Fisco representatives filed a complaint on Binance in the Northern California District Court for the stolen funds from Zaif seeking the return of over $9 million.

In the 2018 hack, Fisco, the Japanese exchange has lost nearly $60 million worth of crypto. This includes some units of Bitcoin (5966), Bitcoin Cash, and Mona coin is Japan’s first native cryptocurrency.

However, the hackers sent 1,451 bitcoin to an address that belongs to Binance. Binance, the world’s largest cryptocurrency exchange. The total bitcoin worth was $9.4 million at that time. Zaif is the name of exchange during the hack.

Fisco explains that Binance uses Amazon Web Services (AWS). AWS is to host the exchange’s servers. It has the ability to select whichever AWS data center for its operations. Since most of the infrastructure is in California the jurisdiction was in Northern California District Court.

The laundering happened due to Binance’s allegedly lax know-your-customer (KYC), and anti-money laundering (AML) protocols. These do not measure up to the industry standards. 

Fisco said,

“Binance failed to implement security measures that were standard throughout the industry.”

Either intentionally or negligently Binance did not stop the transfers. Even though it had the chance to do it. Fisco demands Binance to pay for its loss of the laundered funds. Zaif, and its customers suffered financial losses as a result of Binance’s lack of action.

Similarly, the Financial Action Task Force (FATF) found that Binance has weaker regulation. This has been singled out by them for often moving to avoid stronger regulatory oversight.

Binance has involved in a series of recent class-action lawsuits. One among them was the class-action lawsuit against the exchange was filed in the Southern District of New York. Recently, Binance has also delisted the exchange’s own native token BNB.

Crypto exchange Binance Uganda announced that it will delist its native token Binance Coin (BNB) for not meeting the trading standards. 

Binance Uganda, an East African crypto exchange that provides the most powerful fiat-to-crypto trading platform. Meanwhile, BNB is presently the 8th largest cryptocurrency with a total market capitalization of $3.4 billion, according to Coinmarketcap. 

As per the announcement, Binance Coin (BNB) doesn’t meet the high-level trading standard. This resulted in the delisting of BNB from its exchange. The said trading standard includes the trading volume and assets’ liquidity.

In the announcement, Binance said,

“Unfortunately, when this trading standard is not met, their performance is subject to review and may result in the delisting of the coin or token. Based on our most recent reviews, we have decided to delist and cease trading on all trading pairs for the following token at 10:00AM EAT 2020/09/17. Binance Coin (BNB)”

Binance Uganda will stop all BNB deposits on Sept. 10. They will continue with their withdrawal operations till Nov. 6. By September 17, The trading pair BNB/UGX will be officially removed.

Initially, the total supply of BNB was 200 million coins. Due to the continuous coin burn, the supply has been gradually decreasing. As per the recent report, BNB is considered to be undervalued, while Binance leads its way. 

Analysis has illustrated that Binance’s native token, Binance Coin (BNB) is undervalued overall while Binance, the largest spot cryptocurrency exchange in the world still leads its way.

BNB initially issued as an ERC-20 token on the Ethereum platform. The initial total supply of BNB was 200 million coins, but due to the continuous coin burn, the supply is gradually decreasing.

Binance has conducted 12 token burns till now. The recent burn, the biggest burn ever recorded and has taken away about $60.5 million worth of BNB.

This burn mentions trading activity across Binance spot, margin, and futures exchanges, various portfolio projects, and ecosystem partners that use BNB.

BNB Still Undervalued

As data from Coinmarketcap, BNB is presently the 8th largest cryptocurrency. with a total market capitalization of $3.2 billion. In the mid-February BNB price surged to $26, with gains of around 100% since the beginning of the year. Then the price dropped to around $9.

On September 2, the BNB price spiked to $25 but less than the February price increase. Once again the price started to drop. In the last 24 hours, BNB is at $22.42 with a trading volume of over $622 million. The price has risen by 2.79%.

Binance Stays on Top

In Q1 of 2020, Binance offers 218 tokens and 616 trading pairs. Binance Savings products offered for 30 tokens, whereas Binance Staking supports 23 tokens. The exchange grows the Binance Angels roster to 200+ international angels.

Binance Futures offers 32 perpetual contracts, along with two Binance Quarterly Futures contracts. Binance DEX has 132 trading pairs.

Binance’s CEO, Changpeng Zhao, became the wealthiest Bitcoin Billionaire in 2020 with the estimated net worth of $2.6 billion. In a tweet, it was mentioned that Zhao tops 6 Bitcoin Billionaires in Hurun global rich list 2020.

Moreover, Binance has also gained a wide range of users which is over 2.4 million on their social media pages. It has also continued to build more features, fiat gateways, new supporting languages, etc.

