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Get Your Acts Right: Japan’s FSA Tells Exchanges

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In the aftermath of the recent hack within the Japanese cryptocurrency exchange, the Japanese FSA has issued a warning to Lastroots cryptocurrency exchange to improve their business practices or suffer the risk of being sanctioned, while FSHO and Eternal Link have both been ordered to cease operation for two months. The suspension according to Japan’s Financial Security Authority issued was due to the unsatisfactory procedures of these exchanges to prevent money laundering and minimise system risk.

The ongoing inspections of cryptocurrency exchanges are what lead to the discovery and also the suspension. According to Reuters, Eternal link were ordered to halt every activity from Friday 6th April while FSHO will do likewise on the 8th of April.

This suspension does not come as a surprise as Nagoya-based Bit Station and FSHO were suspended till April 7. They were suspended for not performing proper and thorough checks on large-scale transactions and had not implemented necessary measures “to run the exchange in a decent and assured way”.
Asides from maintaining proper checks, Bit Station were penalized because it was discovered that some of its senior officials were implicated in an embezzlement scam which involved clients cryptocurrency deposits. Similar scrutiny has led to the arrest of high ranking officials of two cryptocurrency exchanges.

This level of scrutiny, regulations, stiff penalty emanated from the attack on Coincheck where hackers stole $550 million worth of NEM from the Japanese exchange

According to the Japanese press, Bit Station was penalized because its senior officials were implicated in the embezzlement of clients’ crypto deposits. Similar charges have led to the arrests of four high-ranking representatives of two cryptocurrency exchanges in South Korea.

Japanese authorities have decided to set up a system which major focus of combatting cybercrime, including crypto theft. 500 analysts and investigators from different branches of the country’s law enforcement agencies have joined the unit. At least 149 crypto-related attacks took place in 2017, Japan’s National Police Agency recently revealed.

Earlier this week, after passing through the necessary checks and approval, Monex group was able to acquire Coincheck worth in excess of $33.6 million USD.

Monex confirmed that it will acquire 100% of all 1,775,257 shares. The agreement which was signed today would see the transfer of shares take effect from the 26th of April with Coincheck founder and chief executive Koichiro Wada and chief operating officer Yusuke Otsuka to step down from management on the same day after taking responsibility for the $530 million theft of NEM tokens in January.

This reshuffle will also see Monex COO take over as president of Coincheck and with other prominent members joining the board. In a statement, according to CCN.COM

“We recognize blockchain technology and cryptocurrencies as next-generation technologies and platforms which are likely to drastically change the way people approach money,” Monex said. As the fifth-largest retail stock brokerage by transactions in 2017, the company began to explore and develop blockchain applications by establishing the ‘Money Cryptocurrency Lab’ in October 2017 as a means to get a proactive leg-up by embracing financial technologies.

Also in the statement, the brokerage has pledged its support to build a secure and safe Coincheck trading platform for all its customers in order to avoid any incident similar to the NEM theft, insisting that it would employ its expertise and human resource in risk management, administration and customer asset protection system against hacks.

The goal is to provide and support our customers in any way possible and to re-establish the trust and confidence in the firm and also grow sustainably as a valuable cryptocurrency exchange, Monex added

This takeover would be one of the biggest takeovers within the industry since its inception and with the recent rise illegal crypto mining, false affiliations and hacking, this deal would breathe a sigh of relief to the Japanese exchange market and restore credibility.

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France To Push For EU Partners To Adopt Its Cryptocurrency Regulatory Framework

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It has been a formalised fact that the French parliament had cautiously approved a regulatory framework  that included rules aimed at attracting cryptocurrency issuers and traders to establish their companies and platforms in France by giving them some official recognition. In the other way, this law ensure that these issues and traders are appropriately taxed based on their profit generations. This financial regulatory framework was passed on last week.

This new cryptocurrency regulation passed in France is obviously the first of its kind adopted by a major nation. Unarguably, it will allow firms that want to issue new cryptocurrencies or trade existing ones to apply for a certification.

As has been stated before, the certification will be granted by the French market regulator for those who want it. And hence,  issuers, traders, custodians and investors will have to pay taxes on profits they make on those securities.

The major goal of this regulatory framework is to set up a market in mostly in the city of Paris for companies raising capital through cryptocurrency projects which would allow France to grab a slice of the expanding business while giving it some oversight of a niche which some fear could be a target for speculators.

