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.
Japan’s LIQUID Exchange Announces Telegram Digital Token Public Sale
Japan’s top cryptocurrency exchange Liquid has announced the upcoming Public Sale launch of Telegram digital asset token for the (Telegram Open Network).
As reported by Finance Magnates, this development is made possible by Liquid’s recent partnership with Gram Asia, the largest holder of the native token of TON blockchain in Asia. Public Sale for the TON token will commence by 10th of July 8 am UTC and is open to accredited LIQUID Exchange users. Interested participants in the public sale are also expected to have enough funds in their accounts.
Excited Mike Kayamori, co-founder and CEO of Liquid, “We are excited to be partnering with Gram Asia to launch the Gram token sale, which is wonderful news to our community who are native users of Telegram. We share the vision for a more secure and open value transfer system in order to enable the mainstream adoption of cryptocurrencies.” said.
It should be noted Telegram organized a private sale in 2017 when it announced plans to launch its own Blockchain and native token via the no longer popular ICO. It raised a total of $1.7 billion via private sale as at March 2018 making it the second largest amount raised through ICO second only to Block.one’s EOSIO which still ranks tops after raising over $4 billion.
“The TON Blockchain infrastructure can help enhance Telegram’s current capabilities as a peer to peer network of value, with the launch of their cryptocurrency light wallets for Telegram’s highly engaged user base,” Kayamori continued.
As TON is expected on its own Blockchain, Liquid Exchange will make provision for integration of the TON compatible wallet where investors are expected to receive TON tokens upon the launch of TON Mainnet which is expected to go live by October 2019. As Japan’s first FSA licensed global exchange, it assures its users of an unconditional refund should the initial plans not follow through by the TON Team.
“As the first Japan FSA licensed global exchange, Liquid has demonstrated strong governance capabilities for protecting its users; therefore, I firmly believe Liquid is the right partner to launch this historic token sale. We are excited to invite all believers in Telegram’s vision, globally and in Asia, to build on top of TON, leveraging the critical mass of Telegram’s user base.” Dongbeom Kim, founder and CEO of Gram Asia, said.
Yellow Card Among the 13 Startups in Binance Labs Incubation Program Season II
When you visit a Yellow Card Location near you, buy a Yellow Card or PIN, redeem the code on your account, and buy your favorite currency. It’s that easy.
Also there is an existing partnership between binance and Yellow Card. Find out more…
Yellowcard Card has been announced to be among the 13 newest blockchain projects to graduate from Binance Labs incubation program. This announcement was published on Binance blog on June 5, 2019.
Yellow Card is a startup blockchain project which allows users to sell or buy cryptocurrency with or without a bank account. As Binance puts, Yellow Card allows for Cash-to-crypto on-ramp for emerging markets.
How does Yellow Card work?
You can get Yellow Card by visiting a location near you as it is sold in stores around the world. Find a location near you. Then you ask the merchant for a Yellow Card or PIN which you are expected to pay using your local currency. Note also that if you do not see the card on the rack, ask the merchant for a Yellow Card PIN. Yellow Card PINs work the same as Yellow Cards, and your PIN will be printed directly on the receipt.
You can also get Yellowcard or Pin by redeeming it online. Sign up for a Yellow Card Account, redeem your PIN, and buy cryptocurrency instantly.
Features of Yellow Card
Instant Transactions: Your Yellow Card transactions hit the Blockchain instantly. No more waiting for your money. It is immediate.
Multi-signature wallet: Unlike other exchanges, Yellow Card never holds your cryptocurrency. You have full control over your wallet’s private keys. It’s your money, not theirs.
Access to Two Cryptocurrencies: Yellow Card offers instant access to Bitcoin and DASH with more coins going to be added as time progresses.
Unlimited Limits: No more restrictions. Yellow Card offers instant verification and limits increases. And if you ever need more than your daily limit, you can contact them and they can make it happen.
Low fee price tag: Yellowcard keeps your fees as low as possible, and it will never hit you with any surprise fees on the platform. It has promised to keep to a low fees tag.
The Two Possibilities of Yellow Card
Cryptocurrency made easy: With the service of Yellow Card, both new users and Blockchain veterans are able to safely, quickly, and securely exchange and store their coins all on one simple platform.
Cash to Crypto in 5 minutes: When you visit a Yellow Card Location near you, buy a Yellow Card or PIN, redeem the code on your account, and buy your favorite currency. It’s that easy.
Other startups chosen by Binance Labs in the second season include:
Bitcoin.org Receives 14 Bitcoins as Donation Totaling $120,000 from an Anonymous Donor
Bitcoin.org, the open source website now owned by the decentralized community of bitcoin enthusiasts has received 14 bitcoins valued at $120,000 on recorded as the largest gifting to the website in history.
Bitcoin.org was originally set up by Satoshi Nakamoto, the inventor of Bitcoin and Martti Malmi, one of the first developers who helped to build it. It ranks as one of the top 24,000 sites globally receiving as much as 2.1 million visitors monthly with most of these visitors landing from search engines such as Google.
This announcement was made known yesterday by the anonymous co-owner of the bitcoin.org site “Cobra”, and Michael Marquardt—known as “Theymos” in the Cobra owned bitcointalk forum. Cobra took to his twitter on Monday the 28th of May to make this announcement to his followers. In his tweet, he stated it was the largest donation anyone has gifted to the site and that it will be employed to the continuous evangelization of the new era of money. This will be employed in the further translation of the Bitcoin whitepaper and creation of more contents such as videos and other medium that will help to convey the message home to millions of people all over the world.
