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U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam

December 14, 2018 Jeffrey Gogo 0

Cubits, a London-based digital asset trading platform, has been forced into administration after fraudsters reportedly stole €29 million (about $32.5 million) from the exchange in February. The company claimed “it fell victim” to an elaborate scam orchestrated in collusion with three of its clients.  Also read: Former Mt. Gox CEO Could Face 10 Years in Jail […]

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Former Mt. Gox CEO Could Face 10 Years in Jail Over Embezzlement

December 12, 2018 Jeffrey Gogo 0

Former Mt. Gox CEO Faces 10 Years in Jail Over Embezzlement in JapanJapanese prosecutors are seeking a 10-year jail term for Mark Karpeles, the former CEO of Mt. Gox. The embattled Frenchman, who has been previously accused of diverting company money for prostitutes, business acquisitions and luxury items, is facing charges of transferring $3 million of client funds to his own account for investment in a software […]

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Netherlands to Regulate Cryptocurrencies in Bid to Curb Money Laundering

December 12, 2018 Jeffrey Gogo 0

The Netherlands to Regulate Cryptocurrencies to Curb Money LaunderingThe Netherlands is seeking to regulate cryptocurrency companies, supposedly in a bid to prevent money laundering and alleged terrorist financing. All virtual currency businesses will now be required to obtain an operating license from De Nederlandsche Bank, the country’s central bank, under draft legislation designed to prevent crypto assets such as BTC from being used […]

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British Lawmaker Proposes Tax and Utility Bill Payments in Bitcoin

December 11, 2018 Jeffrey Gogo 0

U.K. lawmaker Eddie Hughes has proposed that taxpayers should have the option to pay council tax and utility bills in cryptocurrencies such as BTC. The 50 year-old conservative legislator for the Walsall North constituency said the move would place the country at the forefront of digital currency adoption in Europe. Also read: Gibraltar Exchange Obtains Insurance […]

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Steady Rise in Small Businesses Accepting Bitcoin Payments in Kenya

December 11, 2018 Jeffrey Gogo 0

Steady Rise in Small Businesses Accepting Bitcoin Payments in KenyaKenyan health services provider Health Land Spa has started taking BTC and other cryptocurrencies as a means of payment with a view to increasing accountability and averting losses. Across East Africa, cryptocurrency acceptance is on the rise, with at least two restaurants in Uganda and Kenya selling food for virtual currencies. Also read: Wirex Introduces Iban […]

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Gibraltar Exchange Obtains Insurance for Crypto Assets as Cyber Attacks Soar

December 11, 2018 Jeffrey Gogo 0

Gibraltar Exchange Buys Insurance Cover for Listed Crypto Assets as Cyber Attacks SoarWith cyberattacks on the rise, Gibraltar Blockchain Exchange (GBX) has announced an insurance policy to cover its digital assets in partnership with Gibraltar-based Callaghan Insurance. Cryptocurrencies held in both the hot and cold wallets of the trading platform will be insured. Also read: Report: Swiss City of Zug Named Fastest Growing Tech Hub in Europe Cyber […]

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Report: Swiss City of Zug Named Fastest Growing Tech Hub in Europe

December 9, 2018 Jeffrey Gogo 0

Report: Switzerland's City of Zug Fastest Growing Tech-Hub in EuropeThe city of Zug, home of the Swiss Crypto Valley, has been named the fastest growing technology community in Europe. Zug ranked atop the “State of European Tech” report by London-based global investment firm Atomico last week, on the strength of its year-on-year growth of attendees to tech-related meetup events. Also read: Malaysian Financial Regulators to […]

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Malaysian Financial Regulators to Intensify Scrutiny of ICOs, Cryptocurrencies

December 8, 2018 Jeffrey Gogo 0

Malaysia Financial Regulators to Intensify Scrutiny of ICOs, CryptocurrenciesMalaysia’s securities regulator and central bank are to strengthen their scrutiny of initial coin offerings (ICOs) through new rules meant to eliminate issues of unfair trade practices and alleged risk of money laundering and terrorism financing. The Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM) said they will also tighten regulation in the trade […]

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Bipartisan Bitcoin Bills to Step up Consumer Protection in the U.S.

