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Monero Compliance Workgroup Says XMR Exempt From Funds Travel Rule

News The Monero Compliance Workgroup has stated that the Monero (XMR) network is not subject to U.S. Financial Crimes and Enforcement Network (FinCEN) guidelines regarding the Funds Travel Rule, in a Dec. 5 blog post. What is the Funds Travel Rule?The Funds Travel Rule requires financial instituti..

CryptoBridge Decentralized Exchange Shuts Down Citing Regulations, Markets

News The decentralized cryptocurrency exchange (DEX) CryptoBridge announced that it is closing down in a message on its website. In the announcement, the exchange warns users that all of the firm’s services and servers will terminate after Dec. 15. Users will be able to withdraw funds from the exc..

CipherTrace: As Crypto Exchanges Struggle with KYC, “Travel Rule” Specter Grows

The Wild West days of the cryptoeconomy are over if the G20 group’s Financial Action Task Force (FATF) has anything to say about it. However, according to blockchain investigator firm CipherTrace, it seems many of the world’s top crypto exchanges are still woefully unprepared to meet the greater de..

Coinbase Secures Patent for System to Identify Non-Compliant Accounts

News A filing with the United States Patent and Trademark Office on Nov. 19 details a system containing a scoring model that “determines a compliance score for each one of the accounts based on the respective factors associated with the respective account.” The system then compares the compliance ..

Report: Crypto-Related Fraud and Theft Resulted in $4.4B Loss in 2019

News In 2019, the total volume of cryptocurrency-related fraud and theft resulted in losses worth $4.4 billion, according to CipherTrace’s report for the third quarter of 2019. In its “Cryptocurrency Anti-Money Laundering Report, 2019 Q3,” security research firm CipherTrace delved into the 120 mos..

Lawyer Asks Whether KYC Is Worth Exposing Users to Hacking and ID Theft

News In the aftermath of the recent BitMEX data leak, lawyer and general counsel at decentralized finance startup Compound Finance Jake Chervinsky raised the question of whether exposing the public to data risks that Know Your Client (KYC) requirements entail is worth it. It is about time we recon..

Thailand Pushes Permissive Regulations as First Legal ICO Is Launched

Analysis After initially seeking to ban Bitcoin in 2013, Thailand has since developed a permissive regulatory apparatus for digital currencies and cryptocurrency fundraising methods. Thai financial services firm Seamico Securities recently announced that it has received approval from the country’s..

Silk Road Prosecutor: 99.9% of Fiat Money Laundering Goes Unprosecuted

News Kathryn Haun — a general partner at Andreesen Horowitz and the Justice Department's prosecutor for the infamous Silk Road case —- says that the fiat-dominated financial system is inept at tackling the very thing it purports to worry about when it comes to crypto. In the traditional finan..

Report: Global Blockchain Tech Market to Surpass $16B by 2024

News The global blockchain technology market is estimated to surpass $16 billion by 2024, according to a recent report from market research firm Global Market Insights, Inc. The reportIn a Sept. 20 press release, Global Market Insights provided highlights from its 180-page-long report entitled "Bl..

Will Blockchain Stop Personal Data Leaks?

Opinion If you are one of the 2.4 billion active Facebook users, the probability that your data has been leaked is around 17%, given the recent news of 419 million accounts being exposed. This means that, unless something changes, every sixth active user could lose control over their personal data..

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