According to Firdosh Sheikh, the co-founder and CEO of DRIFE, blockchain-based ride-hailing platforms could disrupt and revolutionize the industry, much like Uber and Lyft did to the traditional taxi industry over the past decade. To support this argument, Sheikh, whose ride-hailing platform is already taking on Uber in markets like India, pointed to how the […]
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Binance to Restore Full Services in Japan in August, CZ Unveils
Cryptocurrency exchange Binance will start offering full services in Japan next month, founder Changpeng Zhao (CZ) announced. The leading trading venue for digital assets reenters the Japanese market with a domestic exchange after announcing earlier it was discontinuing services through its global platform.
Binance Returns to Japan, Praises Its Web3 Regulatory Framework
The world’s largest crypto exchange by daily trading volume, Binance, will provide full services on its new platform in Japan starting from August, its founder and CEO Changpeng Zhao revealed in a virtual address to the participants in the Webx conference in Tokyo on Tuesday.
CZ: Japan is a flagship leader for Web3 regulatory environments.
Earlier today, @cz_binance virtually addressed the WebX conference in Japan, recognising the country’s clear approach towards the industry. pic.twitter.com/TeLRUaH5Hy
— Binance (@binance) July 25, 2023
The crypto giant bought the Japan-regulated Sakura Exchange Bitcoin (SEBC) in November 2022. The deal allows Binance to scale up operations in the country after informing Japanese users this spring that it will gradually discontinue services on its global exchange by the end of November.
In May, Binance said it had created a new platform for residents of Japan in order to fully comply with local regulations. “Users of the global platform will be able to migrate to the new local platform through a new identity verification process (KYC), which will be available after Aug. 1, 2023,” the exchange explained in a notice.
In the video posted by Binance on Twitter, CZ praised Japan as a leader in establishing Web3 regulatory environments. He pointed out that the Asian nation has had clear regulations since 2017, with rules for crypto exchanges in particular, and highlighted this year’s opening up of crypto listing frameworks as well as the passing of stablecoin regulations in June. He also stated:
Japan is a flagship leader in this area and example for the rest of the world to follow. Binance is extremely happy to participate in the Japanese market again … and we are going to launch the full service in August.
Binance’s General Manager for Japan, Takeshi Chino, said at the Tokyo event that the crypto firm could start stablecoins in Japan too, Bloomberg noted in a report. The country’s stablecoin law came into force on June 1. It allows licensed Japanese banks, registered money transfer agents, and trust companies to issue this type of token.
has moved to expand its Asian presence in other markets as well, such as South Korea and Thailand. It’s been taking these steps in the region while being under increased pressure and scrutiny from regulators in other jurisdictions around the world, including the U.S. where it’s engaged in lawsuits with the securities and futures commissions.
Also during the conference, Binance’s head of regional markets, Richard Teng, remarked that recent signs of interest in crypto from traditional financial players can encourage “mass adoption at a much faster pace.” Among the latest developments that gave cause for optimism was the acceptance by the U.S. securities regulator of the spot bitcoin ETF application of financial powerhouse Blackrock.
Do you expect Binance to seek to provide crypto trading services through locally regulated platforms in other Asian markets? Tell us in the comments section below.
Bitzlato to Restore Operations and Withdrawals From Russia, Co-founder Vows
Russia-linked cryptocurrency exchange Bitzlato, seized by Western law enforcement, plans to relaunch and permit partial withdrawals, a co-founder announced. Members of the trading platform’s team also intend to relocate the business to the Russian Federation.
Co-Founder Says Exchange Will Provide Access to User Funds
Crypto exchange Bitzlato is taking steps to restore operations and immediately permit customers to withdraw bitcoin, one of its founders, Anton Shkurenko, said in an interview with Satoshkin Live, a Youtube channel devoted to crypto investment and trading, quoted by major Russian-language crypto news outlets Forklog and Bits.media.
In January, the Hong Kong-registered platform was busted as part of an international law enforcement action described by U.S. authorities as a “blow to crypto crime.” It allegedly processed 0 million of illicit funds received from criminal entities such as the darknet market Hydra and the Russian crypto Ponzi scheme Finiko.
Its other co-founder, Anatoly Legkodymov, who is a Russian national residing in China, was arrested in Miami and several other team members were detained in Europe. The service was disrupted with the participation of French authorities who took control of its servers and took down its website.