December 8, 2018 Jeffrey Gogo 0

Two United States congressmen have introduced two pieces of legislation to help prevent alleged cryptocurrency price manipulation while aiming to position the U.S. at the forefront of innovation within the digital asset industry. Also read: Chilean Court Rules in Favor of Closing Bank Accounts of Crypto Exchange Orionx Protection From Price Manipulation The Virtual Currency Consumer […]

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Brazillian Bitcoin Exchange Sends User $35M in Bug-Induced Error

December 8, 2018 Jeffrey Gogo 0

Brazillian Bitcoin Exchange Sends User $35M in Bug-Induced ErrorAccidental millionaire Kaique Nunes has a bug to thank after his withdrawal request of 500 reals ($128) erroneously returned a cool 137 million reals ($35.13 million) from Brazilian bitcoin exchange Bitcambio. Nunes was not too eager to part with his overnight millions when Bitcambio started contacting to effect a reversal of the transaction, suspecting an […]

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Finma: Crypto Startups Can Handle up to $100M of Deposits in Switzerland

December 4, 2018 Jeffrey Gogo 0

Finma: Crypto Startups Can Handle up to $100M of Deposits in SwitzerlandCrypto-asset companies can now apply for licenses to handle as much as 100 million Swiss francs ($100 million) in public deposits under new regulations published on Dec. 3 by Switzerland’s Financial Market Supervisory Authority (Finma). The development underscores the European country’s efforts to promote technological innovation, as in the past only commercial banks were allowed to receive […]

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Australia’s Financial Regulator Grants License to Bitcoin Exchange Coinzoom

December 3, 2018 Jeffrey Gogo 0

Coinzoom Australia said Dec. 3 that it has been officially registered as a digital currency exchange with financial watchdog Austrac. The registration allows the exchange to operate legally according to Australian law. It will also function as a fiat-to-crypto exchange, with support for a variety of digital assets, including the buying and selling of BTC, […]

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Report: Bitcoin Mining Doesn’t Fuel Climate Change, It Benefits the Global Economy

December 1, 2018 Jeffrey Gogo 0

Report: Bitcoin Mining Doesn't Fuel Climate Change, It Benefits the Global EconomyThe majority of bitcoin miners — about 78 percent — use renewable energy to power their mining operations, while preventing surplus electricity from going to waste in countries such as China, a new study by Coinshares has revealed. The U.K.-based digital asset management company argues that “bitcoin mining may in fact be acting as an […]

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Bitcoin Mining Startup Envion Ordered to Close by Swiss Court

November 30, 2018 Jeffrey Gogo 0

A court in Switzerland has ordered the closure of bitcoin mining startup Envion AG over concerns of poor corporate governance. The company raised $100 million in an initial coin offering (ICO) in January, but a succession of boardroom wrangles have led to a breakdown in its corporate structure, bringing operations to a halt. Also read: Canadian […]

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Canadian Bitcoin Miner Fortress Blockchain Reports $1.16M Loss in Q3

November 29, 2018 Jeffrey Gogo 0

Fortress Blockchain’s net loss worsened to $1.16 million (1.55 million Canadian dollars) in the third quarter, from $202,000 in the preceding three-month period, as price pressure continues to mount in the global bitcoin mining industry. The Canadian company said depreciation of $291,600 and listing expenses of $293,700 wiped away mining earnings. Also read: Outrage Over Union Bank […]

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Outrage Over Union Bank of Nigeria’s Threat to Close Crypto-Related Accounts

November 28, 2018 Jeffrey Gogo 0

Nigerian digital asset owners have reacted angrily to Union Bank’s threat to close all cryptocurrency-linked accounts. Investors have accused the local banking system of hypocrisy, asserting that banks are “unfit” and “scammers” that continue to steal from the poor through spurious charges such as ATM maintenance fees and SMS alerts. Also read: Nigeria’s Union Bank Threatens […]

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Nigeria’s Union Bank Threatens to Shut Down Cryptocurrency-Related Accounts

