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| October 16, 2018

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California regulators boost fees charged when customers leave traditional utilities

October 12, 2018 |

The California Public Utilities Commission approved an increase in exit fees charged to customers who buy electricity from government-run community choice programs rather than traditional utilities such as Southern California Edison and San Diego Gas & Electric.

After reviewing two competing exit…


L.A. Times – Business

Storefront lender accused of pushing customers into taking out big loans without interest rate caps

September 18, 2018 |

California regulators want to seize Cash America Advance’s license, alleging the storefront lender duped customers into taking out installment loans with triple-digit interest rates.

The California Department of Business Oversight, in a legal accusation filed late last month, said Cash America…


L.A. Times – Business

Bank of America reportedly froze some accounts after asking customers about their citizenship

September 1, 2018 |

In order to get a bank account in the U.S., customers need to provide their name, date of birth, address and an identification number, which may or may not indicate a person’s citizenship, federal regulators say.

But recent reports show that banks are also explicitly asking for an individual’s…


L.A. Times – Business

Watch out, Tesla, Jaguar’s I-Pace is prowling for your customers

August 27, 2018 |

Do people buy a Tesla because they want a Tesla and no other brand will do? Or do they buy one because they want an attention-getting, high-performance, premium, all-electric car and Tesla is the only game in town?

We’ll find out soon, because the all-electric Jaguar I-Pace hits U.S. dealer showrooms…


L.A. Times – Business

MoviePass Again Changes Rules for Customers

August 18, 2018 |

Movie subscription service MoviePass has announced that users will only get to choose from a limited number of films on any given day, CNN reports. The restrictions follow the unveiling of a new plan that will limit the number of movies a subscriber can see to three a month. Previously,…
Newser

Withdrawals Delayed – Bitflyer Scanning for Yakuza Customers

July 3, 2018 |

Withdrawals Delayed - Bitflyer Scanning for Yakuza Customers

Bitflyer has been delaying deposits and withdrawals of virtual currency in the midst of ongoing KYC verifications. The company received business improvement orders from the Japanese financial watchdog in June as a result of insufficient measures against money laundering. Bitflyer reportedly has delayed resuming business as it is thoroughly verifying its clients’ identities. Bitflyer also has stopped taking new customers last month, and this might go on for a while due to a lack of manpower, Nikkei reported.

Also read: Japan Penalizes Crypto Exchanges – Yakuza Involvement Confirmed

In virtual currency trading, deposits and withdrawals are said to be the main stage of money laundering. According to the Financial Services Agency, the company neglected to confirm the identities of their users, which lead to allowing the anti-social forces or members of the Japanese mafia to trade crypto. For this reason, the company is now reassessing the list of its customers, and all deposits and withdrawals are being currently scanned.

Japan’s Yakuza Are Laundering Crime Money via Crypto Exchanges

Withdrawals Delayed - Bitflyer Scanning for Yakuza Customers
30 billion yen was laundered through various overseas exchanges since 2016.

According to a customer, despite requesting withdrawal on June 25, he was not able to confirm the transaction by the morning of July 2.

Last May, the Mainichi newspaper revealed that some divisions of Japan’s organized crime syndicates, also commonly known as the yakuza, were using crypto exchanges to launder money. The Japanese mafia allegedly transferred more than $ 270 million of their funds overseas, according to the Mainichi.

“We strongly recommended [the six Japanese cryptocurrency exchanges] to remove all ties with anti-social forces,” the FSA told news.Bitcoin.com.

As the cryptocurrency industry is growing in Japan, the FSA pointed out the necessity for crypto exchanges together with the local authorities to create a increasingly secure environment with proper monitoring systems in place, including screening users’ ID.

Although Japan is historically known for its police force collaboration with the local mafia, also known as the yakuza, recent organized crime exclusionary laws that came into effect in 2011 criminalize individuals or companies who use them to facilitate their business affairs. The authorities send a warning just like the FSA did on June 22, but when persisting in doing business with the yakuza, one may have their name released to the public, be fined, or imprisoned.