Under this regulatory framework, France authorities would verify who is behind a new coin’s issuance or a trading platform, and check the companies’ business plans and anti-money laundering rules. The certification will give investors basic guarantees against outright fraud, but will not protect them against losses. However, the specific requirements companies need to abide by to get the regulatory stamp of approval are still to be defined by government decrees.

In the wave of this development, according to Reuters news report, France will ask for the European Union to adopt a cryptocurrency regulations similar to the one it brought in last week at a national level, becoming the first major country to do so.

This proposal was made known by Minister Le Marie in Paris at the event on blockchain technology. In his words: “I will propose to my European partners that we set up a single regulatory framework on crypto-assets inspired by the French experience. “Our model is the right one.”

Reuters equally reported that “the European Commission has recently launched a feasibility study on how to regulate the cryptocurrency markets, though no legislation is expected at least until late 2019 as the mandate of the current administration is ending.”

 

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An all out War Against Craig Wright the Self-acclaimed Satoshi  started by Binance CEO, CZ.

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Binance announced it will delist Bitcoin Satoshi Vision tickered BSV following the numerous lawsuit filed against several persons in the cryptocurrency space notably Peter McCormack who was the recent victim of Dr. Craig’s alleged Cyber Bullying. Over the years Dr. Craig Wright has been claiming to be the creator of the first cryptocurrency Bitcoin which was built and released to the public as an open source project in 2009 following the global financial turmoil the world which saw untold impact on businesses and personal lives.

Craig’s claim to be Satoshi Nakamoto has been refuted by a lot of cryptocurrency and Blockchain enthusiast not over the years when various persons came up claiming to be the pseudonymous creator Satoshi Nakamoto. The desire to unearth the mystery man behind this border-less cryptographically protected currency has touched mainstream media and other enthusiastic fellows. This search has brought about many names popping up but all not proving true the cryptocurrency community requirements of the Identity of the mystery man. This requirement has been the same which has been requested from the notorious bitcoin creator claimant. To sign a transaction with the keys to the wallet popularly known to be Satoshi’s. This request Dr. Craig Wright has continually been refused to be heed to.
However, Dr. Wright agrees saying that he has the private PGP key, but that using it would not prove anything. The cryptographic proof he offers is of a different kind. The cryptocurrency community has clearly ultimately disregarded his claim and this is the reason for him taking legal actions on notable people in the space of which lastly on Peter McCormack which he responded to requesting public acknowledgement of Dr. Wright to the fact that he is not Satoshi and to apologize to the global community else face retaliating legal redress. This last act of legal cyber bullying has infuriated several key industry players which resulted to the decision by CZ the CEO of world top exchange Binance to delist the Dr. Craig’s Forked Coin the Bitcoin Satoshi Vision even after issuing a warning prior to the delist announcement.

Craig Wright is not Satoshi. Anymore of this sh!t, we delist!

Following this decision, several industry players in the Exchange and Wallet business also expressed their dissatisfaction on the activities of Dr. Wright by also deciding to toe the path of CZ in withdrawing support for the Bitcoin fork. Evidence from the Poll ran by the Kraken Exchange saw a 76% level of respondents agreeing to delisting of BSV saying it is Toxic.
This can be said to be an affirmation to the cryptocurrency opinion and support of the industry players to kick to the recesses of the cryptocurrency community Dr. Craig Wright. Expressing his anger on the situation of things, industry titans poured their opinions not excluding CZ who said

To be clear, I don’t choose sides on technology. We let market do that. I am against fraud, such as lying to be someone. As such, it is my strong opinion that: Craig Wright is fraud.

Commenting on the issue, Crypto Die Hard Loyalist John McAfee said

I hate to sway a poll but what idiot would believe that Craig Wright is Satoshi and therefore BSV is not a scam? If thete ever was a scam it is BSV!

He continued

Enough is enough! There at least a dozen crypto adherents who know the true identity of Satoshi. I can assure you, 100%, it is NOT Craig Wright. This absurd claim of Craig’s is incomprehensible. Mr wright: Have you no shame? Seriously sir! Have you no shame?

In a very special message posted on Twitter from YouTube, the CEO of Bitcoin.com Roger Ver called Dr Craig a liar and fraud and asked that he be sued again.