November 27, 2018 Jeffrey Gogo 0

Nigeria's Union Bank Threatens to Shut Down Cryptocurrency-Related AccountsA large commercial bank in Nigeria has threatened to shut down an undisclosed number of cryptocurrency-related accounts without explanation. Lagos-based Union Bank claims that any decision to do so would be in line with the Central Bank of Nigeria’s (CBN) past warnings about cryptocurrency trading. Also read: Malaysian MP “Concerned About Threat” From Cryptocurrencies to Government […]

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Malaysian MP ”Concerned About Threat” from Cryptocurrencies to Government Money

November 27, 2018 Jeffrey Gogo 0

Malaysian MP ”Concerned About Threat” from Cryptocurrencies to Government MoneyLim Guan Eng, the finance minister of Malaysia, has warned individuals and companies planning to issue new cryptocurrencies with a stern: “don’t do it”. Addressing parliament on Nov. 26, Guan Eng advised to wait for legal guidance from Bank Negara Malaysia, the southeast Asian country’s central bank. Also read: Law Firm: South Africa’s Draft Law Could […]

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Law Firm: South Africa’s Draft Tax Law Could Affect Cryptocurrency Use

November 26, 2018 Jeffrey Gogo 0

Law Firm: South Africa's Draft Tax Law Could Affect Cryptocurrency UseA South African law firm has published a short essay on proposed tax legislation for cryptocurrency in the country. Cox Yeats Attorneys, a Durban-based firm, argues that the Taxation Laws Amendment Bill, published by the National Treasury in July, will be bad for the digital asset industry, according to local media reports. Also read: Uganda to Regulate […]

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Uganda to Regulate Cryptocurrency as Fake Bitcoin Schemes Surge

November 24, 2018 Jeffrey Gogo 0

Uganda to Regulate Cryptocurrency as Fake Bitcoin Schemes SurgeUganda will seek to regulate crypto assets to prevent criminals from exploiting digital currencies to scam citizens. This comes as thousands of Ugandans have fallen victim to a number of Ponzi schemes, including the D9 Club, which promised to pay members in bitcoin. Minister of State for Finance (Planning) David Bahati said the government has […]

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Venezuela Approves Law Granting Legal Effect to the Petro

November 24, 2018 Jeffrey Gogo 0

Venezuela Approves Law Giving Legal Effect to the PetroA government plan to counter economic sanctions is coming into force in Venezuela after parliament passed a law on crypto asset regulation. The law, originally proposed by the country’s leader Nicolás Maduro, gives legal effect to the petro, Venezuela’s multi-asset-backed digital currency. Also read: Nigeria’s Opposition Leader Promises Cryptocurrency Policy If Elected President ‘Breaking Financial and […]

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Cryptocurrency Exchange Bitex Launches in the UAE

November 23, 2018 Jeffrey Gogo 0

Cryptocurrency Exchange Bitex Launched in the UAEBitex has officially launched as the United Arab Emirates’ (UAE) newest digital asset exchange. The Dubai-based trading platform will initially support bitcoin core, bitcoin cash, ethereum and litecoin. Bitex also announced the launch of a cryptocurrency wallet that offers an additional cash deposit service, according to media reports. Also read: Market Slump Puts Crypto Derivatives in […]

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Nigeria’s Opposition Leader Promises Cryptocurrency Policy If Elected President

November 22, 2018 Jeffrey Gogo 0

Nigeria's Opposition Leader Promises Cryptocurrency Policy If Elected PresidentNigeria’s main opposition leader and former vice president, Atiku Abubakar, has said the country will adopt blockchain technology and cryptocurrency if he is voted into power. In his policy document, Abubakar revealed plans to create a legal policy that, among other things, will see blockchain and cryptocurrencies taught from primary school through university. Also read: Italian […]

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Italian Securities Regulator Warns Against Three Unlicensed Cryptocurrency Companies

November 22, 2018 Jeffrey Gogo 0

Italy's Securities Regulator Warns Against Three Unlicensed Cryptocurrency CompaniesItaly’s financial regulator, the National Commission for Companies and the Stock Exchange (CONSOB), has warned against three cryptocurrency companies engaged in schemes to promote cryptocurrency mining and investments. CONSOB said the companies were neither licensed nor authorized to provide the services they promised. Also read: North Korea to Hold Crypto Conference in April Cease and Desist […]

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