18 September SEC Charged ICO Incubator and it's Founder for Unregistered Offering and Unregistered Broker Activity.
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KEx Korea confirmed it would halt trading of Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) on Oct. 10.
The reason, said the exchange, is that as since they are focused on privacy, the coins fall foul of new guidelines set out by the intergovernmental body the Financial Action Task Force, or FATF.
"Support for trading of 5 different cryptocurrencies, XMR, DASH, ZEC, ZEN, SBTC, will be terminated," the blog post reads. As Cointelegraph reported, the sweeping changes to crypto transaction rules demand businesses to identify the two parties sending funds to each other if a transaction is worth more than around $1,000.
More exchanges could follow
More than 200 countries should theoretically implement the rules by June 2020, despite concerns that doing so is physically impossible for many decentralized blockchains.
The five cryptocurrencies outlined by OKEx all make it all but impossible to identify the sender and recipient of a transaction by design. An OKEx representative told Cointelegraph that the coins will be delisted only on OKEx.co.kr. But they will remain listed on the global OKEx platform.
Switzerland’s financial watchdog says it is open to international cooperation and oversight of the way in which it regulates Facebook’s planned cryptocurrency network.
In a Sept. 12 interview with Neue Zürcher Zeitung (NZZ), Financial Market Supervisory Authority (FINMA) director Mark Branson said it was illusory to believe that a single country could regulate a project of Libra’s scope on its own.
Libra ‘fits perfectly’ into Switzerland’s regulatory framework
Branson argued that Switzerland’s ambitions to evolve into a major financial center would necessarily entail reputational risks and thus draw international attention:
"Shy of these risks, you have less attention, but may end up in insignificance," he said.
The country has a robust regulatory and supervisory framework that can address the needs of major legacy financial players — and equally, therefore, those of ambitious new fintech projects, he said.
Great news! Now the site has a new option! You can look at the project team members and see how many projects he is involved in. Stay tuned!
Hundreds of millions of phone numbers linked to Facebook accounts have been found online.
The exposed server contained more than 419 million records over several databases on users across geographies, including 133 million records on U.S.-based Facebook users, 18 million records of users in the U.K., and another with more than 50 million records on users in Vietnam.
But because the server wasn’t protected with a password, anyone could find and access the database.
"The risk with anonymous transactions is one that we all know well. We know this from 9/11 and terror activity that took place in the 15 years preceding that where we didn't have good tracking, we didn't have the capacity to understand money flows and who was moving money." - Mike Pompeo, U.S. Secretary of State
SEC charged for promotion securities without disclosure
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Not many people understand the complexities of cryptocurrency and an alarming number of people don't trust Facebook; it seems combining the two is not a well-received idea.
New research from messaging app Viber has suggested 49% of consumers in the UK and US would not trust the social media giant when it comes to cryptocurrency. Facebook might want to get a foothold in this embryonic segment of the technology industry, however if consumers have lost trust in the firm, you have to wonder whether this will kill the potential of cryptocurrency through association.
There are two interesting areas concerning Facebook's drive towards cryptocurrency. Firstly, many people will start asking what cryptocurrency actually is and what it does. And secondly, when talking about money, many will start to question whether Facebook should be considered a trusted partner with its track record. Starting with the definition of cryptocurrency, we will not pretend to be an expert on the segment and few in the general public will have a concrete grasp either. This lack of understanding creates uneasiness and a lack of trust, while the fact it is largely unregulated simply compounds this sense of nervousness. This environment of confusion also seems to filter upwards towards governments and regulators; no-one has seemed to want to take ownership and when it was suggested the Swiss would take the lead, the Swiss regulator seemed very confused.
We've already seen the complications the world faces when a void in the regulatory landscape is formed and it does seem cryptocurrency is heading the same direction. Talking about the issues which arise during a regulatory void, this leads us onto the second interesting point brought forward in this research.
In the UK, 49% of consumers has suggested they would not trust Facebook at all when it comes to keeping information secure through its new cryptocurrency service Libra. Only 4% said they would trust Facebook, while 28% have not made their mind up. The numbers were remarkably similar for consumers in the US, however even less, 2.5%, explicitly stated they would trust Facebook.
Over the last 12-18 months, Facebook has destroyed any credibility the consumer had in it and has done little to earn it back. Cambridge Analytica has a disaster for Facebook though Facebook's response to investigations and leaked memos since have further fuelled the distaste felt by the consumer towards the social media giant. Largely, the fallout from this saga is in the past, but the damage to Facebook's reputation has been dealt.
Dealing with personal information is one thing but managing transactions and handling financial data is a completely different ask. Facebook is asking for a lot of trust and credit with the launch of Libra. As mentioned before, if Facebook is attempting to be the poster-boy to take the concept of cryptocurrency to the masses, let's hope its reputation does not pollute a potentially very exciting segment.