Banking and Finance

Mark Cuban to Release his First Initial Coin Offering

Celebrity investor, businessman, and Dallas Mavericks NBA franchise owner Mark Cuban is set to launch his first Initial Coin Offering (ICO). Cuban said to CoinDesk that Unikrn, a Cuban portfolio company is already relaying information to its investors about the impending ICO that is meant to add to its current venture capital funds Unikrn is a Seattle-based e-sports betting platform founded in 2014. The firm’s own digital token called “Unikoins” allows anyone around the world to bet using the firm’s currency. The platform has raised $10 million from investors such as Elisabeth Murdoch, Ashton Kutcher, and 500 Startups. Source: Coin […]

US Charges British Businessman on Fake Bitcoin Site Scam

The US charged a British businessman with securities fraud last Friday for scamming investors with a Bitcoin trading platform that turned out to be fake. UK citizen Renwick Haddow was accused by the Securities and Exchange Commission (SEC) of funnelling invested funds from a bogus bitcoin site and Bar Works, a flexible workspace, to bank accounts in Morocco and Mauritius. SEC said Haddow used names of senior executives as people behind ghost operations and gave false details on the success stories the companies he represented. Bar Works in Florida faces a similar case filed by a different investment group. Source: […]

First Fintech Building Tool in Africa Launched

Konkart, a platform enabling startups and developers to seamlessly create and manage virtual wallets has recently been introduced to Africa’s fintech sector. It intends to provide startups the ability to create and manage virtual wallets and transactions, as well as in-depth data analysis. Konkart’s core focus is to help startups develop Fintech solutions to address the unbanked sector in Africa. Koncart provides tools like Wallet API, Transaction ledgers API, and Business Intelligence analytics dashboard which allow business owners to create and maintain virtual wallets and manage transactions. Source: IT News Africa

Bitcoin Processing Man in Florida Sentenced to 5 Years in Prison

A man from Florida is now facing 5 ½ years of prison time after being found guilty of boosting a business that assisted criminals in processing illegal bitcoin transactions. Anthony Murgio from Florida was sentenced by a New York judge last Tuesday. He pleaded guilty early this year, apologizing to friends and family for the scheme. Prosecutors revealed that from April 2013 to July 2015, Murgio has processed as much as $10 million worth of illegal bitcoin transactions. Source: Business Insider

Ransomware Attack Causes Global Disruption

Companies around the globe report that they have been hit by a cyber-attack that freezes the computer until a ransom in Bitcoin is paid. British ad agency WPP, Ukrainian state power company, and Kiev’s main airport were some of the more prominent targets. The Chernobyl nuclear power plant also had their Windows-based sensors incapacitated. Ransomware works by encrypting files in a network, making them inaccessible, then soliciting payment to decrypt infected computers. Russian Kaspersky Lab reports that they believe this is a new version of a malware that they have not seen before, dubbing the attack “NotPetya”, in reference to […]

Bitcoin Drop Crashes Ethereum By 20%

Cryptocurrency Etherium plunges Monday despite efforts to increase user confidence by declaring credit for customers who lost money on last week’s flash crash. Bitcoin rival Etherium, also known as ether briefly dropped in a flash crash last week from more than $300 to 10 cents on Coinbase’s GDAX exchange. According to Coin Desk, Ether traded 20.9 percent lower at $239.63 on Monday afternoon. Source: CNBC

Barclay Discusses Bringing Bitcoin “Into Play” with Regulators

Barclay is in talks with regulators and financial technology firms about bringing bitcoin and other cryptocurrencies “into play”, Ashok Vashani, the bank’s U.K chief executive tells CNBC this Monday. Banking giant Barclay reveals meeting with Britain’s Financial Conduct Authority (FCA) discussing how to make Bitcoin safe. “We have been talking to a couple of fintechs and have actually gone with the fintechs to the FCA to talk about how we could bring, the equivalent of bitcoin, not necessarily bitcoin, but cryptocurrencies into play.” says Vashani at the Money 20/20 fintech conference in Copenhagen, Denmark. Source: CNBC

Phishing Email Pretends to be BitPay

A recent phishing email claiming to be from bitpay.org has been going around, seeking to scam virtual currency owners. The company BitPay, released an announcement through Reddit to warn users after receiving a number of reports from users. The announcement indicates that “This is not a legitimate BitPay email and is a clear phishing attempt. If you receive this email do not open its contents and certainly do not click on any link, button, or attachment.” Users receiving similar emails are encouraged to report these attempts to email providers. Source: Coin Telegraph

Google to Stop Scanning Gmail to Create Personalized Ads

In a recent post on Google’s blog, the company’s cloud computing chief Diane Greene outlines the company’s decision to stop scanning Gmail content for targeted ads. The tremendous growth of the company’s G Suite, a product for enterprises, prompted Google to align G Suite’s Gmail and consumer gmail, enabling consumer users to opt out of being shown personalized ads.  Privacy concerns have risen from Google’s practice of analyzing incoming and outgoing emails from its free consumer Gmail users. Source: Reuters

BSP Releases Guidelines Regulating Virtual Currencies Exchanges

BSP Releases Guidelines Regulating Virtual Currencies Exchanges

In its resolution dated 19 January 2017, the Monetary Board approved a new set of rules and regulations that would govern the operations of virtual currency exchanges in the country. The guidelines are to be incorporated in §4512N of the Manual of Regulations for Non-Bank Financial Institutions. The guidelines were made in recognition of the potential of virtual currencies in revolutionising the delivery of financial services and the risks that accompany it including consumer protection and the susceptibility to be used in illegal activities. The guidelines define the term a virtual currency, such as BitCoin, as any type of digital […]

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