Category: Litecoin

Telx Technologies Launches First Crypto-Facilitating SIM Card

Cryptocurrency and telecommunications company Telx Technologies announced the launch of the first crypto SIM card wallet that enables transactions via SMS.

According to the company’s Medium post published on Aug. 22, the card allows its users to send cryptocurrencies via SMS with their dedicated crypto phone number. Notably, these transactions do not require a smartphone or an active Internet connection. On the other hand, the system also offers no control over a user’s crypto wallet.

Crypto transactions on ‘dumbphones’

As the crypto community tried to teach those new to the space during the “Proof of Keys” event in January, there are significant disadvantages in not having direct control over a wallet. More precisely, placing one’s assets in a wallet managed by a third party forgoes the trustless, decentralized and disintermediated nature of the technology involved, according to many crypto enthusiasts.

That being said, having your private keys managed by a third party often enables a higher degree of user-friendliness. Telx also mentioned this in its announcement:

“At Telx our goal is to make transacting digital currency as easy and accessible as possible. This means creating solutions that technical and non technical people alike can adopt. We believe there is tremendous synergy between payments and messaging.”

Everything new is well-forgotten old

Per the Medium post, the crypto SIM card is available in over 180 countries, allows unlimited SMS messaging and supports Bitcoin (BTC), Litecoin (LTC), DASH, Zcash (ZEC) and Bitcoin Cash (BCH). To execute a crypto transaction via this service, its user can send an SMS to any phone number.

Lastly, the company promises to prevent SIM swapping and phone number porting, to accept transactions originating only from the proper SIM card, to protect the wallet with a dedicated PIN number and to provide backup keys in case of a theft or loss.

As Cointelegraph reported in May, Sean Coonce, engineering manager at cryptocurrency custodian BitGo, announced that became a victim of a SIM swapping hack.

cointelegraph.com

The post Telx Technologies Launches First Crypto-Facilitating SIM Card appeared first on One Btc News Today.

US Treasury Targets Crypto Addresses of Alleged Narcotics Traffickers

US Treasury Targets Crypto Addresses of Alleged Narcotics Traffickers

US Treasury Targets Crypto Addresses of Alleged Narcotics Traffickers 3

The United States Department of the Treasury has added multiple cryptocurrency addresses to its Specially Designated Nationals (SDN) list under the Foreign Narcotics Kingpin Designation Act, also known as the Kingpin Act. These addresses, and the individuals associated with them, have been deemed to be associated with foreign narcotics operators.

The Treasury updated its SDN list on Aug. 21. The three alleged narcotic operators associated with these addresses are Chinese citizens Xiaobing Yan, Fujing Zheng and Guanghua Zheng. The three individuals all have associated Bitcoin (BTC) addresses mentioned on the SDN list, and Guanghua Zheng additionally has a Litecoin (LTC) address.

As explained in a White House news release from 2015, the Kingpin Act exists to ban trading and transactions between narcotics traffickers and U.S entities — namely companies and individuals. Under the act, government branches coordinate to investigate foreign narcotics traffickers. They are then named in a list that is brought before the President, who subsequently determines whether it is appropriate to impose U.S. sanctions.

Mnuchin: Bitcoin is vulnerable to money laundering

As previously reported by Cointelegraph, U.S. Treasury Secretary Steven Mnuchin believes that Bitcoin is vulnerable to money laundering. Mnuchin said that he intends to closely monitor Bitcoin and believes that billions of dollars in cryptocurrency are used for illicit purposes. 

Mnuchin has also claimed Bitcoin is used for money laundering much more effectively than the U.S. dollar. According to Mnuchin, the government combats “bad actors in the U.S. dollar every day to protect the U.S. financial system.”

cointelegraph.com

The post US Treasury Targets Crypto Addresses of Alleged Narcotics Traffickers appeared first on One Btc News Today.