With industry players in the exchange and wallet business such as Kraken, Binance, Shapeshift etc already ending support for Bitcoin Satoshi Vision, one is left to wonder what will happen to the vision of the acclaimed Satoshi.

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Tron (TRX) Accepted by Travala.com To Be Used for Booking in Over 500,000 Hotels

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Tron (TRX) is the 10th cryptocurrency to be adopted by hotel booking platform, Travala. Before now, Travala had been accepting coins like; Bitcoin, Litecoin, Ethereum, XRP, Nanos, BNB, AVA, DGB, Doge, EOS, TUSD, XLM. It also accepts PayPal, VISA and Mastercard. As travel platform, Travala aims at merging decentralised technologies and tokenized incentive structures to make booking easy for travelers.

Travala.com, a reputable blockchain travel platform, dedicated to revitalizing the yet to come travel industry. Established in the year 2017, it now  boasts of 567,928 properties in 210 countries across the globe, with over 82,000 destination coverage. 

Travala.com as of yesterday declared that its clients can now make payments with Tron (TRX) token in over 550,000 hotels across the world with an added discount of 15% for every transaction performed with the token.

According to Travala.com their customers are to use TRX to book 550,000+ hotels worldwide with an average saving of 15% on http://Travala.com and the customers can get further savings up to 10% off the already amazing prices with our SMART program.

While the other coins listed above like Bitcoin, BNB, Nano, etc have been enjoying this privilege for some time now, it is coming new for Tron, and this can be taken as an added advantage for the cryptocurrency. Unlike every other blockchain technology, every moment of Tron (TRX) is filled with exciting news. The quality and potential of any cryptographic project in the space is determined by the adoptions and partnerships it gets.

As a means to echoing the success of Tron, Misha Lederman, a well-known member of the Tronix team, had once related that Tron has produced more blocks than Ethereum. According to Lederman, “Tron has produced 8.3 million blocks since its independence in June 2018 and Ethereum, on the other hand, despite its longevity, has only produced 7.5 million blocks since July 2015.”

Photo credit: Botcoin Exchange

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Highlights From BAL’s Blocktech Women Conference 2019

As it stands Lagos ranks as one of the top cities in the worlds that conduct researches on the internet on the blockchain. This is a result of some of those of these researches. #BWC2019 was a success.

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The just-concluded Blocktech Women Conference #BWClagos2019 hosted by Doris Ojuderie of Blockchain Africa Ladies was a major blast. It was one of the first blockchain conferences hosted within the Lagos blockchain community in 2019. The event sought to promote blockchain in areas of awareness among women using Education and life-changing stories of the keynote speakers.

The conference with the theme: THE LOOMING FINANCIAL REVOLUTION; AN ENGINE FOR SOCIAL TRANQUIL had speakers from The United Kingdom, United States, Canada, Abuja and was attended by participants both locally based and those who came from neighbouring cities within Nigeria from different walks of life – some of which had no prior knowledge of the Blockchain Technology.

The conference schedule featured activities from Panel sessions (Why Arent There More Women in Blockchain and What Are The Future Trends of Blockchain and Cryptocurrencies) to Training sessions( Crypto Trading Live, Programming skills and language, Entrepreneurship a Longrich Presentation). It also had a well-packaged workshop which gave participants practical knowledge to understanding blockchain and decentralization concepts.

The support from different blockchain communities for the lady-driven blocktech conference was second to none. Among many sponsors were Beepmagnet International Group – initiators of the sisiBox project, KubitX – Africa’s leading exchange built by Africans and for African, SiBAN – Nigeria’s Blockchain Stakeholders Association saddled with the task to self-regulate the industry within Nigeria, Dash Nigeria, Veritaseum Gold Platform built on the Blockchain, Nepsium – a swift crypto exchange platform and lots more.

Media practitioners were also represented in the conference, strategically to take feedback from attendees on the experience and delivery. e-blockbuzz, Zilla, Digivation, ADMP and Cryptotv Plus had more than enough content to share with their communities in the coming weeks.

As it stands Lagos ranks as one of the top cities in the worlds that conduct researches on the internet on the blockchain.

It is exciting to see women take the lead in the blockchain and if we must see blockchain penetrate the grassroots, we need more women in the space as they are the best educators, natural builders and great influencers of the future.

Find the summary of the events in Pictures as put together by Cryptotvplus.

For full event coverage of your Blockchain event, Contact us.

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