Bitfinex Beefs-up KYC Requirements, Asks Users for Additional Info
Cryptocurrency exchange, Bitfinex, has reportedly strengthened its know your customer (KYC) requirements, sending an email to verified users asking for more identifying information.
Additional personal data requested
According to a Dec. 27 report from the Block, the purpose of the email from Bitfinex was to enhance the exchange’s due-diligence procedures, and bring all of its client accounts “to the same level.”
Verified users were apparently asked to share information on the source of — and use of — funds, along with proof of residential address, such as a utility bill.
Constant drive to improve compliance
Bitfinex Chief Technology Officer, Paolo Ardoino, explained that the exchange is always working to improve compliance.
“That means we are in contact with our customers continuously. We may, for example, be updating various KYC documents that have expired, or clarifying the nature of certain transactions.”
Ardoino assured clients that all information is retained securely and confidentially.
Ongoing investigation by NYAG
It is uncertain whether this latest tightening of KYC procedures has been spurred by any particular event. However, the company has been subject to an ongoing investigation by the New York Attorney General since April.
Part of Bitfinex’s motion to have this investigation halted is a claim that the company has never served citizens in New York. Indeed, its terms of service state that all customers must be foreign entities
If reproduced, please indicate the source: http://www.uucj.net/bitfinex-beefs-up-kyc-requirements-asks-users-for-additional-info/
Bitcoin Bitcoin (BTC/USD) appreciated to the 8176.18 level early in today’s Asian session as the pair tested its 50-bar MA (4-hourly) and them came off. Bids emerged around the 8020.20 area during yesterday’s European session after negative market sentiment saw the pair glide lower during Friday’s European session and test the 8002.21 level after some Stops were elected below the 8019.59 area, a level that represents the 61.8% retracement of the 7701.00 – 8535.00 range. Traders have been unable to retest the 8260.37 area following the move lower, and this level is significant because it represents the 61.8% retracement of the 8419.95 – 8002.21 range. BTC/USD continues to orbit the 50-bar MA (4-hourly) and the 50-bar MA (hourly), 100-bar MA (hourly), and 200-bar MA (hourly) appear to be converging, evidencing the fact that traders are looking for a market bias. Notably, the pair has been unable to wander too far above the 8202.38 level, representing the 38.2% retracement of the 8995.00 – 7712.45 range, the pair’s general range following its move below the psychologically-important 10000 figure a couple of weeks ago. …Oct 6, 2019
Twitter Facebook reddit Pinterest Hacker News LinkedIn Tumblr Google+ VKontakte Bitcoin [BTC] price fell below resistance around $7300 as the price dipped to a low at $7199.Bitcoin trader, CryptoFibonacci, tweeted on the resistance and support around the falling the wedge. He tweeted,That 38.2 Fib retrace is the first area to clear for bulls. If it does not move up soon, bulls will get a chance at lower prices. And, if it breaks those recent lows, then 5400 comes into play. #BTC #bitcoinThe resistance for the 38.2 Fib level is at $7870. The 100-period (longer) moving average is crossing over the 50-period (shorter) which is a bearish cross. Despite the bullish outlook, the falling wedge bullish trend-lines are still intact.The 200-Day Weekly Moving Average on Bitcoin [BTC] is around $5150. In case of a dip, the probability of testing the levels increases. Twitter Facebook reddit Pinterest Hacker News LinkedIn Tumblr Google+ VKontakte Twitter Facebook reddit Pinterest Hacker News LinkedIn Tumblr Google+ VKontakte BTC/USD 1-Day Chart on Bitstamp (TradingView) The futures market, nonetheless, seems to be in bullish as the funding rate on…Jan 1, 2020
Gold has broken through a resistance level it struggled with for months.It comes during a record high stock market and missed sales by the U.S. housing market.Top strategists predict a significant slowdown in the housing market in 2020.The gold price has increased by 4.26% within a month, breaking through a strong resistance level at $1,500. The upsurge of the precious metal comes after the U.S. housing market saw sales miss expectations in December.Amidst rising fears of a housing market crash in the medium-term, investors are turning to gold and other safe havens like bonds.It may mean investors are fearful of the housing marketHistorically, the price of gold and the U.S. housing market have shown an inverse correlation to a large extent during times of high volatility.A downturn in the economy does not necessarily sway investors to choose gold over investments in the housing market and vice versa. Rather, if gold rises, it means investors are losing confidence in the housing market; if housing thrives, investors are moving out of safe havens.According to private investor Adam Katz, it is because housing…Jan 3, 2020
Black Friday is an unofficial “shopping holiday” that traditionally takes place the day after Thanksgiving Day in the United States. While the tradition originated in the U.S., it has since spread to all corners of the Earth and always takes place on the fourth Friday of November.The event involves retailers across the country slashing prices on a variety of goods in a bid to kickstart the Christmas shopping season. Due to the multitude of discounts on offer, the day has become the busiest shopping day in the United States, with many stores opening at midnight and facing hordes of shoppers. The term is believed to have originated in Philadelphia to describe the heavy road traffic experienced on the day but has since been co-opted to mean the day when retailers turn a profit and go from being “in the red” to “in the black.”Crypto and Black FridayOver the past few years, the tradition of Black Friday has found its way into the cryptocurrency industry, with several retailers and blockchain businesses putting on special discounts and accepting crypto payments.One of the earliest…Nov 29, 2019