What do you think would happen if Bitflyer failed to verify their customers’ mafia involvement? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post Withdrawals Delayed – Bitflyer Scanning for Yakuza Customers appeared first on Bitcoin News.

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Bithumb Reveals 11 Cryptocurrencies Lost and Plan to Compensate Customers

June 29, 2018 |

Bithumb Reveals 11 Cryptocurrencies Lost and Plan to Compensate Customers

South Korean crypto exchange Bithumb has announced the 11 cryptocurrencies stolen in last week’s theft and the amount of each coin missing. A compensation plan has also been unveiled for the equivalent value of the lost coins in an undetermined cryptocurrency.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Only Half As Much Crypto Missing

Bithumb Reveals 11 Cryptocurrencies Lost and Plan to Compensate CustomersBithumb officially announced Thursday the details of the cryptocurrency theft which it reported on June 20. Since then, the exchange has been cooperating with the authorities to investigate the cause of the theft.

Initially, the exchange estimated that the “damage caused by the cyber-attack was about 35 billion KWR [~US$ 31 million],” but that amount was revised to “about 19 billion KRW instead [~$ 17 million]” after undergoing a “continuous recovery process.” The exchange elaborated:

The main reason for the reduction of the damage is due to the ongoing participation, support and cooperation of cryptocurrency exchanges and cryptocurrencies foundations across the world. Also our quick response to the cyber-attack by removing cryptocurrencies from hot wallet to cold wallet effectively contributed to reducing the overall damage.

At the time of this writing, Bithumb is South Korea’s largest crypto exchange with a 24-hour trading volume of $ 136,432,719, followed by the Kakao-backed Upbit with $ 110,435,824 trading volume in the same time period, according to Coinmarketcap.

Which Coins Were Stolen?

Bithumb has provided a breakdown of the 11 cryptocurrencies that it claims were stolen. They are BCH, BTC, ELF, ETH, ETHOS, GNT, HSR, KNC, OMG, VEN, and XRP. The largest damage is in BTC, which had about 13.9 billion won (~$ 12,377,255) stolen. According to Bithumb, the total amount stolen is 18,945,911,857 KRW or $ 16,892,614.

Bithumb Reveals 11 Cryptocurrencies Lost and Plan to Compensate Customers

Compensation Plan

Bithumb has also revealed its plan to compensate all affected users. Reiterating that it takes full responsibility, the exchange announced that it is organizing “a compensation airdrop event.”

Bithumb Reveals 11 Cryptocurrencies Lost and Plan to Compensate CustomersMembers must apply for compensation from the theft to be eligible for the distribution.

For the inconvenience of keeping customers’ coins tied up, the exchange is offering interest between the time of application to the date they are fully compensated. “The annual interest rate of 10% will be prorated over the [compensation] period, hence the longer you hold, the higher compensation becomes,” Bithumb emphasized. “The amount of cryptocurrencies held will be calculated from 8:00 PM ~ 9:00 PM (UTC+9) each day starting from the date of application until the end of the [compensation] period.”

However, the eventual selection of which cryptocurrency customers will be reimbursed in has not yet been determined, Bithumb detailed, stating:

The equivalent value of cryptocurrencies will be given away in a form of an airdrop (the type of cryptocurrency is not decided yet).

Commission Fee-Free Coupons

In addition, Bithumb Reveals 11 Cryptocurrencies Lost and Plan to Compensate CustomersBithumb is offering commission fee-free trading coupons for all interested customers for the inconvenience caused to them, starting on June 28.

“Commission fee-free coupons will be available for purchase each day (the coupon is zero cost, useable for 1 day and it can be purchased once every day),” Bithumb detailed, adding that once it is purchased, it does not stack and can only be purchased when another coupon expires.

What do you think of Bithumb’s theft and plan to compensate customers? Let us know in the comments section below.


Images courtesy of Shutterstock and Bithumb.


Need to calculate your bitcoin holdings? Check our tools section.

The post Bithumb Reveals 11 Cryptocurrencies Lost and Plan to Compensate Customers appeared first on Bitcoin News.

Bitcoin News