Binance to Launch US Platform Soon, Helped by a Little-Known Partner

Binance to Launch US Platform Soon, Helped by a Little-Known Partner

Binance to Launch US Platform Soon, Helped by a Little-Known Partner 4

Binance is expected to launch its upcoming exchange platform in the United States by the end of the year, with the company’s executive estimating that the platform will launch within “a month or two.”

In the interview, Changpeng Zhao (aka CZ), the CEO of Binance, predicted the launch despite acknowledging that many things are still “in flux” regarding the platform’s planned operations in the U.S. 

CZ noted that the U.S. has historically enacted “very clear regulations” regarding financial technology, adding his expectation that despite current “uncertainties in the regulatory space,” early adopters in the industry will likely be better rewarded. He stated:

“The U.S. has always been a very important market; globally it’s one of the biggest markets for any business, including in cryptocurrency. We want to be fully compliant. Before we didn’t feel we had the experience to do that but now we have our partners so we want to take this opportunity to explore the market.”

Binance announces upcoming U.S. exchange

On June 14, 2019, Binance reviewed its terms of service to restrict U.S.-based individual and corporate customers from accessing its main platform, Binance.com, effective as of Sep. 12, 2019. At the time, 15% of Binance’s traffic came from customers residing in the U.S., down from 30% of traffic as of early 2018.

On the same day, Binance announced that it had begun preparations to launch an exchange to service cryptocurrency traders in the U.S. The announcement also revealed a partnership with a little-known firm called BAM Trading Services — with the partnership set to see Binance license its matching engine and wallet technologies to BAM to launch Binance US.

CZ indicated that operations of the U.S.-based platform will be “led” by BAM,” adding that the exchange will “serve the U.S. market market in full regulatory compliance.” Binance’s website quoted “a representative from BAM Trading Services,” who stated, “It is an honor to partner with Binance to launch the U.S. extension of Binance, leveraging its tier-one security and technology in tandem.”

Little is known of BAM Trading Services

Despite spearheading the efforts of the largest cryptocurrency exchange by volume to service in the U.S. market, very little is known about BAM. The company created a Twitter account during April 2019, the same month that Binance US started an account, with both accounts appearing to not have posted any tweets until the day before the partnership was announced — i.e., June 13. 

The Twitter account provides no links to a website for the firm and has only posted nine tweets so far, with the only other social media account held by the company comprising a Medium page with just a single post.

The announcement of the partnership with Binance also came one day after the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) certified BAM Trading Services as a Money Services Business in California. Reports have shown that the Delaware Department of State’s Division of Corporations indicates BAM Trading Services was first licensed in the state of Delaware on Feb. 4, 2019.

Former Ripple exec appointed as BAM Trading Services CEO

On July 2, 2019, BAM announced that Catherine Coley, the former head of XRP institutional liquidity at Ripple, had been appointed as the company’s CEO. So far, Coley is the only representative of BAM to have been identified by name. Coley stated

“I am honored to lead BAM and bring Binance.US to North America. […] This is just the beginning of a long journey ahead, and I look forward to working with Binance as a partner to unlock more potential for the blockchain ecosystem here in the U.S.”

CZ expressed his excitement regarding Coley’s appointment, stating, “Our community is very lucky to have someone as passionate, versatile, and hardworking as Coley to lead Binance.US.”

Binance develops ‘risk assessment framework’ for prospective U.S. listings

On Aug. 10, Binance announced that it had developed a “Digital Asset Risk Assessment Framework” to determine which crypto assets will be made available on the new platform. Among the specific criteria is whether listing a prospective asset will impact Binance US’s capability to comply with U.S. Anti-Money Laundering (AML)/Countering the Financing of Terrorisim (CFT) and securities laws. Prospective listings will also be evaluated on the security of transactions made using the protocol and how realistic the roadmap and aspirations of a given project are.

