Blockchain

Chinese Authorities Arrest Alleged Masterminds Behind an Online Virtual Currency Pyramid Scheme

March 16th, 2022

Authorities in China recently announced the arrest of ten suspects they say are behind an online pyramid platform that is thought to have stolen millions of dollars from unsuspecting users. The suspects are accused of using the promise of high returns and a regular income to lure more victims. A ‘Unicorn in the Field of…

Elon Musk Says Tesla and Spacex See Significant Inflation Pressure — Confirms He Won’t Sell Crypto

March 15th, 2022

Tesla and SpaceX CEO Elon Musk have revealed that his two companies are seeing significant inflation pressure in raw materials and logistics. He advised people to own physical things when inflation is high but stressed he will not sell his cryptocurrencies: bitcoin, ether, and dogecoin. Elon Musk Discusses High Inflation The CEO of Tesla and…

Pakistan’s Central Bank Sees Few Good Use Cases for Crypto Citing ‘a Lot of Misuses’ Worldwide

March 9th, 2022

The central bank of Pakistan does not see many good use cases for crypto. However, the regulator cites “a lot of misuses” of cryptocurrency around the world, “including human rights violations, trafficking of people, money laundering, and many other things.” Pakistani Central Bank Governor’s Stance on Crypto The governor of the State Bank of Pakistan…

Binance, Coinbase Explain Why Cryptocurrency Won’t Help Russia Evade Sanctions

March 7th, 2022

The chief executives of two major cryptocurrency exchanges, Binance and Coinbase, do not believe that cryptocurrency is an effective tool to help Russia evade Western sanctions. CEOs of Binance and Coinbase Say Crypto Not Useful at Evading Sanctions Since Russia began its invasion of Ukraine, governments worldwide have raised concerns that cryptocurrency could be used…

UK Police Return $5.4 Million to Cryptocurrency Fraud Victims

February 22nd, 2022

The U.K. police have returned over $5.4 million to victims of an international cryptocurrency scam. The police say that almost $10 million more will be returned to victims. So far, 127 more people have filed a claim to recoup their investments. Police Return Funds to Crypto Scam Victims The U.K.’s Greater Manchester Police (GMP) announced…

Coinbase and 17 Other Crypto Firms Launch ‘Travel Rule Universal Solution Technology’

February 17th, 2022

On Wednesday, the publicly-listed cryptocurrency firm Coinbase announced the launch of a collaborative effort called TRUST, which stands for “Travel Rule Universal Solution Technology.” The plan is described as an “industry-driven solution” developed to comply with the Financial Action Task Force (FATF) Travel Rule. There are currently 18 crypto firms that have joined TRUST so…

Bahrain Central Bank Completes Cross-Border Transfer Test Using JPMorgan Blockchain

February 14th, 2022

The Central Bank of Bahrain (CBB), working in partnership with Bank ABC, recently announced it had successfully tested the transfer of funds across borders using JPMorgan’s JPM Coin. The test fulfills the central bank’s goal of creating safe and efficient settlement solutions for customers. Eliminating Inefficiencies in the Cross-Border Payment Arena With CBDCs Bahrain’s central…

Binance Invests $200 Million Into the Business Magazine and Digital Publisher Forbes

February 11th, 2022

Reports indicate that the world’s largest cryptocurrency exchange by trade volume, Binance, has announced the crypto company has committed to investing $200 million into the American business magazine Forbes. The digital currency company Binance confirmed the $200 million stake into Forbes on the social media platform Twitter. Binance Pledges $200 Million to Forbes Binance has…

Binance Warns Crypto Investors of ‘Massive Phishing Scam via SMS’

February 7th, 2022

Cryptocurrency exchange Binance has warned investors of a “massive phishing scam via SMS.” The scammers sent SMS messages to crypto users informing them of a withdrawal request from an unknown IP address they may want to cancel. Massive Phishing Scam Targeting Crypto Investors Binance CEO Changpeng Zhao (CZ) tweeted Friday: There is a massive phishing…

UAE Based Money Transfer Firm Announces Partnership With Ripplenet

January 28th, 2022

Al Fardan Exchange, a money transfer firm, has joined up with Ripplenet in a deal that will see the company use the Ripplenet blockchain when sending funds across national borders. Al Fardan’s Reasons for Joining Ripple A United Arab Emirates (UAE)-based money transfer platform, Al Fardan Exchange, has partnered with Ripple in a deal in…