Almost 100 years ago, industrialist and automobile magnate, Henry Ford, proposed an ‘energy currency’ to replace gold. Does Bitcoin finally fulfil some of the promise of this ‘energy currency’? Yes, according to a recent Medium post by Capriole Investments. Currency Backed By EnergyFord’s argument for energy currency was that, unlike gold, it could not be controlled. Instead, every country could issue currency based on the natural wealth of its energy resources. The standard of value for this system was to be a certain amount of energy exerted for one hour which would be equal to $1.This kilowatt hours (kWh) backed currency has some parallels with Bitcoin, which can also be considered as ‘backed’ by energy input. For around 80% of its existence, Bitcoin’s price history correlates very closely to the raw amount of energy (in Joules) needed to create it. Ford’s ‘Energy’ Valuation Of BitcoinUsing Ford’s standard, Bitcoin’s current value can be determined by it’s energy value (in kWh) multiplied by a factor of 0.00173 (to convert between Joules and kWh).As the Bitcoin network currently consumes around 6.9 million kWh…Jan 28, 2020
New data reveals that there is over $7 billion worth of stable coins held at different exchanges. The number is up $1.5 billion in the last trading month.This observation is interesting and bullish for crypto traders or investors.For spot and swing traders looking for entry opportunities, less than 40 days before a decisive halving that could see BTC rally to new highs.“DATA: There is over $7 billion in stable coins sat on exchanges, up $1.5 billion in the last month. A lot of money on the sidelines waiting for the right moment to jump back into crypto markets and for Bitcoin to bottom. There could be strong bullish pressure ahead.”DATA: There is over $7 billion in stable coins sat on exchanges, up $1.5 billion in the last month.A lot of money on the sidelines waiting for the right moment to jump back into crypto markets and for #Bitcoin to bottom. There could be strong bullish pressure ahead. pic.twitter.com/11QcC5ias6— Bloqport (@Bloqport) March 27, 2020Stablecoins: A summaryStablecoins are pegged to USD.The mode of pegging can vary from one coin creator to another.For Tether,…Mar 31, 2020
There is more to CoinFloor’s Cautious Delisting of ETH, Ethereum to Hard Fork in January 2020, AGAIN! |
Twitter Facebook reddit Pinterest Hacker News LinkedIn Tumblr Google+ VKontakte Ethereum may be attractive to developers but price action is revealing its underbelly. In the past year, upgrades like Constantinople and recently Istanbul were successfully activated but still, the crumbling crypto market has been consequential for ETH. Unrelenting bears have reversed gains made this year and relative to the USD, ETH is just up 24% year-to-date. ETH SlumpsFor perspective, ETH is the second most valuable cryptocurrency. Trading at $121 at the time of writing, the coin is down over $240 after rallying to over $365 in Q2 2019. Twitter Facebook reddit Pinterest Hacker News LinkedIn Tumblr Google+ VKontakte Twitter Facebook reddit Pinterest Hacker News LinkedIn Tumblr Google+ VKontakte Ethereum ETH Market Performance The failure of bulls to build momentum and add to their gains given what Vitalik and other network’s proponents were expecting in the lead up to Ethereum 2.0 scheduled for 2023, ETH should have ideally stabilized above $200 (in traders’ thoughts). Twitter Facebook reddit Pinterest Hacker News LinkedIn Tumblr Google+ VKontakte Twitter Facebook reddit Pinterest Hacker News LinkedIn…Dec 18, 2019
Ethereum’s co-founder Vitalik Buterin has stated the Ethereum Foundation (EF) sold 70,000 eth “basically at the top.”Speaking to Eric Weinstein, a podcaster and the managing director of Thiel Capital, Buterin said:“I did get the Ethereum Foundation to sell 70,000 eth like basically at the top and that’s doubled our runway now, so it was one good decision that had a lot of impact.”Ethereum reached a high of $1,400 in January 2018. So if they sold around that price then the 70,000 eth would have been worth $100 million.Buterin himself sold 30,000 eth, worth at the time $22 million, at the very end of December 2017 which too was basically at the top.The Ethereum Foundation has seemingly sold a further $1.5 million worth of eth in the past three months, and they’re also stopping funding of some dev teams.That led to some speculation they might have run out of fiat, but they should have plenty based on a $20 million runway a year.So raising the question as to why they’re not funding some developers, including some long time coders, with suggestions…Dec 13, 2019
Blockchain has begun to come into its own in 2019. In this study, we provide use cases and growth opportunities in 3 sectors: global payments, trade finance, and KYC/AML. These are 3 of the areas where Blockchain has been tested and leveraged with key use cases emerging in financial services; in particular, cross-border payments, and digital identification and verification.New York, Feb. 04, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “How Blockchain is Transforming the Financial Services Industry” – https://www.reportlinker.com/p05843709/?utm_source=GNWThere have been use cases in smart contracts across multiple sectors; smart contracts have been especially effective in real estate, supply chain logistics, and law. The number of mergers and acquisitions (M&A) in blockchain and cryptocurrency had a peak year in 2018. Year-over-year to date, the 2019 M&A count is only at 48% of 2018. In terms of value, 2019 is at 64% of the amount at the same time in 2018. The study also includes key findings and growth opportunities going forward. The interest in blockchain solutions as a means of reducing cost, improving efficiency, and increasing…Feb 4, 2020