Image Image Image Image Image Image Image Image Image Image Image Image

| August 15, 2018

Scroll to top

Top

World Archives -

US Government to “Aggressively Pursue” Unregulated Services Around the World

August 12, 2018 |

Two common complaints among crypto traders are that platforms which didn’t before are now demanding identification documents and that more venues close their doors to residents of some countries. While users naturally lash out at the companies, it is important to remember that this is often done under coercion or threat by regulators. The US government, for example, doesn’t consider itself bound by national borders in pursuing unregulated services.

Also Read: The Weekly: Coinbase Increases Limits, Shapeshift Acquires Bitfract, Okex Launches Coinall

The Long Arm of the Law

US Government to “Aggressively Pursue” Unregulated Services Around the WorldKenneth A. Blanco, Director of the Financial Crimes Enforcement Network (FinCEN), a bureau in the US Treasury’s Office of Terrorism and Financial Intelligence, has spoken about his agency’s approach to cryptocurrency on Thursday. The main takeaway from his speech to the industry is that the US government will act against anyone it thinks somehow operates within its domain, regardless of jurisdiction.

The director explained that all services involved with “money transmitting” must comply with some level of AML/KYC standards and that regulations cover both transactions where the parties are exchanging fiat and crypto, but also transactions from one cryptocurrency to another. To comply with these obligations, companies are required to register with FinCEN, maintain an AML program, and establish recordkeeping and reporting measures. He emphasized, “It is important to understand that these requirements apply equally to domestic and foreign-located convertible virtual currency money transmitters, even if the foreign located entity has no physical presence in the United States, as long as it does business in whole or substantial part within the United States.”

Blanco also shared a couple of interesting figures about the authorities’ work. He revealed that FinCEN and the IRS have examined over 30% of all registered exchangers and administrators since 2014, and that they now receive over 1,500 reports describing “suspicious activity” involving cryptocurrency per month.

ICOs and Mixers in the Crosshairs

US Government to “Aggressively Pursue” Unregulated Services Around the WorldWhile during most of his speech the FinCEN director referred to all crypto businesses engaged in “money transmission”, he also zeroed in on a few specific segments. Regarding mixers, he noted that “businesses providing anonymizing services (commonly called ‘mixers’ or ‘tumblers’), which seek to conceal the source of the transmission of virtual currency, are money transmitters …and, therefore, have regulatory obligations.”

The director also singled out projects conducting Initial Coin Offerings (ICOs). “While ICO arrangements vary and, depending on their structure, may be subject to different authorities, one fact remains absolute: FinCEN, and our partners at the SEC and CFTC, expect businesses involved in ICOs to meet all of their AML/CFT obligations. We remain committed to taking appropriate action when these obligations are not prioritized, and the U.S. financial system is put at risk.”

Blanco concluded the speech by warning that, “FinCEN will aggressively pursue individuals and companies who do not take their obligations under U.S. law seriously, whether by targeting victims or enabling those who do.”

Is the US government adopting the attitude of “Team America: “World Police” good for the crypto ecosystem? Share your thoughts in the comments section below.


Images courtesy of Shutterstock, FinCEN, Wikimedia (AgnosticPreachersKid).


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post US Government to “Aggressively Pursue” Unregulated Services Around the World appeared first on Bitcoin News.

Bitcoin News

Bitcoin’s Return to Innovation: Changing the World Through Peer-to-Peer Electronic Cash

August 12, 2018 |

Bitcoin’s Return to Innovation: Changing the World Through Peer-to-Peer Electronic Cash

Developer Gabriel Cardona was personally recruited to fast track development of Bitcoin Cash (BCH). Open source, full featured development kit, Bitbox, his creation, has taken the community by storm, and it is now part of the Bitcoin.com developer universe. Money, Mr. Cardona likes to say, is critical to the human condition. And BCH and its blockchain are enabling financial sovereignty in a way which, he believes, is unique in history.

Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots

Developer Gabriel Cardona Seeks a Path to Change the World Through Bitcoin Cash

This week, developer Gabriel Cardona was guest for a full hour on the Vin Armani Show. At about the one hour and eight minute mark, Mr. Cardona began to lay out reasoning behind the burst of innovation in development on the Bitcoin Cash blockchain.