Thank you to whoever donated ~14 BTC to https://t.co/OsFgRFRRZb yesterday. We will use all of that money to continue to educate millions of people worldwide about Bitcoin. No other donation in this space will make as much of an impact as supporting the site that started it all.
— Cøbra (@CobraBitcoin) May 28, 2019
He also assured the members of the public that these donations will keep the open-sourced Bitcoin.org website running continually in terms of maintenance and server costs which do not normally come free to operate.
With such huge donations, it is clear that the global community of Bitcoin enthusiasts are very much behind the first truly decentralized internet money. In some other circles, some participants of the bitcointalk forum advocating for this donation to be used to cover for fees most entrants require to pay for “evil fees”. Let’s see if that proposal will be accepted. In the meantime, congratulations to Bitcoin.org on this latest record-breaking donation received.
Lagos Binance Meetup: Exposing The Community To The Binance Ecosystem
When it comes to serving the people, Binance employs a start-to-end approach, from helping users learn about crypto to giving them a cryptocurrency exchange platform they can securely and conveniently use. This is why a Meetup was put together. find out more about the Binance Ecosystem
The yet unbelievable transition process for Binance from being a startup to making a global impact not just as the world’s biggest cryptocurrency exchange, but also as a recognized conglomerate in the creation of blockchain infrastructure.
“Spreading the freedom of money!”
The above is the supposed reason behind the milestones as put by the team.
In a statement from the Binance medium handle, the Binance crypto exchange may be the number one in the industry, but the team does not regard it as the only source through which she hopes to achieve global financial freedom. Hence, the introductions of the Binance ecosystem.
The Binance Ecosystem features numerous avenues through which Binance Global hopes to initiate change. As you might already know, the Binance Exchange, Binance Academy, BinanceInfo, BinanceLabs, Trust Wallet, Binance Charity stand as pillars of change for the blockchain Giants.
In the recent weeks Binance had set out to create more awareness of its ecosystem and one of the media used is through meetups.
Just on Saturday 25th of May, Binance Held its first Nigerian meetup in Lagos Nigeria. The meeting started immediately after the just concluded Lagos Blockchain, AI and Digital Asset Conference 2019 together by the blockchain Nigeria User Group.
While it featured trading testimonials of users of Binance exchange, it also served as a medium to draw the attention of community members to the endless possibilities with the Binance Ecosystem.
Athena who represented Binance Charity was available to officially welcome the community members and also expose the several pillars of the Ecosystem to participants.
Binance Exchange: Blockchain and Crypto Asset Exchange
Binance Exchange is the first working expression of what freedom of money looks like: secure, robust, and fast. Since day one, Binance set out to present the best way for people to exchange a wide selection of worthwhile cryptocurrencies. But even at its pole position, the exchange is still adding new features and strengthening existing ones, including an upcoming all-around blockchain ecosystem. For as long as there is a better, more free way for people to use their money, Binance is at the forefront of bringing it to the people.
Binance Labs: Incubator for Top Blockchain Projects
Binance knows that the path to a blockchain-powered future is a unified front of innovators, so it’s important to create opportunities for them and unleash their full potential. Binance Labs was born to support top blockchain BUIDLers and value-creation projects.
Binance Launchpad: Token Launch Platform
As a strong supporter of blockchain startups, Binance recognizes that some of them are better off being directly granted the right funding, advice, and connections, while others have established solid plans and just need a wide-reaching platform to launch their ideas. At Binance Launchpad, great projects that make it through our rigorous vetting process are given the resources to use the Binance platform to launch their token and raise funds along the way. This platform is a great boon to these startups, given its ease of use and top-notch security.
Binance Info: Cryptocurrency Information
Binance became the world’s leading cryptocurrency trading platform because we offer a wide list of coins and tokens that are worthy of trading. This places us in a unique position as one of the trusted sources of information when it comes to cryptocurrencies that are in the market. Now that we have established support systems for cryptocurrencies and blockchain companies, the next step for fulfilling our vision is equipping all users with adequate information about blockchain
Trust Wallet: Binance’s Official Crypto Wallet
When it comes to serving the people, Binance employs a start-to-end approach, from helping users learn about crypto to giving them a cryptocurrency exchange platform they can securely and conveniently use. We further extended that service level to the storage space, with the recent addition of Trust Wallet to the Binance team. Trusted by hundreds of thousands of users, Trust Wallet empowers people to extend the secure and convenient user experience they have on Binance down to the mobile wallet level.
Blockchain Charity Foundation: Decentralizing Worldwide Poverty Alleviation
Empowering people through blockchain goes beyond equipping them with the needed tools and knowledge. Blockchain can — and should — be used to improve the welfare of mankind more efficiently and directly. At Binance, we believe in using blockchain for social good and bringing forth the end of poverty worldwide. That’s why we laid the groundwork for a decentralized charity with the creation of the Binance Charity Foundation (BCF).
The event featured a lot of testimonials from Traders and users of the Binance launchpad, with all of them explaining how users can gain maximally from participating in the various listed project on the Binance Chain.
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