Shkurenko told Satoshkin’s host, Dmitry Stepanin, that French officers were able to seize Bitzlato’s hot wallet which at the time stored around 35% of user funds in various cryptocurrencies. He did not specify the exact amount but denied reports claiming that the total exceeds billion.
The executive also denied accusations that the company has evaded taxation and assured it has always complied with know-your-customer and anti-money laundering regulations under European laws while cooperating with law enforcement to prevent illegal activities. He also expressed hope that soon the charges will be dropped and the apprehended people released.
Four Bitzlato employees have been arrested with the participation of Europol and Shkurenko revealed their identities – former Executive Director Mikhail Lunev, Marketing Manager Alexander Goncharenko, Pavel Lerner, a contractor working on the implementation of the Monolithos DAO, and a system administrator identified as Konstantin. The latter has been released on bail in Cyprus.
Cryptocurrency Exchange Bitzlato to Relocate to Russia
Bitzlato is currently auditing its losses, the co-founder said and further unveiled that the company plans to move to Russia and renew its activities under Russian jurisdiction. Right now, Bitzlato is looking for an infrastructure contractor, he said.
As for the repayment of user funds, Anton Shkurenko assured that customers will be able to withdraw 50% of the BTC in Bitzlato wallets on the day the platform is launched again. Holdings in altcoins will be released gradually he added without specifying a timetable.
The world’s largest crypto exchange, Binance, which was one Bitzlato’s biggest recipients, having reportedly processed 6 Million of funds from the platform, blocked some accounts of Bitzlato users in Eastern Europe and the Commonwealth of Independent States following the law enforcement operation. The leading exchange later said it has restored access to most of these accounts.
Do you think crypto exchange Bitzlato will be able to refund users if it restores operations? Tell us in the comments section below.
OKEx to Restore Crypto Withdrawal Service on Its Platform by Nov 27
Users of leading cryptocurrency spot and derivatives exchange, OKEx can now rejoice as the platform has announced the resumption of cryptocurrency withdrawals by Nov 27. The latest announcement means that users will be able to withdraw their crypto assets after the platform temporarily suspended the service on Oct 16.
The suspension on withdrawal was set in place as a measure to safeguard users’ funds following the involvement of one of its private key holders in the public security bureau investigations. During the entire period, all other features except for withdrawals have been working flawlessly.
Acknowledging the inconvenience caused to its community, CEO of OKEX Jay Hao said, “We are extremely pleased to be able to announce the return of a full service for our users and would like to thank them for their continuous support during this difficult time. We apologize for the inconvenience caused and know that we must continue support during this difficult time. We apologize for the inconvenience caused and know that we must continue to work diligently to restore their confidence.”
OKEx has always been maintaining 100% reserves, a practice it will continue to follow so that users can withdraw all their funds at any time if they wish. Now, with services on the verge of being completely restored, OKEx is also in the process of launching user loyalty reward campaigns as a symbol of goodwill for the benefit of its customers.
“Offering loyalty rewards is one small way that we can give back to OKEx users but we assure them that we will continue to uphold our commitment to excellence, innovation, diversity of service, and the safety of user assets, which has always been our first and foremost priority,” added Mr. Hao.
Meanwhile, the company will continue to develop and launch innovative products and add support for new tokens to meet the various needs of the vast trading community.
Read the official release here.
Image by Peggy und Marco Lachmann-Anke from Pixabay
Can FuzeX Restore Confidence in Broken Crypto Payments Scene
Cryptocurrencies have the potential to change the way people view and use the money. There is a massive push across the world for limiting cash, with Australia becoming the latest country to join the war on cash. In a world where cash use would be limited, cryptocurrencies not only have the potential to emerge as a viable means of payment but may also one day completely replace physical money. Thomas Frey, a senior futurist at the DaVinci Institute was quoted by Time as saying, “Cryptocurrency is very much here to stay”, he also said, “Cryptocurrencies are going to displace roughly 25% of national currencies by 2030. They’re just much more efficient, the way they run.”
However, anyone who has dealt with cryptocurrencies will tell you that while there are several benefits to holding cryptocurrencies, spending them is altogether another story. The acceptance of cryptocurrencies remains spotty. Even if they are allowed to be used in certain limited areas, there is usually a cumbersome process in order to utilize them as payment. Furthermore, there are so many cryptocurrencies in existence today that using one of your choices may be nigh impossible at every retail outlet. Now, FuzeX has devised an ecosystem that would not only make it easier to use cryptocurrencies but will also incorporate traditional payment methods like debit and credit as well. Furthermore, their offering will allow users to link their rewards cards as well.