With hotshot initial coin offerings ringing-in billions, venture capitalists pouring money into project after project, and nearly all crypto talk dominated by speculative price analysis, idealism is hardly ever mentioned. There is almost a sense of innocence lost, having given way to strange corporate realism. When idealism is employed, derision and condescension aren’t too far behind nowadays. Mr. Cardona, however, champions bitcoin cash as “the soundest money the world has ever known. As a developer you can make it available to all people, whatever their age, gender, nationality or financial status,” he explained to Vin Armani, founder of Coin Text, the text messaging way to send BCH without an internet connection.

Bitcoin’s Return to Innovation: Changing the World Through Peer-to-Peer Electronic Cash

Mr. Cardona describes himself, 37, as a decidedly different person professionally, “a whole different frequency” only ten years ago. He spent most of his twenties vagabonding, playing music, traveling. Becoming a father around this time sobered him to clearer thoughts about a career going forward. A chance community college course led to his first project, then another, and another. For whatever reason, the web has always resonated with him. The ubiquity, the chance to be impactful on a large scale, appealed to Mr. Cardona professionally.

That professional path eventually led him to code for Walmart, Target, Taco Bell, and to Triple A — all web development projects. Somewhere along the line, 2012 ish, he discovered bitcoin and Gavin Andresen’s Faucet, where Mr. Cardona received five bitcoin. This kept him interested as he went about his regular career. In fact, he’d put the idea aside for years while keeping an ear and eye to key hacker news outlets. When talk about a fork in mid 2017 was heating up, Mr. Cardona described the inevitable as not optimum, certainly, but ultimately the right path when two factions just cannot agree.

Bitcoin’s Return to Innovation: Changing the World Through Peer-to-Peer Electronic Cash

The Revelation

From there he deduced one of the chains would eventually have an innovation explosion. When he was able to access bitcoin cash (BCH) coins, and he started to use them, it suddenly grabbed him completely: this is bitcoin, the tech that made a great many wonderful people fall in love. Still, he wasn’t yet convinced enough to enter the space in any permanent way. In fact, he took to the burgeoning 3D printer industry. Upon looking more deeply into smart contracts, he encountered Ethereum’s Truffle Suite. He describes this as a revelation.

It was shocking. Nothing like a good framework, a suite of abstractions, allowing developers to work ten times faster existed for Bitcoin. There wasn’t anything like it in the BCH space. With that realization, he coincidentally took some time off to try and “have the vision.” It’s this kind of talk that makes Mr. Cardona so compelling. Devs are not known for their ability to communicate vulnerabilities, to be, well, human. Mr. Cardona has that in spades.

Bitcoin’s Return to Innovation: Changing the World Through Peer-to-Peer Electronic Cash

That in-touch-ness no doubt sets him apart. He’s humble enough to know he needs mentors, guides, to help check himself along the way. Enter Pete Flint, 44, a British entrepreneur now based in San Francisco at the venture capital firm, NFX, where he is a managing partner. Mr. Fint is perhaps best known for having been founder and CEO of Trulia, which he eventually sold for something like a billion dollars. Mr. Cardona worked there for a spell, and the two hit it off. On his break to “have the vision,” he met up again with Mr. Flint.

That was half a year ago. Mr. Cardona credits Mr. Flint with urging him to move from hardware to software, and onto to BCH solutions. That very night Mr. Cardona began working on a library that morphed into framework, and has now become the solution platform, Bitbox. An immediate success, having been downloaded tens of thousands of times in a very short period, Bitbox got the attention of nearly everyone in The Know. Two months ago he joined Bitcoin.com to put Bitbox into full-on practice. For the un-technical, Bitbox assumes many functions every dev needs, thus speeding up a project’s process, allowing innovation to come at much faster paces. The implications for its power are simply mind-blowing. As Vin Armani commented during the interview, had something like Bitbox been available as little as three years ago for Bitcoin, everything would’ve changed. That it’s now an intimate part of BCH means the future of money is on a Cardona path.     

Is the pace of innovation on the BCH chain surprising? Let us know in the comments section below. 


Images via Pixabay, Vin Armani.


