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Stars without the warpaint

September 20, 2018 |

See what your favorite celebrities look like before they hit the makeup chair… and after.
FOX News

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

Stars without the warpaint

September 13, 2018 |

See what your favorite celebrities look like before they hit the makeup chair… and after.
FOX News

Stars without the warpaint

September 12, 2018 |

See what your favorite celebrities look like before they hit the makeup chair… and after.
FOX News

Korean Banks to Limit Services for Crypto Traders Without Real-Name Verification

September 11, 2018 |

Korean Banks to Limit Services for Crypto Traders Without Real-Name Verification

South Korean banks are reportedly taking measures to limit services for customers who are not using the real-name system. It has been over seven months since the Korean government introduced the crypto real-name system, but only 40-50% of accounts at the country’s top four cryptocurrency exchanges have been converted into real-name ones, according to local media.

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

40-50% Conversion Rate

Korean Banks to Limit Services for Crypto Traders Without Real-Name VerificationIt has been more than seven months since the South Korean government introduced the real-name system for crypto exchanges at the end of January. Investors who have not converted their virtual crypto accounts into real-name verified ones cannot deposit Korean won into their accounts; they can only withdraw them.

The government intends for all crypto exchanges to use the real-name system. However, in reality, only the country’s largest four crypto exchanges – Upbit, Bithumb, Coinone, and Korbit – have been able to offer the conversion service to their customers.

Money Today reported on Monday, September 10:

Although the name verification service has been in operation [for] more than half a year since its inception, the conversion rate to the real-name verified accounts for each exchange site is only 40 to 50%.

Korean Banks to Limit Services for Crypto Traders Without Real-Name VerificationTo convert an existing virtual account into a real-name verified one, the trader must open an account at the bank which has a real-name conversion agreement with the exchange. For example, Bithumb has an agreement with Nonghyup Bank. So far, banks have been providing this service to only the country’s top four exchanges.

Under the real-name system, customer deposits at crypto exchanges are matched with information on their bank accounts.

However, the news outlet explained that “many investors do not convert to a real-name verified account but invest only with the funds they have already deposited [at crypto exchanges].”

Banks to Limit Services for Unconverted Accounts

Korean Banks to Limit Services for Crypto Traders Without Real-Name VerificationA bank official told the news outlet that customers who continue to use virtual crypto accounts, and not real-name ones, are at higher risks of money laundering, adding that banks are now urgently taking measures to increase the conversion rate.

According to the banking industry, banks are demanding that crypto exchanges with real-name conversion service ask their users who have not converted their accounts to do so. Noting that it is banks’ policies “to increase the transparency of virtual currency transactions and, above all, to prevent money laundering,” the news outlet elaborated:

Banks will take measures to limit services unless they (customers with virtual accounts) switch to real-name verified accounts by a certain date. After a certain point in time, [if] new real-name verified accounts are not issued, some restrictions on the Korean won deposit / withdrawal will be considered.

The publication added that “It is expected that restrictions will be imposed as early as November.”

Efforts by Exchanges

Korean Banks to Limit Services for Crypto Traders Without Real-Name VerificationTo encourage conversion to real-name accounts, Bithumb has lowered the daily Korean won withdrawal limit by 10% for those accounts that have not converted, the news outlet conveyed. The exchange also plans to take additional measures on users that do not switch to real-name verification accounts.

The Kakao-backed exchange Upbit has also been encouraging its users to convert to real-name verified accounts. The exchange held an event last month to give away a total of 100 million won (~US$ 88,615) to 100 users who converted during a specified period of time.

What do you think of banks taking measures to compel customers to convert their accounts to real-name ones? Let us know in the comments section below.


Images courtesy of Shutterstock.


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

The post Korean Banks to Limit Services for Crypto Traders Without Real-Name Verification appeared first on Bitcoin News.

Bitcoin News

TMZ

Justin Bieber & Stephen Baldwin Hanging Out in Michigan without Hailey

September 11, 2018 |

Justin Bieber and Stephen Baldwin are showing nothing but love for each other in the Wolverine State … proving in-laws CAN get along. The Biebs and Stephen spent Monday in Grand Rapids, Michigan where the future father/son-in-law…

TMZ.com

How to Buy Bitcoin Without Disclosing Your Identity

September 10, 2018 |

How to Buy Bitcoin Without Disclosing Your Identity

Privacy preservation is one of cryptocurrency’s defining characteristics. Digital assets such as bitcoin provide a far higher degree of anonymity and surety than traditional online payment methods such as credit card or Paypal. There’s just one problem: buying bitcoin without disclosing your most intimate details isn’t easy. The following options, which don’t require KYC, are better bets for privacy connoisseurs.

