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In a story for 404 media, investigative journalist Joseph Cox reported that by using a variety of false identification, passports, and other legal documentation, he was able to create a verified account on cryptocurrency exchange OKX. This would already suggest that the platform doesn’t have particularly effective or stringent know-your-customer (KYC) or anti-money laundering (AML) procedures in place but the story goes way beyond that and is much worse . No verification, no cry Fake IDs and legal documents aren’t anything new or particularly noteworthy, but the fact that someone can create and verify a fake identity across numerous websites is concerning and points to a failure of the rules and regulations guiding digital financial institutions. After learning how simple it had been to bypass the KYC/AML process at OKX , Protos reached out to customer support on Telegram who, after calling Cox’s story “fake news,” explained that no real KYC/AML takes place when an individual crea...

JP Morgan Coin, or JPM Coin, is a digital token for institutional investors, introduced by JPMorgan Chase. This coin aims to streamline and enhance the efficiency of financial transactions within the institutional sector.  As JPM Coin makes waves, Meme Moguls is planning a meme-focused stock exchange . It is a platform where users would be able to trade famous and new memes.  JPM Coin: traditional finance meets cryptocurrency In 2019, JPMorgan introduced JPM Coin to help big clients make payments using blockchain technology. These clients may send dollars and euros over a private blockchain network with ease thanks to JPM Coin.  It’s also critical to remember that JPM Coin is 1:1 correlated with the US dollar. It is powered by the Quorum Blockchain, a private Ethereum network developed by J.P. Morgan.  JPM Coin reached a significant milestone earlier in October when it began processing $1 billion in transactions daily. Still, t...

Discover how to protect your crypto and recognize the early signs of a potential exchange collapse in this essential guide. The downfall in November 2022 of the FTX crypto exchange is a stark reminder of the risks inherent in this high-stakes financial sector.  The rapid fall, sparked by revelations of questionable financial health, left investors scrambling, underscoring the necessity for robust contingency planning.  Understanding the impacts of such a collapse, recognizing the warning signs, and knowing how to prepare can be the difference between safeguarding your assets and financial ruin. How does a crypto exchange collapse affect you? A crypto exchange collapse can happen for various reasons, including security breaches, hacking incidents, insolvency, or fraud. The effects of such an occurrence include the following: Money loss Anyone with funds in a collapsed exchange faces the possibility of losing it. The exchange may freeze the funds, or the customer may no longe...

Coinbase is the latest crypto company to secure full regulatory approval in Singapore. The U.S. exchange’s Singaporean arm announced it had received a Major Payment Institution (MPI) license issued by the Monetary Authority of Singapore (MAS), becoming a fully authorized player in Singapore. The platform had secure d a temporary licensing exemption from the Singaporean central bank in March 2020. Two years later, in October 2022, Coinbase received an “In Principle” license to operate in the city-state.  Moreover, the Republic of Singapore, often viewed as a crypto haven, is no stranger to the allure of digital currencies, with a staggering 25% of its population embracing crypto as the future of finance.  You might also like: Analyst: Valkyrie likely pressured not to buy more Ethereum futures Furthermore, an impressive 32% of Singaporeans have already ventured into crypto. The latest Chainalysis Global Crypto Adoption Index revealed that Singapore receive...

In August 2023, PayPal made a significant move by introducing its stablecoin, backed by the U.S. dollar. Partnering with Crypto.com, based in Singapore, and Paxos, PayPal aimed to establish itself as a leading platform for USD transactions. As of a press release dated September 28, Crypto.com has successfully secured the position of having the highest liquidity for PY USD trading pairs on a global scale. They have made PY USD available to both retail and institutional users, with exciting “trading Features ” soon to follow. This strategic development builds upon the existing partnership between PayPal and Crypto.com, including the innovative option to fund the Crypto.com Visa Card using PayPal , as highlighted in the press release. The collaboration’s overarching goal is to connect over 80 million users to the latest crypto innovations while simultaneously supporting PayPal’s vast network of consumers and merchants. This endeavor plays a pivotal role in PayP...

