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| June 18, 2019

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Roundup Archives -

Bayer pours $5.6 billion into weedkillers that are not Monsanto’s Roundup

June 15, 2019 |

Bayer will pump about $ 5.6 billion of its research and development budget into alternatives to its weedkiller glyphosate over the next decade as it battles more than 13,000 lawsuits claiming the herbicide causes cancer.

Trying to ease concerns about the controversial compound, the German chemical…


L.A. Times – Business

Jury awards $2 billion to couple claiming Monsanto’s Roundup gave them cancer

May 14, 2019 |

Bayer was ordered to pay more than $ 2 billion in damages to a California couple who claimed they got cancer as a result of using the company’s Roundup weedkiller for about 30 years.

It’s the largest jury award in the United States so far this year and the eighth-largest ever in a product-defect…


L.A. Times – Business

Couple With Cancer Awarded $2B in Roundup Lawsuit

May 14, 2019 |

Bayer lost its third Roundup lawsuit in a row Monday, with the jury awarding a couple an amount that dwarfs the verdicts in the previous two. The California jury awarded Alva and Alberta Pilliod, a couple in their 70s who blame the herbicide for their non-Hodgkin’s lymphoma, $ 1 billion each…
Newser

Jury awards $80 million to man who said Roundup weedkiller caused his cancer

March 27, 2019 |

A U.S. jury on Wednesday awarded $ 80 million in damages to a California man who blamed Roundup weedkiller for his cancer, in a case that his attorneys say could help determine the fate of hundreds of similar lawsuits.

The six-person jury in San Francisco returned its verdict in favor of Edwin Hardeman,…


L.A. Times – Business

Roundup weedkiller was a major factor in man’s cancer, jury decides

March 20, 2019 |

Roundup weedkiller was a substantial factor in a California man’s cancer, a jury found Tuesday in the first phase of a trial that could help determine the fate of hundreds of similar lawsuits.

The unanimous verdict by the six-person jury in federal court in San Francisco came in a lawsuit filed…


L.A. Times – Business

High-stakes trial starts in Roundup weed killer cancer claim

February 26, 2019 |

A jury in federal court in San Francisco will decide whether Roundup weed killer caused a California man’s cancer in a trial that started Monday that plaintiffs’ attorneys say could help determine the fate of hundreds of similar lawsuits.

Edwin Hardeman, 70, is the second plaintiff to go to trial…


L.A. Times – Business

Regulations Roundup: Chinese Mining Farms Undergo Tax Inspection, Michigan Bans Campaign Donations in Cryptocurrency

November 13, 2018 |

Regulations Roundup: Chinese Mining Farms Undergo Tax Inspection, Michigan Bans Campaign Donations in Cryptocurrency

In recent regulatory news, we report on an authorized mining company in China that has had its operations temporarily halted for tax inspection and implementation of real-name registration processes. We also look at the Michigan Secretary of State’s ban on crypto-based political donations, as well as the recent certification of X8’s stablecoin for Shariah compliance. In addition, we focus on the operator of a fraudulent cryptocurrency scheme who has been punished for misappropriating $ 601,000 in BTC and LTC from his employer.

Also Read: President of Marshall Islands Challenged Over Cryptocurrency Plan

Chinese Mining Farms Suspended

Regulations Roundup: Chinese Mining Farms Undergo Tax Inspection, Michigan Bans Campaign Donations in CryptocurrencyAccording to a statement published by an unidentified cryptocurrency mining company, Chinese state agencies have ordered the suspension of its mining farms in southwestern Guizhou Province and the Xinjiang Uyghur Autonomous Region for tax inspections and to implement real-name registration processes.

“According to the needs of the public security department’s network information security work, in the future, our company will implement higher standards for the company’s business real-name system according to the work needs of the public security department,” the anonymous company said. “For customers with the latest standard real-name systems, the data center will have to suspend reloading, restarting, moving in and out, etc.”

Michigan Secretary of State Says ‘No’ to Crypto

Regulations Roundup: Chinese Mining Farms Undergo Tax Inspection, Michigan Bans Campaign Donations in CryptocurrencyIn a letter addressed to William Baker, a recent candidate for the Michigan state legislature, the office of the Michigan Secretary of State has formally barred cryptocurrency donations to political campaigns.

Baker, who lost his bid in the state’s Nov. 6 election, had previously sought clarification on how the value of donations in the form of cryptocurrencies should be recorded. He also asked whether virtual currency exchanges would qualify as valid secondary depositories for the storage of crypto assets.