One card to rule them all
Most people who deal with cryptocurrencies will hold a number of them at the same time. FuzeX has devised a card that will allow the use of 15 cryptocurrencies and plan to encompass 10 debit or credit cards as well as 5 reward cards in the future. The card itself has an e-paper display that shows cryptocurrency information such as QR codes and exchange rates, thereby making transactions simpler. The system is completed by a mobile wallet app, which can be used by both iPhone and Android users. This app allows users to track their card in case it is lost and will display the last known location of the card. The wallet also facilitates balance check, account history and exchange rate information. The FuzeX system will be powered by the FuzeX exchange which will allow transactions between crypto to crypto and crypto to fiat. Merchants would be able to receive money in major world currencies like Euro, US Dollar, Yen or the local currency without having to deal with cryptocurrency.
As FuzeX lists with focus on compliance and security
A special consideration has been given by FuzeX to security and compliance. The card, for example, is EMV chip secured and transactions can be conducted with PIN verification. Further, the card is enriched with security features like two-factor authentication and an on-card key.
When it comes to compliance, FuzeX has taken that equally seriously with an in-house counsel already in place to deal with legal issues. A Chief Compliance Officer has also been appointed to look after compliance related issues. FuzeX has engaged a Singapore based law firm and will also hire law firms in other geographic locations who will serve to look after legal and compliance issues.
It should be noted that FuzeX have already concluded a successful token sale during which the hardcap of 40,000 ETH was met by investors. 20,000 ETH worth of tokens each were also sold in private and pre-sales, respectively. The FXT tokens issued by FuzeX are listed on major exchanges like HitBTC, Coss.io, livecoin.net, and Cobinhood.
FuzeX approach can change crypto payments
In the cryptocurrency payment card and ecosystem space, the focus of FuzeX on compliance is important. Other efforts to start similar services have not ended up well. Take the example of TenX, which was thwarted as their card’s partner Wavecrest was dropped by Visa as a partner. In addition, there is a case of Centra, whose co-founders Sam Sharma and Robert Farkas were arrested on SEC complaint violations after having raised US mln during an ICO. Apparently, no approval was ever received by Centra from Visa or Mastercard for the issuance of cards, according to the New York Times. Even Monaco, a company that promises elegant metal cards, has not been actually issuing any physical cards as of yet. FuzeX’s single card solution is an elegant approach that will simplify payments for cryptocurrency users and will increase the ability of users to spend their money as they wish. Furthermore, the project’s focus on security and compliance is a confidence booster in an era where cryptocurrency payment solutions have failed to get off the ground.
The post Can FuzeX Restore Confidence in Broken Crypto Payments Scene appeared first on NewsBTC.
Japanese Cryptocurrency Exchange Association Aims to Restore Public Confidence
Yesterday, the 16 cryptocurrency exchanges currently registered with Japan’s financial watchdog, the Financial Services Agency (FSA), announced the launch of the Japanese Cryptocurrency Exchange Association (JCEA), according to a Japanese media outlet.
The self-regulatory body, chaired by Taizen Okuyama, president and CEO of cryptocurrency exchange Money Partners, aims to restore confidence in the country’s digital currency, reports The Asahi Shimbun.
Japanese Cryptocurrency Exchange Association
During its first meeting, the group said that it would seek to develop comprehensive rules regarding customer protection and internal regulatory controls. Members of the association will be required to comply with these rules, as the group also intends to introduce penalties in order to punish activities that undermine the integrity of the industry.
“I will make sure that security measures and internal controls are in place,” Okuyama said. “We want to eliminate customers’ concerns and work to restore public confidence in order to develop a healthy market.”
The initial plans for the launch of the organization were revealed in early-March, when the the Japan Blockchain Association and the Japan Cryptocurrency Business Association came together to launch a new, collective body to work with the FSA on establishing investor safety standards. This was a reassuring move in a country where cryptocurrencies are rapidly increasing in popularity and adoption.
Moving Forward
One challenge is that the majority of the problems in the current market have involved exchanges which have yet to be registered with the FSA but are still permitted to operate. A hallmark example of this is Coincheck Inc., which lost the equivalent of 58 billion yen (about 3 million) in digital currency NEM through a hack in late January.
