC-e Exchange’s Spin-Off WEX Is Arrested in Italy

Former CEO of now-defunct crypto exchange WEX, a spin-off of controversial BTC-e exchange, was arrested in Italy. No official statement to date Dmitri Vasilyev, who reopened BTC-e exchange as WEX.nz in September 2017, was detained by Italian prosecutors. While no official statement has been disclosed to date, BBC Russia reported the arrest on July 19. In the report, the publication cited an unnamed friend of Vasilev and two anonymous WEX investors. The reason for detention remains unclear. In April 2019, Vasilyev became the subject of a criminal investigation by the…

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Bitcoin 

Binance Jersey Lists Exchange’s Own GBP-Backed Stablecoin

Fiat-crypto exchange Binance Jersey has listed a proprietary GBP-backed stablecoin, according to a press release shared with Cointelegraph on July 19. ‘Overwhelming demand’ for stablecoin diversification Listing of the Binance GBP Stablecoin (BGBP) confirms earlier indications that the major industry player had its sights on imminently issuing its own fiat-pegged assets, starting with a cryptocurrency 100% backed by the British pound. Binance Chief Financial Officer Wei Zhou has given an official statement, in which he noted that: “There has been an overwhelming demand in the market and Binance community for…

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Bitcoin 

Crypto Exchanges Must Register With Financial Watchdog Next June

Cryptocurrency exchanges in Canada will be legally required to register with the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC) as of June 1, 2020, according to a notice published on July 10. This requirement will come into effect along with other amendments to Canada’s new anti-money-laundering (AML) laws next year. Crypto exchanges will also reportedly be required to observe Know Your Customer policies and report any suspicious transactions to the Canadian watchdog; this also includes keeping records of their clients and hiring a compliance officer for their platform.…

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Ethereum 

Monero Discloses Bug Allowing XMR to be Stolen from Exchanges

Several security vulnerabilities have been disclosed by Monero, including one that could have been exploited to steal xmr from exchanges, reports on the breach disclosure platform HackerOne revealed on July 3. The vulnerability theoretically enabled attackers to send counterfeit xmr to an exchange. Once the fraudster’s account was credited, they could then convert it into other coins and make a withdrawal, leaving the exchange out of pocket. Describing the critical breach they uncovered, the lead developer for CUT coin added: “It is our belief that the vulnerability cannot be used to “mint” real, transactable monero out…

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Bitcoin 

Security Report Gives A or A- Rating to 16% of Major Crypto Exchanges, None Get A+

The latest Exchange Security Report from independent analysts at ICORating has given 16 percent of the world’s biggest crypto trading platforms an A rating, and none of them an A+. The analysis, published Dec. 18, ranked Kraken (A), Cobinhood (A) and Poloniex (A-) as the top three most secure exchanges globally. ICORating assessed 135 crypto trading platforms, all of whose daily trade value reportedly exceeds $100,000, on the basis of four security categories: user account security, registrar and domain security, web security and DoS attack protection. No exchanges sealed an…

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Blockchain 

Brazil Requires Crypto Exchanges to Report on User Transactions to Authorities

The Department of Federal Revenue of Brazil (RFB) has released new rules requiring that cryptocurrency exchanges inform the regulator about users’ transactions in order to identify tax fraud, Cointelegraph Brazil reported on June 19. The guidelines clarify how cryptocurrency trading platforms in Brazil should adopt new rules to report about the movements of users’ crypto funds to the agency, and comply with the requirements of Normative Instruction 1.888/2019 published in May of this year. Specifically, the agency requires that cryptocurrency exchanges operators based in Brazil provide information about all transactions…

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Blockchain 

Major Korean Bank Clamps Down on Accounts Linked to Crypto Exchanges

One of South Korea’s biggest banks is planning to intensify regulations on accounts linked to crypto exchanges, BEI News reported on July 1. The “special measures” Shinhan Bank are proposing would reportedly involve dedicating staff to analyzing account transactions. It is believed the bank is hoping to distance itself from claims that it is helping financial criminals, amid a rise in the number of fraud cases involving exchanges. Later in July, the bank is also hoping to launch an artificial intelligence monitoring system that uses deep learning to identify fraudulent…

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