Baker asserted that “it is self-evident that digital currency is a valid way to receive political contributions.” However, the state secretary’s office responded by stating that “the law does not authorize such a vehicle, and the department has never determined that digital currencies are a valid way to receive political contributions.”

The letter also highlighted concerns pertaining to the price volatility of cryptocurrencies. “As with stocks and commodities, bitcoin’s worth fluctuates daily,” the office said. “There is no way to ascertain the precise monetary value of one bitcoin on any particular day.”

The Michigan Secretary of State raised additional objections to the use of cryptocurrencies as donations. In the letter, the office added that state legislation also “requires that committees deposit funds in an account in a financial institution, which is not an option for cryptocurrency.”

X8 Stablecoin Certified as Shariah Compliant

Regulations Roundup: Chinese Mining Farms Undergo Tax Inspection, Michigan Bans Campaign Donations in CryptocurrencyX8C, the stablecoin issued by Swiss fintech company X8 AG, has obtained a certificate showing that its stablecoin is compliant with Shariah law. It received the certification from the Shariyah Review Bureau, an Islamic advisory firm licensed by the Central Bank of Bahrain.

Francesca Greco, director and co-founder of X8, announced that the company will soon establish a regional office in the Middle East. Greco also indicated that X8 plans to launch a Shariah-compliant virtual currency exchange, adding that the company has already met with representatives of exchanges based in Abu Dhabi, Dubai and Bahrain.

“The Gulf region is a really good place for financial technology companies, because they all want to become hubs for fintech,” Greco said.

CFTC Fines Crypto Scheme Operator Over $ 1.14M

Regulations Roundup: Chinese Mining Farms Undergo Tax Inspection, Michigan Bans Campaign Donations in CryptocurrencyThe U.S. Commodity Futures Trading Commission (CFTC) has ordered Joseph Kim, a resident of Phoenix, to pay more than $ 1.14 million for operating a fraudulent cryptocurrency scheme. Kim was also sentenced to 15 months in prison on “related criminal charges” filed in the U.S. District Court for the Northern District of Illinois. According to the court order, Kim pleaded guilty to “orchestrating a fraudulent Bitcoin and Litecoin scheme that led to more than $ 1 million in losses.”

Kim was found to have misappropriated $ 601,000 worth of BTC and LTC from his employer — described as “a Chicago-based proprietary trading firm” — before attempting to fabricate security-related issues to obfuscate the misappropriation of funds. Despite this, the company fired Kim in November 2017 after the theft of the cryptocurrency was discovered.

Between December 2017 and March 2018, Kim then sought to repay his former employer through profits that he had generated through the operation of a cryptocurrency trading scheme. According to the CFTC, he “falsely told customers that he would invest their funds in a low-risk virtual currency arbitrage strategy, when, in fact, Kim made high-risk, directional bets on the movement of virtual currencies that resulted in Kim losing all $ 545,000 of his customers’ funds.”

Do you think Chinese miners will report the temporary suspension of their operations for tax inspection and real-name registration? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Regulations Roundup: Chinese Mining Farms Undergo Tax Inspection, Michigan Bans Campaign Donations in Cryptocurrency appeared first on Bitcoin News.

Bitcoin News

Exchanges Roundup: Revolut CEO Discusses Investment, Etoro Starts Rollout of Wallets

November 12, 2018 |

Exchanges Roundup: Revolut CEO Discusses Investment, Binance Launches Research Unit

In recent exchange news, the chief executive officer of Revolut has expressed doubt regarding the institutional appetite for cryptocurrency exposure, Binance has launched a new research division, and Etoro has begun the gradual rollout of its wallet for Android and iOS users.

Also Read: Korea’s Upbit to Launch Crypto Exchanges in Thailand and Indonesia

Revolut CEO Skeptical on Institutional Investment

Exchanges Roundup: Revolut CEO Discusses Investment, Etoro Starts Rollout of New WalletsNikolay Storonsky, the chief executive officer of fintech unicorn Revolut, recently expressed skepticism regarding the rhetoric circulating throughout the cryptosphere that suggests institutional investors are eager to gain exposure to bitcoin.

“There is no interest from big institutional investors so far,” Storonsky said at the recent Web Summit 2018 in Lisbon. “Unless these big institutional investors and hedge funds move heavily into the crypto world I just don’t think banks will move because they simply try to make money from their clients.”

