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| October 22, 2018

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As Drawing Looms, 2nd-Largest Jackpot Swells

October 19, 2018 |

The Mega Millions jackpot has climbed to $ 970 million, inching ever-closer to the $ 1 billion mark. Officials raised the estimated jackpot Thursday for the second time due to strong sales ahead of Friday night’s drawing. Reuters reports the numbers will be pulled at 11pm EDT. The prize is the second-largest…
Newser

Amazon Revisits Some Cities as HQ2 Decision Looms

October 19, 2018 |

Amazon executives have made a fresh round of visits to several of the 20 finalists for its $ 5 billion second-headquarters project, fueling added anticipation as it nears a decision in a process that has stretched over more than a year.
WSJ.com: US Business

Court Refuses to Drop Money Laundering Charge Against UBS, $5.8 Billion Fine Looms

October 13, 2018 |

Court Refuses to Drop Money Laundering Charge Against UBS, $  5.8 Billion Fine Looms

A French court has reportedly rejected a request by the largest Swiss bank to drop money laundering charge against it. UBS Group and a number of its executives are accused of tax fraud and money laundering. If found guilty, the bank could be fined up to 5 billion euros or $ 5.8 billion. Its executives could also face jail time.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

UBS Wants Money Laundering Charge Dropped

Court Refuses to Drop Money Laundering Charge Against UBS, $  5.8 Billion Fine LoomsThe tax fraud and money laundering trial in France of UBS Group AG and its executives began last week after seven years of investigation.

The largest bank in Switzerland with offices in over 50 countries has asked for the French constitutional court to “drop money laundering charges and limit proceedings to complicity in tax fraud, which carries lighter penalties,” Reuters reported Thursday. However, the court rejected this request, noting that the bank’s arguments were “devoid of seriousness,” the news outlet detailed, elaborating:

UBS Group AG, its French unit and six executives and former executives face charges of aggravated tax fraud and money laundering in an investigation into allegations they helped wealthy clients avoid taxes in France.

Up to 5 Billion Euros Fine Plus Damages

Court Refuses to Drop Money Laundering Charge Against UBS, $  5.8 Billion Fine LoomsDuring the investigation, UBS Group turned down the authorities’ settlement offer of 1.1 billion euros, the publication conveyed. “The amount corresponded to what the Swiss bank had already paid as a court bond, according to judicial sources.” The news outlet further described:

If found guilty of money laundering, UBS could be fined up to 5 billion euros ($ 5.8 billion). French criminal law lets judges enforce fines as high as half the amount laundered and in this case prosecutors estimate that up to 10.6 billion euros was denied to the French tax authorities.

According to Reuters, the bank could also face damages awarded to the French tax authorities for the missing revenue and the executives risk jail time.

Court Refuses to Drop Money Laundering Charge Against UBS, $  5.8 Billion Fine LoomsThe whistleblower told the publication that he hoped for a stiff penalty for Switzerland’s largest bank, stating that “If they set an example with UBS, most other banks will be scared.”

In 2009, UBS went through a similar trial in the U.S. and paid $ 780 million in settlement. In 2014, the bank was on trial in Germany and paid 300 million euros in fines.

Recently, a number of other megabanks have been under fire for alleged money laundering activities. Denmark’s largest bank, Danske Bank, allegedly engaged in money laundering through its Estonian branch that could total 200 billion euros. The probe into Danske Bank has also implicated Citigroup and Deutsche Bank. Last month, Netherland’s largest retail bank, ING Group, was fined $ 900 million for money laundering. News.Bitcoin.com also recently reported that Nordic region’s largest bank, Nordea, was suspected of money laundering.

What do you think of the French court refusing to drop money laundering charge against UBS and its executives? Let us know in the comments section below.


Images courtesy of Shutterstock and UBS.


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The post Court Refuses to Drop Money Laundering Charge Against UBS, $ 5.8 Billion Fine Looms appeared first on Bitcoin News.

Bitcoin News

As Kavanaugh vote looms, GOP Sen. Daines says he’s going to daughter’s wedding

October 5, 2018 |

Sen. Steve Daines, R-Mont., will be attending his daughter’s wedding on Saturday – and not participating in the vote on Supreme Court nominee Brett Kavanaugh.
FOX News

Media batter Trump with storm criticism as Hurricane Florence looms

September 13, 2018 |

As the media blast out dire warnings about the destructive power of Hurricane Florence, they are also beginning a familiar ritual involving President Trump.
FOX News

Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban Looms

August 13, 2018 |

Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban Looms

Vietnamese businesses and individuals have stopped importing bitcoin mining equipment into the country since the beginning of July, according to the Ho Chi Minh City Customs Department. This follows the government’s efforts to pass a law banning the import of bitcoin mining rigs into Vietnam.

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

Mining Rig Imports Stop

Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban LoomsBusiness and individuals in Vietnam used to import a large number of crypto mining rigs into the country. Last year, the Customs Department of Ho Chi Minh City (HCMC) cleared more than 7,000 bitcoin and litecoin miners. Meanwhile, the Customs Department of Hanoi imported 190 bitcoin miners and 350 litecoin miners, Vietnam Biz reported Wednesday.

According to the HCMC Customs Department, businesses and individuals imported 3,664 crypto miners from the beginning of this year to August 6, most of which were Antminers from China. The news outlet reiterated:

According to information from the Customs Department of Ho Chi Minh City, from early July 2018 to now, organizations and individuals have stopped importing mining rigs.

According to the publication, four enterprises imported more than 3,000 machines this year; the rest were imported by “individuals and organizations [that] do not have [a dedicated] import tax code.” Viet Nam News added that “according to data from the General Department of Customs, Vietnam imported about 15,600 mining machines from 2017 to April this year.”