The Coinbase earnings report shows that services and subscriptions are the exchange’s core revenue streams. Is this a positive or a negative? Coinbase, a leading U.S. cryptocurrency exchange , shared its second-quarter results on Aug. 3. Despite showing a net loss, some positives emerged, like a 13% cut in operating expenses from the last quarter and a 3% boost in its cash reserves to $5.5 billion.  Coinbase key financial metrics, in millions of dollars. Source: Coinbase However, the exchange took a hit with a $97 million net loss, worse than its previous quarter, and saw a 32% drop in its adjusted EBITDA to $194 million in Q2. Services and USDC stablecoin impact growth One downside was the 7% fall in subscription and service revenue from Q1. The letter to shareholders revealed that a 28% decrease in the USD Coin (USDC) market cap partly caused this. Since Coinbase holds a stake in Circle, USDC's issuer, it gains from the interest rate offered by the stablecoin reserves. Addition...

Within a rapidly changing ecosystem that can present opportunities, there are two significant events that have captured the attention of crypto enthusiasts across the globe. XRP, following a significant legal victory against the United States Securities and Exchange Commission (SEC), is making a notable comeback, marking a resurgence in its journey.  Parallel to this, a new artificial intelligence (AI) altcoin, QUBE by  InQubeta , aims to shape how investors engage with AI startups. A fresh start for XRP? After facing considerable legal challenges with the SEC, Ripple emerged victorious.  This win has renewed confidence among investors and the broader crypto community.  As a result, several exchange platforms have begun re-listing XRP. Ripple’s financial tool-set is transforming remittance and cross-border payment. Its legal win against the SEC restores faith in its long-term potential. The emergence of  InQubeta In addition to Ripple...

On-chain data and ETH price charts are beginning to hint at a possible rally to $3,000. Ethereum’s on-chain movements indicate bullish pressure building around Ether as its exchange balances reached an all-time low and staking deposits keep surging.  Ether’s (ETH) technical charts suggest that the asset can reclaim $3,000 if buyers are able to push above the resistance between $1,900 and $2,000. ETH held on exchanges hits an all-time low Exchange balances for ETH reached a new low of 12.6%, dropping sharply in the last 30 days, according to Glassnode data. Reduced supply on exchanges is usually a bullish sign, as it means fewer tokens are readily available for selling. Percentage of ETH’s supply on crypto exchanges. Source: Glassnode The netflow volume of deposits and withdrawals from exchanges shows a steep surge in withdrawals at the start of June amid a regulatory crackdown on Binance and Coinbase. The data should be taken with a grain of salt, as withdrawals were caused by inv...

The Bitcoin gaming economy gets a boost from Zebedee’s expansion into Africa, complementing its Brazil and Philippines operations. Gamers in Africa can now send and receive small amounts of Bitcoin (BTC) while playing classic titles like Counter-Strike. Zebedee, a fintech and payments processor targeting the gaming space, has partnered with crypto exchange platform Bitnob to offer payments and gaming reward options in Africa using the Bitcoin Lightning Network (LN) . Within the partnership , African users can earn Bitcoin through Zebedee-powered apps and games. Zebedee’s offering serves as a second layer in games that allows developers to replace vague in-game points rewards with satoshis, the smallest denomination of Bitcoin. Through the partnership with Bitnob, these, in turn, can be converted to a local currency like the Nigerian nairas. Related: Polygon becomes second-largest gaming blockchain after user activity surges in March Zebedee’s chief strategy officer Ben Cousens expla...

Based on Merkle Tree’s proof model, exchanges can prove whether the assets held by each user are included in the exchange reserves, but this scheme still has flaws. Written by: Babywhale, Foresight News Original Link: https://foresightnews.pro/article/detail/18550 In February 2019, Bitcoin and blockchain infrastructure company Blockstream published a blog post titled “ Standardizing Bitcoin Proof of Reserves ,” which explained how to self-certify the Bitcoin reserves of institutions such as exchanges and control over those reserves. Blockstream initially researched the scheme to prove to auditors the Bitcoin reserves on the Bitcoin sidechain Liquid Network, and later developed into a specification for Bitcoin Proof of Reserves. Before Blockstream, the variety of verified schemes made it difficult for users to understand the reserves of each exchange. Additionally, there is a risk of funds being stolen during the transfer of assets in signed transactions due to the need to verify owne...