Despite his statements, Storonsky concluded that “fintech will be very big in crypto for the foreseeable future.” He added: “I just don’t think banks will catch up.”

Binance Announces Research Division

Exchanges Roundup: Revolut CEO Discusses Investment, Etoro Starts Rollout of New WalletsBinance, the leading cryptocurrency exchange by trade volume, has announced the launch of a new in-house analysis division, Binance Research. The company said that the new division will “increase transparency and (the) accuracy of information in the cryptocurrency and blockchain space.” It added that it aims to “shine a spotlight on quality blockchain projects.”

As of this writing, Binance Research has published a report providing analysis on Loom Network, as well as another one on Gochain. According to the company’s website, a report looking at Pundi X will also be published “soon.”

Etoro Starts Rollout of Android and iOS Wallets

Exchanges Roundup: Revolut CEO Discusses Investment, Etoro Starts Rollout of New WalletsSocial trading platform Etoro has started launching its cryptocurrency wallet for Android and iOS users. According to a press release, the wallet is being rolled out in different countries in phases in order to “ensure the best customer experience for clients.”

The wallet is currently available for download via Google Play and Apple’s App Store. It will only support BCH, ETH, LTC and BTC. Etoro plans to eventually add support for other cryptocurrencies in the future.

“The eToro wallet today is just the beginning and we will be adding a whole host of additional functionality which will include supporting additional crypto and fiat tokens, crypto to crypto conversion, the ability to deposit fiat, payment in-store and more,” said Yoni Assia, the chief executive officer of Etoro.

Do you think that the hype regarding the institutional appetite for crypto is real? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Wikipedia, Etoro


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Exchanges Roundup: Revolut CEO Discusses Investment, Etoro Starts Rollout of Wallets appeared first on Bitcoin News.

Bitcoin News

Exchanges Roundup: Binance ‘Very Healthy’ Despite Volume Drop, Gate.io Breached

November 11, 2018 |

In cryptocurrency exchange news, Binance’s CEO has described the exchange as “very healthy” despite the dramatic reduction in trade volume compared with early 2018, and Gate.io was recently breached via a malicious script added to web analytics provider Statcounter. Also, a South Korean ICO raising money for a crypto exchange desk appears to have pulled a $ 2.73 million exit scam.

Also Read: Korean Exchange Terminating After Regulator Crackdown

Binance Unphased by Dwindling Volume

Exchanges Roundup: Binance 'Very Healthy' Despite Volume Drop, Gate.io BreachedSpeaking to CNBC, CZ, the chief executive officer of the largest exchange by volume, Binance, recently discussed the declining trade volume posted throughout the current cryptocurrency bear market.

Despite volume dropping by roughly 50 percent month-over-month, CZ emphasized that although volume had reduced by “90 percent” since January, “we are trading huge volume … compared to one year or two years ago,” adding: “Business is still ok .. we are still profitable … we are still a very healthy business.”

Regarding the onboarding of new traders, CZ stated: “To be honest … it’s not as fast as in January or February when it was … a very crazy period … We are still signing up a steady amount of new users every day, from what we are seeing it’s very healthy.”

Gate.io Breached via Analytics Site

Exchanges Roundup: Binance 'Very Healthy' Despite Volume Drop, Gate.io BreachedCryptocurrency exchange Gate.io was recently breached via web analytics platform Statcounter. According to Alexa, Gatecoin.io is ranked as the 26,251st most popular website globally, and is ranked 8,308 in China. In the last 24 hours, Gate.io has a total trade volume of approximately 3,484 BTC.

Attackers modified a script hosted by Statcounter, adding a piece of malicious code in the middle of the script to decrease the likelihood of detection. The code appears to have been designed to target Gate.io specifically, as it contains “myaccount/withdraw/BTC”, with reports asserting that Gate.io was the only cryptocurrency exchange live at the time of the attack that hosted a valid page containing ‘myaccount/withdraw/BTC’ in its URL.

Statcounter removed the malicious script once it was notified of the breach. Several hours beforehand, Gate.io ceased using Statcounter’s analytics services. The number of BTC stolen from Gate.io users is not known.

Pure Bit Pulls Exit Scam

Exchanges Roundup: Binance 'Very Healthy' Despite Volume Drop, Gate.io BreachedSouth Korean cryptocurrency company Pure Bit appears to have conducted an exit scam which has seen it walk away with $ 2.73 million in customer funds.