Be sure to check out the podcast, Blockchain 2025; latest episode here. Want to create your own secure cold storage paper wallet? Check our tools section.

The post Bitcoin’s Return to Innovation: Changing the World Through Peer-to-Peer Electronic Cash appeared first on Bitcoin News.

Bitcoin News

‘We Don’t Have a Single Friend’: World Leaves Canada in the Cold

August 12, 2018 |

Canada’s growing rift with the US has included tense trade talks and tit-for-tat remarks . Now the US is among countries leaving Canucks in the diplomatic cold over their spat with Saudi Arabia, the Guardian reports. “It’s up for the government of Saudi Arabia and the Canadians to work this out,…
Newser

Bitcoin ATMs Now In The Thousands Around the World

August 7, 2018 |

Bitcoin ATMs Now In The Thousands Around the World

Coinatmradar.com reports a milestone of the 3,500 threshold being crossed for bitcoin ATMs (BATM) installed across the globe. One of the goals behind bitcoin automated teller machines is ease of onboarding to the world of crypto. A bear market – a protracted Crypto Winter – appeared to slow BATMs’ placement. And for sure it just might have, but numbers remain relatively strong considering, with the greater worry among BATM operators being US federal regulations preventing innovation.

Also read: Queensland, Australia Invests Portion of its $ 6.1Mil Ignite Ideas Fund in Crypto Startup

3,500 Bitcoin ATMs Installed Around the World

Coinatmradar.com announced this week a psychological milestone for the ecosystem had been reached: more than 3,500 bitcoin ATM machines are now installed all over the world. Not so long ago, BATMs were thought to a perfect onboarding tool, and especially in the United States.

Bitcoin ATMs Now In The Thousands Around the World

Americans are already trained on the basic tech, having had decades of automated ways to snag cash. That such machines could be placed where consumers are, rather than the customer having to seek it out, meant BATMs would be put in liquor stores, fast food restaurants, shopping malls, movie theatres, etc. It was just a matter of time until such convenience caught on.  

That was before prices soured and the US federal government began cracking down on BATM operators. “No doubt, US regulations play a huge role in our business,” head of marketing at Blockchain BTM, Tim Curry stressed. “We would be able to provide many more services, and for much cheaper, were it not for a myriad of regulations we must comply with,” Mr. Curry explained to News.Bitcoin.com at this year’s Comic Con in San Diego, where his company was an exhibitor.

9 Per Day

Still, the fact so many BATMs are up and running, with a heavy concentration of those in the United States, and all this during a bear market, is testimony to BATMs’ potential power. “It’s a bank in a box,” Mr. Curry noted. “We can onboard someone faster than Coinbase, and in about two to three minutes from start to finish. No having to wait up to a week. No linking your personal bank account.” Blockchain BTM is largely focused on the California market at the moment, from the border with Mexico to about as far north as Bakersfield.

Bitcoin ATMs Now In The Thousands Around the World

Just shy of a year and a half ago, the ecosystem celebrated BATMs reaching four digits, 1,000, around the world. Of the approximate 3,500 installed across the globe, over 1,800 support alternative coins such as litecoin and ether. North America retains the greatest concentration of machines, with close to 2,600 installed between the United States and Canada.

At present, something on the order of 9 BATMs are being installed per day. Genesis Coin and General Bytes make up over half of all installations. Most machines are set to offramp from fiat, government paper, and onto crypto. However, markets seem to be seeking two-way alternative machines, allowing users to jump in and out of fiat and crypto, as those BATMs are growing in total market share. 

Have you noticed more Bitcoin ATMs around? Let us know in the comments section below. 


Images via Pixabay. 


Be sure to check out the podcast, Blockchain 2025; latest episode here.

The post Bitcoin ATMs Now In The Thousands Around the World appeared first on Bitcoin News.

Bitcoin News

They Were 29 and Biking the World. Then Came the Attack

August 1, 2018 |

Jay Austin and Lauren Geoghegan shook the dust of Washington, DC, off their feet—and the jobs that had kept them there—a year ago in order to bike around the world. The 29-year-olds’ journey met a tragic end in Tajikistan on Sunday, with the Islamic State claiming credit for…
Newser

PR: Keynote Brings the World Blockchain Forum to London

July 31, 2018 |

Keynote Brings the World Blockchain Forum to London

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

The world’s largest blockchain conference explores the promise of blockchain technology, trends and investments.