Also read: Four Alternatives to Shapeshift

Buy Your Bitcoin, Keep Your Privacy

Buying bitcoin in a discrete fashion was relatively easy in BTC’s early days. Sites like Localbitcoins.com required no KYC, and the lax regulatory environment enabled crypto exchanges in many countries to operate with impunity. Those days have long gone, and while the cryptocurrency landscape today is better in many ways, in certain areas it is arguably worse. KYC is a prime example. You can purchase a plane ticket with less questions than you can buy your first fraction of a bitcoin. Thankfully a few outposts, beyond the reach of US-dominated enforcers, remain.

Bisq

How to Buy Bitcoin Without Disclosing Your IdentityBisq is a decentralized P2P network that we’ve previously profiled. It enables BCH, BTC, and numerous other cryptocurrencies to be bought and sold without needing to first scan your passport, driving license, disclose your financial history, and attest to the origin of your bitcoins. It’s how a cryptocurrency marketplace ought to be in other words. To access it, users need to download Bisq’s desktop software which is open source. As its FAQ explains, “Bisq does not know the traders. No data is stored on who trades with whom. Bisq does not require registration. This means privacy is maintained, there are no “approval” wait times, and identity theft becomes impossible.”

Hodl Hodl

How to Buy Bitcoin Without Disclosing Your IdentityLike Bisq, Hodl Hodl doesn’t hodl funds: instead it utilizes a P2P model, with funds retained in multi-sig until the seller has denoted payment received. The platform enables BTC and LTC to be traded in a trustless setting, and there’s no obligation to complete arduous and intrusive verification procedures. There is the ability to obtain Verified or Trusted status, which unlocks higher trading limits and other benefits, but such provisions are not mandatory. Because P2P exchanges like Bisq and Hodl Hodl have lower liquidity and wider spreads, buyers will typically pay a little above the book price for bitcoin, and may struggle to buy or sell large quantities of coins at a time. They may conclude, however, that these downsides are offset by the increase in privacy that comes from choosing a non-custodial exchange.

Localbitcoins

Localbitcoins.com (LBC) was the original P2P exchange, and it retains a high volume of users, enabling BTC to be bought and sold in a matter of minutes. It remains the world’s go-to peer-to-peer exchange for purchasing bitcoin core. Earlier this year, LBC updated its terms of service to require additional identification for traders who exchange a significant volume of coins. Furthermore, LBC does require basic levels of trust to facilitate trading; a mobile number or email address for example, although these things are easily spoofed for those who desire maximum privacy. LBC’s greatest function, from a privacy perspective, however, is its ability to facilitate cash transactions in person. Once you’ve met and established trust with an LBC trader, subsequent transactions can be conducted in confidence and in privacy, without broadcasting your desire to buy bitcoin to the world.

Openbazaar

Online marketplace Openbazaar (OB) is a portal for buying all sorts of goods, from apparel to recreational drugs. It’s also a great place to buy cryptocurrency with no questions asked. After downloading the OB client, users are able to integrate their preferred BCH, BTC, or ZEC wallet and start trading. OB’s commitment to privacy and desire to support the principles upon which cryptocurrency was founded make it a popular choice with individuals who wish to purchase bitcoin without being forced to answer 100 questions.

How to Buy Bitcoin Without Disclosing Your Identity
Openbazaar

What other privacy-friendly ways can you buy bitcoin? Let us know in the comments section below.


Images courtesy of Shutterstock.


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

The post How to Buy Bitcoin Without Disclosing Your Identity appeared first on Bitcoin News.

Bitcoin News

Union Leader Says a New Nafta Won’t Work Without Canada

September 3, 2018 |

The president of the AFL-CIO said a new North American Free Trade Agreement won’t work if it doesn’t include Canada, a day after President Trump indicated his willingness to proceed with a bilateral deal with Mexico alone if necessary.
WSJ.com: US Business

Stars without the warpaint

September 1, 2018 |

See what your favorite celebrities look like before they hit the makeup chair… and after.
FOX News

Stars without the warpaint

August 30, 2018 |

See what your favorite celebrities look like before they hit the makeup chair… and after.
FOX News