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Bitcoin & Cryptocurrency

Japanese Cryptocurrency Exchange Hacked, Loses $60 Million

By Disini & Disini Law Office September 21, 2018 Bitcoin & Cryptocurrency, Cybersecurity, News 0 comments

Osaka-based Tech Bureau Corp. announced that its cryptocurrency exchange, Zaif, had been hacked last Friday and 6.5 billion yen in various cryptocurrencies had been stolen. The company said that they detected suspicious activity 3 days before September 17, but the hackers had already stolen 5,966 Bitcoin, and some Bitcoin Cash and Monacoin by then. A spokesperson said that they have already reported the incident to the authorities and the Financial Services Agency. The company also promised to compensate customers for their loss, but did not give a timeframe. Source: CryptoCoin

Crypto Exchanges at Risk of Manipulation, NY Attorney General Says

By Disini & Disini Law Office September 20, 2018 Bitcoin & Cryptocurrency, News 0 comments

In a report last Tuesday, the New York Attorney General’s office said that a number of digital currency exchanges do not have the necessary policies and procedures to prevent manipulation and ensure the protection of customer funds. The office, which launched its Virtual Markets Integrity Initiative last April, had already requested 13 platforms to share information on their practices. However, four declined to participate, saying that they did not trading within the state of New York. Three of the exchanges: Binance, Kraken and Gate.io are now being reviewed by New York’s Department of Financial Services (NYDFS) upon the behest of […]

China Launches Blockchain Financial Platform

By Disini & Disini Law Office September 14, 2018 Bitcoin & Cryptocurrency, News 0 comments

China officially started pilot operations of the “Guangdong, Hong Kong and Macao Dawan District Trade Finance Blockchain Platform” this week in the southeastern city of Shenzhen. Backed by the People’s Bank of China, the blockchain-powered ecosystem is expected to facilitate cross-border trading across Guangdong, Hong Kong, and Macau Bay Area. Ping An Bank’s vice president of transaction banking, Xu Honghui, said that the system could cut the costs of trade financing for micro to medium-sized enterprises by around 2 to 3 percent. The platform is also expected to become safer as more and more data including credit, business, third-party assessment, […]

Securities Laws to Apply to Cryptocurrencies, New York Judge Rules

By Disini & Disini Law Office September 12, 2018 Bitcoin & Cryptocurrency, News 0 comments

U.S. District Judge Raymond Dearie ruled last Tuesday that the country’s securities laws can be used in prosecuting cryoto fraud allegations. The New York federal judge made the decision in a case against Brooklyn resident Maksim Zaslavskiy who was accused of defrauding investors in two digital currencies supposedly backed by diamonds and real estate. Dearie said that the laws should be interpreted “flexibly”, and dismissed the motion of the defendant to have the charges dropped on the grounds that the Securities Exchange Act does not cover cryptocurrencies. Source: Coin Telegraph

Wall Street Regulators to Take Action Against Crypto Firms

By Disini & Disini Law Office September 12, 2018 Bitcoin & Cryptocurrency, News 0 comments

The SEC and the Financial Industry Regulatory Authority (FINRA) announced this week that they will be taking actions against cryptocurrency companies such as levying fines which may help regulate the nascent asset class. The Wall Street regulators said that they consider some tokens to be securities, which would make them subject to federal laws. FINRA has already taken action against the owner of Rocky Mountain Ayre for selling HempCoin. The cryptocurrency, which was supposedly backed by shares of Timothy Ayre’s company, was not registered as a security. Meanwhile, the SEC announced that digital currency vendor TokenLot had already settled for […]

Crypto Not Viable for Funding Terrorists, FDD Says

By Disini & Disini Law Office September 11, 2018 Bitcoin & Cryptocurrency, News 0 comments

The U.S. Foundation for Defence of Democracies’ (FDD) Center on Sanctions and Illicit Finance (CSIF) recently said in its report that cryptocurrencies are ill-suited for financing terrorist groups. CSIF director of analysis Yaya Fanusie told the US House of Representatives that the public visibility of transactions on the blockchain leaves a trail which can be traced back to the terrorists. Furthermore, some of the fundraising attempts such as the one conducted by “Jahezona” in 2016 raised only a little more than $500 in Bitcoin. Fanusie also said that managing large cryptocurrency transactions require specific skills, particularly in cybersecurity, which the […]

China Invests in Blockchain, Bears Down on Cryptocurrency

By Disini & Disini Law Office September 4, 2018 Bitcoin & Cryptocurrency, News 0 comments

The Chinese government is said to be ramping up its efforts against domestic cryptocurrency speculation in the past few weeks. However, it has also already invested around $3.57 billion into blockchain technology, according to recently published estimates. Despite warnings from various government bodies, and the prohibition of cryptocurrency-related transactions by companies such as Tencent, investments in blockchain have remained steady over the past years. Several local governments have announced investments in blockchain just last August, with cities including Hangzhou, Shanghai, and Nanjing pledging millions, while companies like BlockVC says it is already involved in 40-50 blockchain-related projects. Source: CNBC

Blockchain Jobs Boom in Asia Despite Falling Crypto Prices

By Disini & Disini Law Office September 1, 2018 Bitcoin & Cryptocurrency, News 0 comments

Recruitment firm Robert Walters recently reported that blockchain-related jobs have gone up to as much as 50% in Asia since 2017, despite struggling cryptocurrency prices in the past few months. The report says that Python developers are the most sought after, even by companies such as IBM and Binance. However, it was noted that many of those entering the space come from other industries. TenX co-founder Julian Hosp says that his organization rarely hires from within the industry as most are still inexperienced. John Mullally of Robert Walters also says that while there are a lot of blockchain enthusiasts eager […]

Yahoo Launches Crypto Trading App for iOS

By Disini & Disini Law Office September 1, 2018 Banking and Finance, Bitcoin & Cryptocurrency, News 0 comments

Yahoo recently rolled out a new service which gives its customers options to buy and sell Bitcoin, Ethereum, and Litecoin on its finance platform. However, Finance PR representative Caitlin O’Neill clarified this week that the service is only available to iOS users as of now, but will be rolled out for desktop, mobile web, and Android in the coming weeks. In a press release last August 30, Yahoo Finance said that traders who wish to trade Bitcoin, Ethereum, Litecoin, and Dogecoin on its platform will have to link their account with an integrated third party service from TradeIt. Source: Coin […]

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