Keynote is excited to announce the program agenda for their next endeavour, the world’s largest two-day blockchain coming to London this September. The conference will feature a star-studded lineup of over 100 world class presenters including a special fireside chat with influencers who have been part of some of the largest ICOs to date. The focus is on blockchain technology; specifically investments, successful past and future ICOs within the industry, legal implications and regulations, and how decentralization is disrupting the banking industry.

The World Blockchain Forum serves as a learning guide for, not only the technical tools of investing such as Bitcoin and Ethereum, but also as a stepping stone to wise investing. The conference will showcase the latest innovations in the blockchain industry, and curate conversations between the world’s leading pioneers and experts about the promise and future of blockchain.

Confirmed Speakers Include:

David Chaum | Rise of Crypto
Jack Gavigan | Open, Permissionless, Zero Knowledge Cryptography
Josh Halferty | One Exchange. All of Crypto. Decentralised.
Vanessa Grellet | Blockchain for Social Impact
Marjan Delatinne | Ripple Solving Global Payments
Jo Jo Hubbard | Blockchain & the Energy Transition
Jason King | Securing the Future of Blockchain
Sang Lee | The Tokenization of Asset Management
Jeff Berwick | The Dollar Vigilante
Veronica McGregor | Regulation Panel

A full list of confirmed speakers and the agenda can be found here.

As part of the World Blockchain Forum London Keynote is thrilled to announce the launch of a new $ 6 million fund dedicated to supporting diversity and inclusion in the blockchain industry. The Keynote fund will ensure people from all fields are invited to play an active role in the development and evolution of the expanding industry.

Keynote’s founder and CEO, Moe Levin, commented:

“Digital currencies and blockchain, are intended to be democratizing and equalising. Blockchain and cryptocurrency industries are looking to create work opportunities in a number of fields, and it’s really important the industry is representative of the global population. Diversity is the basis for collective achievement, and we therefore need more people to join the blockchain conversation.”

Keynote is committed to providing a platform that will support and showcase diverse projects and innovations, to ensure everyone is given an equal voice and opportunity to participate and succeed.

The $ 6 million dollar fund will be officially launched at this year’s World Blockchain Forum in London where Keynote will share their vision for the future of the blockchain industry, how diversity and inclusion are vital to its success, and the initiatives they will be driving to support diversity and inclusion in 2018.

The World Blockchain Forum London runs from 3-5 September 2018 and tickets are available at london.keynote.ae/tickets.

About Keynote
Keynote was launched in 2012 by blockchain strategist Moe Levin. Further information and details about Keynote and the event can be found at: london.keynote.ae

For media inquiries, please contact Amandah Hendricks Chief of Communications, at amandah@keynote.ae

Supporting Link
http://london.keynote.ae/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: Keynote Brings the World Blockchain Forum to London appeared first on Bitcoin News.

Bitcoin News

2 Deaths Slam WWE World, Including Son of ‘the King’

July 30, 2018 |

The professional wrestling world lost two of its own over the weekend, including the son of WWE legend Jerry Lawler. Per Yahoo Sports and the Commercial Appeal , Brian Christopher Lawler, 46, was found hanging in his jail cell in Memphis, Tenn., Saturday evening and died the next day. “Corrections officers…
Newser

July 2018 lunar eclipse Around The World

July 28, 2018 |

Best pictures of the lunar eclipse
FOX News

Small World: Trump Jr. and Mueller at Same Airport Gate

July 27, 2018 |

The AP doesn’t have the photo, so we can’t show it to you here, but it’s worth a click over to Politico to check it out. It captures none other than Robert Mueller and Donald Trump Jr. waiting at the same gate Friday morning at Reagan National Airport, reports USA…
Newser

World Cup Win Triggers Identity Anxiety in Multiethnic France

July 21, 2018 |

The notion that France owes its World Cup soccer triumph to Africa—given the African heritage of many of its players—has seeped into the rhetoric of public figures from Trevor Noah to Nicolás Maduro. France is not amused.
WSJ.com: What’s News Europe