Since then, the FSA has conducted thorough probes into crypto businesses operating in the country and issued a wave of punitive measures against exchanges whose performance was deemed unsatisfactory.
Fortunately, at yesterday’s gathering Okuyama said that the JCEA would aim to offer help and advice on the development of the crypto exchanges that still operate without a full license from the FSA. The association also plans to ask these un-registered exchanges to join the JCEA to help foster cross-industry development:
“I would like to create a situation where I can give advice to (unlicensed exchanges), the development of the industry as a whole is important,” Okuyama said.
Yuzo Kano, president of bitFlyer Inc., and a vice chairman of the JCEA, described the group’s intentions as follows:
“As financial service operators, we will increase our awareness. We will aim to take security measures that are stricter than before.”
The Coincheck hack revealed a number of flaws in Japan’s crypto ecosystem, but instead of the government taking a heavy handed approach, as has happened in neighboring China, the creation of the JCEA reflects a more proactive and constructive approach to developing the industry as things move forward.
Image from Shutterstock.
The post Japanese Cryptocurrency Exchange Association Aims to Restore Public Confidence appeared first on NewsBTC.
16 Japan Exchanges Pledge to ‘Restore Confidence’ at Regulatory Group Launch
A just-launched group of licensed cryptocurrency exchanges in Japan is looking to restore market confidence by adopting self-imposed rules.
Lightning Network can Restore Bitcoin’s Former Glory
Bitcoin users all over the world have high expectations for the Lightning Network. This technology is not close to being production ready, though. Several users have conducted some LN tests on the Bitcoin testnet. So far, these tests yield some great results. Low fees and fast transactions are everything Bitcoin doesn’t have right now. It is an interesting development to keep an eye on. It is evident the Lightning Network will spur a lot of debates moving forward.
For the Bitcoin ecosystem, scalability has been a big problem for many years. High fees and slow transactions have become the new normal. It is not an ideal situation for the world’s leading cryptocurrency whatsoever. In fact, it has caused a lot of friction in the cryptocurrency industry as a whole. The Lightning Network needs to hit the main net soon rather than later.
Lightning Network Tests Yield Positive Results
For now, one can test LN functionality on the Bitcoin testnet. It seems the technology delivers on its initial promise. Fast confirmations and extremely low fees are what everyone is looking for. Unfortunately, that is impossible to come by when using regular Bitcoin transactions. It is evident a scaling solution needs to be put in place as soon as possible. Bitcoin used to be rather cheap to use, but things have gone awry some time ago.
Hello @lightning!
Just made first Lightning payment on Bitcoin testnet. Amazing. confirmed in 2 seconds, paid 0.000001 in fees (would be 1 cent on BTC mainnet). Similar feeling of amazement to the first time I sent a bitcoin years ago.
— Michael Landau (@mikeland86) January 19, 2018
It is evident the LN technology will help Bitcoin scale first and foremost. Whether or not it will be too late by then, remains to be seen. Bitcoin has lost a fair bit of its appeal in recent months. There is a growing list of altcoins which are cheaper and faster to use. Litecoin is a good example of how this can be achieved with relative ease. Then again, Bitcoin is still the top cryptocurrency in the world. It is also regaining some of its lost value as we speak, which is a positive sign.
What the future holds for Bitcoin, remains to be determined. The Lightning Network can bring much-needed relief to this network in the future. It is unclear when LN will effectively hit the main net, though. These successful trials are a positive sign. Using it in a real-life situation is something else entirely, though. If the Lightning Network fails to fulfill people’s expectations, things will not be pretty whatsoever. Bitcoin won’t disappear, but it’s not the currency people want it to be.
Header image courtesy of Shutterstock
The post Lightning Network can Restore Bitcoin’s Former Glory appeared first on NewsBTC.
MadHives Mission to Restore Transparency and Fairness to Advertising
Digital technology should make the advertising business more efficient. But it has not at least not from the perspective of companies that place ads or the content publishers who sell ad space to them. Laden with middlemen and clouded by convoluted, proprietary ad placement platforms, the modern digital advertising industry faces serious challenges.New Yorkbased MadHive is on a mission to solve them. Using blockchain technology and smart contracts, MadHive is constructing an ad tech platform
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