The exchange will also assess whether the core team behind a prospective listing has a clear strategy to solve a “real problem and make the world a better place,” in addition to examining whether the community supporting a project has “a record of reaching compromises and consensus” to move development forward, and considering whether meaningful interaction and communication is made between an assets community and its core developers. Lastly, Binance will consider if the supply and demand dynamics underpinning a market are “reasonably fair and likely to meet Binance US’s qualitative standards.”

Thirty crypto assets under consideration for Binance US

Of the approximately 160 cryptocurrencies listed on its main platform, Binance has announced that 30 crypto assets are currently under consideration to be listed on its U.S. exchange, including the top eight cryptocurrencies by market capitalization — Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCHABC), Litecoin (LTC), Binance Coin (BNB), Tether (USDT) and EOS.

Half of the prospective listings are among the top 20 crypto assets by market cap, including 11th-ranked Lumens (XLM), 13th-ranked ADA, 15th-ranked LINK, 16th-ranked DASH, 18th-ranked NEO, 19th-ranked ETC and 20th-ranked MIOTA.

Other stablecoins — such as USD Coin (USDC), TrueUSD (TUSD) and Paxos Standard Token (PAX) — may also be listed on Binance’s U.S.-based platform.

U.S. regulations pose a challenge to crypto companies

In the U.S., cryptocurrencies are regulated as commodities rather than currencies, with currencies being described as a claim to a physical legal tender of value, whereas crypto assets do not represent a claim on an issuer.

As such, commercial digital currency transactions fall under the regulatory jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC). However, exchanges must register digital assets with the Securities and Exchange Commission (SEC) should they be deemed to comprise securities. 

The sale of cryptocurrency is typically only regulated if the crypto asset is considered to be a security, or if an entity involved in the transaction is a money service business. The sale of cryptocurrency derivatives is also overseen by the CFTC.

U.S.-based crypto exchanges must also adhere to the tax regulations of the U.S. Internal Revenue Service in addition to AML/CFT and transparency requirements mandated by FinCEN. Crypto companies seeking to operate in the U.S. are also regulated by the Federal Trade Commission.

Related: US Crypto Review: Top-5 States With Welcoming Regulations

Overall, nine U.S. states have also developed cryptocurrency legislation at the state level — California, Nevada, Arizonah, Colorado, Texas, Wyoming, Illinois, Delaware and New York — further adding to the regulatory obligations for cryptocurrency exchanges seeking to operate in the U.S.

Cryptocurrency companies restrict access for U.S.-based customers

Many industry leaders have cited hostile U.S. regulatory guidelines as stifling innovation and driving an increasing number of cryptocurrency companies to bar U.S.-based users from accessing their platforms.

During May 2019, Poloniex exchange ceased offering trading services for nine crypto assets to U.S.-based traders, citing regulatory uncertainty. Regarding this, Gus Coldebella, the chief legal officer at Circle, stated

“There’s no question that the current regulatory approach to crypto in the U.S. breeds uncertainty and could harm innovation. We have advocated for a clear, forward-looking regulatory framework so the U.S. can realize the full potential of crypto and blockchain technologies.”

At the start of June, Bittrex blocked U.S. customers from trading 32 crypto assets, with co-founder and CEO Bill Shihara describing regulatory uncertainty as “one of the biggest obstacles to advancing blockchain technology.” 

Roughly two weeks later, Bancor opted to completely exclude U.S. users from accessing its platform.

Despite the regulatory hurdles faced by digital currency exchanges seeking to operate in the country, U.S.-based traders still comprise a major source of cryptocurrency trade volume.

Binance currently comprises one of the largest trading places according to adjusted volume rankings, with approximately $935 million worth of trades taking place on the platform during the past 24 hours, according to Coin360.

Binance to forge new partnerships to launch stablecoins

The partnership with BAM to launch Binance’s exchange in the U.S. appears as if it may comprise a blueprint for the company’s efforts to launch regional stablecoins.