Mining Rig Import Ban Looming

Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban LoomsThe lack of crypto mining rig imports follows the proposal by the country’s Ministry of Industry and Trade “to suspend the import of cryptocurrency mining machines in a move to improve the management of currency transactions in the country,” the publication detailed.

The ministry has gained support from a few other government agencies and the country’s central bank, the State Bank of Vietnam (SBV).

The ban was proposed because the country’s finance ministry became concerned that crypto mining rigs are “not on the list of goods banned from importation and are not subject to the list of specialised management or unsafe goods, so enterprises are easily allowed to complete the import procedures,” the publication explained, noting:

The use of mining equipment for bitcoin, litecoin and other cryptocurrencies in the country is difficult for the authorities to manage. Thus it is easy for people to use cryptocurrencies as a currency or another method of payment, which is illegal in Vietnam according to the amended Decree 101 on non-cash payments.

In April, Vietnamese Prime Minister Nguyen Xuan Phuc signed a directive calling for stronger measures for cryptocurrencies. Xinhua described that “under the directive, credit institutions in Vietnam are not allowed to carry out cryptocurrency-related transactions and must swiftly report any suspicious activities.”

Do you think Vietnam will eventually ban the import of bitcoin mining rigs? Let us know in the comments section below.


Images courtesy of Pixabay.


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

The post Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban Looms appeared first on Bitcoin News.

Bitcoin News

Disaster Looms for British Pubs: Beer Shortage During the World Cup

June 26, 2018 |

Lager drinkers wring their hands but cask ale aficionados hope a carbon dioxide scarcity will drive orders for old-school brews served at room temperature
WSJ.com: What’s News Europe

Many in Puerto Rico still under tarps as storm threat looms

June 20, 2018 |

Hurricane Maria ripped away part of the steel roof from Carmen Lidia Torres Mercado’s home in the Puerto Rican capital.
FOX News

CNN

Danger looms after Guatemala volcano eruption

June 6, 2018 |

The death toll from Guatemala’s Fuego volcano eruption is expected to rise as rescuers and loved ones struggle to find survivors. CNN’s Michael Holmes reports.
CNN.com – RSS Channel – World

Controversy Looms Over Bithumb Coins

April 26, 2018 |

Controversy Looms Over Bithumb Coins

South Korean cryptocurrency exchange Bithumb is reportedly re-evaluating its strategy to launch its own coins through a corporation in Singapore, following news of fraud that could have serious side effects to both companies. Under the current laws, Bithumb coins will still be subject to Korean regulation whether launched abroad or not.

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

Bithumb’s ICO

One of South Korea’s largest cryptocurrency exchanges, Bithumb, had a plan to launch its own coins for institutional investors through a corporation in Singapore.

On Tuesday, Bithumb confirmed that it is collaborating with Singaporean company B.Buster to “build a global [crypto] payment system.” The project is known as BTHB. “We received some investment from Bithumb to proceed with the project. Through a contract to use the trademark, [we have] prepared the project name “Bithumb Coin,” B.Buster explained.

Controversy Looms Over Bithumb CoinsHowever, local media reported on Wednesday that the companies are now re-evaluating this strategy.

The tokens were going to be issued by B.Buster, according to Sedaily, noting that the company is “re-examining” the project after hearing “news of the issuance of the coins abroad, the coin resale, and investment recruitment fraud” related to the unlaunched coins.

As soon as rumors that Bithumb was going to issue its own cryptocurrency circulated in the crypto community, ICO investor recruitment began in the market, Daum described. Etherscan, which provides data about Ethereum-based tokens, currently shows 2 Bithumb coin listings: 10 billion Bithumb Coin (BTHB) and 1 billion Bithumb Coin Point (BTHP). Bithumb denied having knowledge of these listings, the news outlet detailed.

Controversy Looms Over Bithumb Coins

Reconsidering Not Terminating

Controversy Looms Over Bithumb CoinsPrior to the re-evaluation, B.Buster said “We have limited resale and distribution until the listing on the exchange,” the news outlet noted. However, if B.Buster is selling to general investors and not to institutions, it “would be a breach of contract” with Bithumb, the publication pointed out. “In the meantime, the rumors spread and more investors are getting more and more concerned about the investors’ protection, which is why the ‘reassessment’ position was revealed.”

According to the news outlet, Bithumb and B.Buster expect to be “issuing a coin in the end,” calling the project a “reconsideration” rather than a termination.

B.Buster reportedly announced on Wednesday, “There will be no public sale for the ‘BTHB’ project. Only selected institutional investors are allowed to participate, excluding citizens/entities of the Republic of Korea and People’s Republic of China, and citizens/entities/residents of the United States of America.” The company noted that “Any sale at this point is only to institutional investors” that it is already in touch with. “Please beware of scammers and impersonators” pretending to be the company or its affiliated entities, B.Buster reportedly warned.

Korean Laws Still Apply

The financial authorities have warned that domestic cryptocurrency exchanges issuing and promoting their own tokens could have “serious side effects such as internal price manipulation,” Money Today reported, adding:

The current law also makes it clear that Bithumb coins are subject to [Korean] regulation. Under the Electronic Money Act coins whose value fluctuates like virtual currency cannot be a means of payment.

Recently, Kakao Corp was also rumored to be launching an ICO abroad. The Korean Financial Services Commission (FSC) also warned that the company’s ICO, if launched, would still be subject to Korean laws and could have an adverse impact on its Korean subsidiaries.

What do you think of Bithumb launching its own coins? Let us know in the comments section below.


Images courtesy of Shutterstock, Bithumb, and Etherscan.


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

The post Controversy Looms Over Bithumb Coins appeared first on Bitcoin News.

Bitcoin News