The company recently raised 13,000 ETH through an initial coin offering to create a ‘mining coin’ and a cryptocurrency exchange desk. All of the funds raised have since been transferred from the company’s wallet, with reports asserting that the company also took down its website and social media platforms several hours after emptying its wallet. Pure Bit’s website now shows a blank page.

Do you think that the current trade volume can sustain the operations of the hundreds of active cryptocurrency exchanges? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Exchanges Roundup: Binance ‘Very Healthy’ Despite Volume Drop, Gate.io Breached appeared first on Bitcoin News.

Bitcoin News

Regulations Roundup: CFTC to Embrace DLT, SIM Swapping Task Force

November 11, 2018 |

In recent regulatory news, the chairman of the United States Commodity Futures Trading Commission has predicted that distributed ledger technology will soon be adopted by the CFTC to monitor the financial markets, and a supervisor of the REACT Task Force has emphasized the priority placed on policing SIM swapping in Northern California. In addition, Germany’s financial watchdog has ordered a cessation of UK-based Finatex’s unauthorized cross-border proprietary trading via its Crypto-Capitals trading platform.

Also Read: Bitmain Files ‘John Doe’ Lawsuit in the State of Washington 

CFTC Chairman Seeks AI-Monitoring of Cryptocurrency Markets

Regulations Roundup: CFTC to Embrace DLT, SIM Swapping Task ForceThe chairman of the United States CFTC, Christopher Giancarlo, recently discussed his expectation that emerging technological innovations, especially distributed ledger technology (DLT) and artificial intelligence (AI), will redefine the financial markets and the processes adopted by the regulators seeking to monitor such.

During his speech, titled “Quantitative Regulation: Effective Market Regulation in a Digital Era,” Giancarlo asserted that “we begin to see a world where the majority of standard tasks are managed by machines,” emphasizing the need for regulators to keeps pace with technological innovation in order to effectively oversee the sector.

The CFTC discussed the impact that the greater role of technology will have upon the way that regulators harness human labor, stating that becoming a “quantitative regulator” will “not mean replacing human judgment and market intelligence; it means reinforcing it,” adding that agency staff will be freed from “repetitive and low-value tasks” and will instead “focus on high-value activities that require their expert judgment and domain knowledge.”

Giancarlo also shared his future expectation that “rulebooks are digitized, compliance is increasingly automated or built into business operations through smart contracts, and regulatory reporting is satisfied through true-time DLT networks.”

US Police to Crack Down on SIM Swapping

Regulations Roundup: CFTC to Embrace DLT, SIM Swapping Task ForceSamy Tarazi, sergeant of the Santa Clara County Sheriff’s Office and supervisor of the REACT Task Force, recently discussed the increased priority placed on cracking down on ‘SIM swapping’ by US police.

Tarazi stated that although the REACT Task Force was initially formed to police a variety of cyber crimes, cracking down on SIM swapping has become the primary of the group, adding that many of the individuals targeted by SIM swappers are based in Northern California.

“It’s probably REACT’s highest priority at the moment, Tazari said, adding that “SIM swapping is actively happening to someone probably even as we speak right now.”

Emphasizing the challenges associated with policing SIM swapping, Tarazi stated: “We’re talking about kids aged mainly between 19 and 22 being able to steal millions of dollars in cryptocurrencies. I mean, if someone gets robbed of $ 100,000 that’s a huge case, but we’re now dealing with someone who buys a 99 cent SIM card off eBay, plugs it into a cheap burner phone, makes a call and steals millions of dollars. That’s pretty remarkable.”

German Financial Watchdog Flags Unauthorized Operations of Finatex

Regulations Roundup: CFTC to Embrace DLT, SIM Swapping Task ForceGermany’s independent federal financial regulator, the Federal Financial Supervisory Authority (Bafin), has ordered the partial cessation of the operations of United Kingdom-based crypto company Finatex Ltd.

According to Bafin’s website, the regulator ordered Finatex to cease cross-border proprietary trading – which was facilitated through Finatex’s trading platform crypto-capitals.com.

Bafin asserted that the company was “conducting proprietary trading within the meaning of section 1 (1a) sentence 2 no. 4 (c) of the German Banking Act (Kreditwesengesetz – KWG) as a service for others in the Federal Republic of Germany,” but “does not hold the authorization required under section 32 (1) of the KWG.”

Do you think that DLT will soon be utilized by regulators to monitor the cryptocurrency and financial markets? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Regulations Roundup: CFTC to Embrace DLT, SIM Swapping Task Force appeared first on Bitcoin News.

Bitcoin News