Related: Binance Venus Aims to Outshine Libra and Chinese National Crypto?

On Aug. 19, 2019, Binance announced plans to launch “an open blockchain project” called “Venus,” described as an initiative to “develop localized stablecoins and digital assets pegged to fiat currencies across the globe.” 

The company emphasized that it will seek to create “new partnerships” with “governments, corporations, technologies, and other cryptocurrency companies” to assist in the launch of stablecoins targeting both developed and emerging economies. The co-founder of Binance, Yi He, recently predicted that stablecoins will come to rival fiat currencies in the near term.

cointelegraph.com

The post Binance to Launch US Platform Soon, Helped by a Little-Known Partner appeared first on One Btc News Today.

LTC Dusting Attack on Binance Affected Nearly 300,000 Addresses: Report

The recent dusting attack against fourth-biggest altcoin Litecoin (LTC) on major cryptocurrency exchange Binance affected 294,582 addresses rather than the 50 Binance reported, according to a recent metrics report.

Blockchain data and metrics firm Glassnode revealed its latest findings in a tweet on Aug. 15, saying that the LTC dusting attack affected 294,582 addresses. The analysis ostensibly also indicated a similar scale attack in April.

Source: glassnode

As previously reported by Cointelegraph, the LTC dusting attack on Binance occurred on Aug. 9. In the dedicated tweet, Binance linked to a transaction that Binance named as part of the attack in which a fraction (0.00000546 LTC) of a coin to 50 addresses.

A network-wide event

James Jager, project lead at Binance Academy and the person who first identified the attack, discussed the event with Cointelegraph. Jager said:

“It was network-wide, which meant it affected all users of litecoin that had an active litecoin address at the time. The address of the person responsible for the dusting attack can be found here: https://blockchair.com/litecoin/address/LeEMCDHmvDb2MjhVHGphYmoGeGFvdTuk2K

Commenting on the attack Jan Happel, co-founder of Glassnode, told Cointelegraph that “the term ‘dusting attack’ is a fairly broad statement and the actual intent behind the attacks don’t necessarily always align to be the same.” Happel further explained:

“The person behind the dusting attack owns a mining pool based out of Russia, EMCD[dot]io. They reached out to express that their intent was to advertise their mining pool to the users of Litecoin, however, it’s unclear from our perspective or anyone else’s as to whether there were alternative motives.”

cointelegraph.com

The post LTC Dusting Attack on Binance Affected Nearly 300,000 Addresses: Report appeared first on One Btc News Today.

Coinsquare Partners with FlexaHQ to Bring Crypto Payments to Canada

One of Canada’s top crypto exchanges, Coinsquare, has partnered with United States cryptocurrency payments startup Flexa to bring in-store digital currency payments to Canada.

In-store crypto payments in Canada

The official Twitter account of Canadian cryptocurrency exchange Coinsquare announced on August 13 that the firm partnered with U.S.-based crypto payments startup Flexa. The partnership will reportedly allow the latter company to expand its in-store crypto payment processing services to Canada. Coinsquare noted:

“One of the biggest hurdles in mass adoption for crypto is finding a way to let users spend it. We are excited to bring Flexa’s solution for this problem to #Canada.”

Per the announcement, the exchange will also add Flexa’s spend features to its apps, allowing its users to spend directly from their on-exchange balance in over 7,500 physical stores in Canada.

A variety of accepted coins

According to a promotional video featured on Flexa’s official website, the startup’s service supports Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH). Furthermore, a post published by the company on Medium today suggests that they also support Litecoin (LTC), anoncoin Zcash (ZEC) and stablecoin Gemini Dollar (GUSD).

As Cointelegraph reported in February, at the time Coinsquare was laying off almost 30 percent of its staff, including its chief financial officer (CFO) and chief operating officer (COO).

cointelegraph.com

The post Coinsquare Partners with FlexaHQ to Bring Crypto Payments to Canada appeared first on One Btc News Today.