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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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The Bank of Canada Plans To Launch Its Own Digital Currency

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Since the future of money has come, the Bank of Canada considers launching a proprietary digital currency. This is contained in the presentation entitled “Central Bank Money: The Next Generation,” which was prepared by Stephen Murchison, an adviser to Governor Poloz, who shoulders the task of leading Canada’s digital currency research. The idea of developing their digital coin is to fight the threat associated with cryptocurrency and also to garner information on how Canadians spend their money.

 

According to the report, Canada is ready to take the lead in launching their cryptocurrency to modernize financial services. In this regard, the bank has released a white paper on the merits of creating a digital currency. The presentation, which was prepared for Governor Stephen Poloz and the board of directors of the bank, offered all the possible details about how the bank plans on developing the digital currency. It outlined over a dozen benefits the bank will get from launching its digital currency, which would be available, coexisting alongside coins and paper money before eventually replacing them.

 

Following the contents of the presentation notes the report, Canada needs to innovate to stay in the game, and thus, a digital currency would provide the benefits of a bank-owned asset as well as all the convenience and security of wireless electronic payments.

 

However, the presentation notes that digital currency presents a risk to stable, low-cost funding for banks.

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Another firm, Booking.com has abandoned the Libra Project

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Booking.com join the list of firms that has pulled out of the Libra Association.

The departure of the leading online travel firm from the Libra Association reduces the membership to just 21 members.

Facebook’s foray into the cryptocurrency industry has been experiencing difficulties as governments warn of the consequences of the global financial system it intends to create via Libra.

Few months ago, Booking.com confirmed to be a founding member of the Libra Association alongside others like PayPal, MasterCard that have already pulled out from the Association.

Booking Holdings CEO Glenn Fogel when he newly became the Chief Executive Officer of the firm behind several travel focus businesses such as agoda.com, booking.com, kayak etc was expressed his opinion on the future of cryptocurrency.

According to him, he said, he believes currencies with blockchain base will continue to surface and may gain acceptance globally.

Earlier few days ago, MasterCard and Visa revealed they would be departing the Facebook’s project. Regulatory pressure most especially from the US has been on the increase recently and this could be attributed to the growing list of firms abandoning the Libra Project.

Senator Sherrod Brown has said Big Tech shouldn’t be given power over public infrastructure like the financial system.

US Treasury Secretary, believes Libra could be used to finance terrorism.

The co-founder of Libra, David Marcus has already come forth to testify of the intention of Libra to create a global financial system while complying with regulatory requirements.

Co-founder of Libra, David Marcus said spoken on the fate of Libra as firms exit the Association. According to him, “I would caution against reading the fate of Libra into this update.”

He went further saying, “Change of this magnitude is hard. You know you’re onto something when this much pressure builds up.”

CEO of Facebook, Mark Zuckerberg has been slated to testify before House of Representatives Financial Services Committee on the 23rd of October

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An open-source map to the Pan-African Blockchain Ecosystem

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Africa blockchain cryptocurrency industry stakeholders have created a map of organizations in the entire African continent.

The map which was made open source currently has data of more than 100 Africa firms building on the blockchain or having businesses that interacts with the industry.

The African continent has been seeing growth in the industry steadily. Based on a data from a report made by Emerge, the numbers of African blockchain focused firms were less two-scores.

However, currently according to data already collected all over the continent which can be seen on the Open Source Map, there has been a tremendous growth in the numbers of firms building blockchain solutions in the continent. The rate of growth yearly since 2017 is over 120%.

The compilation of such data required hundreds of man hours however, representatives from various firms in the industry congregated to collate and arrange the data. The representatives were from CryotoTVPlus, Africa Blockchain Alliance, African Digital Asset Framework, Binance Labs, BitcoinKE, EOS Nairobi, Raise and Microtraction.

From payment gamification, consultancy, media healthcare etc, there are several projects or firms solving problems with the technology.

CEO of CryptoTVPlus, Tony Emeka speaking on the initiative said:

“As one of the largest media firms focused on the industry, we understand the impact visibility plays in the success of a firm”.

He went further saying;

“This map now ensures players in the industry get the right exposure they deserve as they continue doing what they do best, innovating.”

Anyone Can Update the Map

The incredible pace the blockchain technology is growing is unprecedented. As dynamic as it is, daily new challenges facing our social, political and economic environment are showing forth and the blockchain could help provide answers to some of these questions.

The emergence of a problem creates room for a solution, the joy of an entrepreneur, solving problems. These ultimately could create new firms all over the continent.

As an open source map, anyone can update the map with newer data of existing or new blockchain firms in their country or the African continent at large.

Adding Data

The Open Source Map can be found here, the data are found in a Google Sheet, contributors are admonished to keep the sheet clean.

Moving Forward

The world is moving fast, Africans cannot be left behind. In the world of global competition, developing local solutions that are carefully tailored to local needs are crucial to our survival, growth and development as a continent.

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Naijacrypto.com Launches the First Ever Cryptocurrency trading competition module in Nigeria

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Naijacrypto a cryptocurrency exchange launches its first ever crypto trading competition module for both beginner and expert traders

Naijacrypto, in its vision to create outstanding solutions for cryptocurrency traders, is excited to announce the launch of its trading competition module in Nigeria.

Naijacrypto is a highly secure peer-to-peer cryptocurrency exchange. It owns both web and app-based platforms that enables users to conduct trades of some major cryptocurrencies in the market.

This module allows both experienced, upcoming and beginner traders to trade various cryptocurrencies using virtual money and win prizes for good performances.

In this competition:

  • A trader can trade up to 30 cryptocurrencies including Bitcoin, Ethereum and Monero.
  • Trading is with Demo money but the prizes are real!
  • There is a live feed given for every crypto currency the trader wishes to trade
  • Traders can view a leaderboard and see where they stand in the competition
  • Traders can test their trading skills without pressure of using real money.
  • Any trader can pick a competition that suits them.
  • Competitions run daily, weekly or on a monthly basis.
    Chat box available so competitors can chat and learn among themselves

Payout:
All rewards are paid into your Naijacrypto account. Account holders will be able to claim their prizes directly to their wallet once competition is over.

Naijacrypto believes that this competition module is an opportunity for those trying to learn cryptocurrency trading to involve themselves in trade scenarios without the pressure of using real money. The interaction between beginner traders and pros can make the action of pros rub off on the beginners.

The trading competition module is now live on the naijacrypto website. The first competition is free to enter with the winner being rewarded with

100,000 naira for first place,

60,000 naira for second place and

40,000 naira for third place.

We are always open to partner with individuals and organizations who wish to organize or sponsor their own competitions on the platform.

To participate in the first free competitions or any subsequent competitions, simply create an account on www.naijacrypto.com or download the naijacrypto app on the google play store. Please note that there would be deferring competitions on the module with deferring roles.

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