Researchers have traced over $1 million worth of bitcoin sent as payments to Ryuk ransomware controllers and passed through a wallet on the Binance exchange platform.

According to an article from Forbes, the researchers said they had analyzed a sample of 63 transactions, linked to the Ryuk malware that was worth around $5.7 million in total, in which the FBI estimated that over $61 million have been stolen using Ryuk ransomware. 

Of the $5.7 million, hackers were able to withdraw $1 million from a Binance wallet into cash. Researchers found that hackers are still holding the remaining $4.7 million on non-exchange wallets. 

 In the Forbes article, Binance admitted,

“Unfortunately, when it comes to tracking illicit activity on-chain, attribution is not always black and white… The recipient may be completely unaware of the fraudulent source of the transaction”

Binance has numerous security systems in place, using various techniques to identify scams. The system is under continuous improvement to ensure the utmost vigilance. For such scamming activities and minimizing the risk of false-positive results.

Binance recently partnered with law enforcement in Ukraine to help identify a gang of cybercriminals who are trying to launder $42 million through the exchange.

In recent times, these ransomware hackers have been targeting hospitals and healthcare providers amid the COVID-19 pandemic, according to Interpol. These hackers would encrypt their victims’ data before demanding cryptocurrencies such as Bitcoin to unlock them.  

On August 18, Elliptic added Binance Chain to its blockchain analytics and crypto asset risk monitoring platform to track any possible illegal activities committed on its blockchain.

Elliptic was the only known blockchain forensics and risk intelligence tool that can support the Binance coin (BNB) and all tokens on the Binance network.  

Binance Chief Compliance Officer Samuel Lim said,

“This partnership not only strengthens our commitment to regulatory compliance but also opens the door for wider adoption of BNB and BUSD.”

Elliptic now provides the broadest coverage of any crypto transaction screening solution with over 97% of all crypto assets monitored by trading volume.

This news follows the addition of 89 new crypto assets to Elliptic’s blockchain analytics platform, including BUSD, Zcash, and ZEN.

In the future, Elliptic will provide crypto compliance monitoring to issuers using the Binance Launchpad to launch new BEP2 tokens on the Binance blockchain. Binance Coin (BNB) also powers the Binance Decentralized Exchange (DEX) which, in turn, is powered by Binance Chain.

Since 2019, Binance has been using Elliptic’s blockchain analytics solutions and services for its global compliance operations.  The service functions in all regions where Binance operates to help them comply with global and local anti-money laundering (AML) regulatory requirements. 

Elliptic is the global leader in crypto asset risk management solutions for crypto businesses and institutions worldwide. On the other hand, Binance is the world’s leading blockchain and cryptocurrency infrastructure provider with a financial product suite.

On July 7, Binance announced its partnership with Etana Custody for a new fiat gateway that provides deposit services for 15 fiat currencies.

Through Etana, Binance users are now able to deposit 15 new fiat currencies which include UAE dirham, Australian dollar, Canadian dollar, Swiss franc, euro, Checz koruna, British pound, Danish krone, HK dollar, Hungarian forint, Norwegian krone, Mexican peso, New Zealand dollar, Polish złoty, and Swedish krona.

The Binance-Etana partnership will provide services across the Asian, European, North American, and Oceanian markets. Binance is also aiming to include over 180+ fiat currencies in the future.

Binance Founder and CEO Changpeng Zhao (CZ) said,

“At Binance, we are committed to furthering global digital assets adoption by launching multiple fiat-to-digital assets gateways. Binance’s fiat gateways cover over 170 countries & regions in the world and we are continuing to add more to make crypto more available across the globe.”

Binance users can link their accounts with Etana and wire funds directly from their fiat bank accounts. The fiat balance from Etana will be credited instantly and free-of-charge to their Binance account after initiating a fiat deposit request on the said exchange.

Etana custody fees for deposits of $1,000 or higher are waived, but a bank wire transfer fee of $35 still applies. The maximum deposit and withdrawal limit is tied to the level of the Binance account, while the minimum deposit and withdrawal limit is $150.

Furthermore, Binance has made an announcement in mid-June that it will be expanding to the UK with a regulated crypto trading platform for both institutional and retail investors.

Mercuryo.io – a fast-growing Estonian startup that bills itself as a European leader in cryptocurrency payment processing solutions closed a €2.5M seed funding led by Target Global, a major international VC fund with €800M+ under management.

Mercuryo.io is a cross-border payments network that enables businesses across the world to send and receive payments for goods and services using cryptocurrencies.  Its infrastructure provides solutions for virtual accounts, business payments, remittance processing, and mass payouts regardless of local payment methods and currencies. Mercuryo.io technology allows cryptocurrencies to be used in any form of payments worldwide. It empowers more businesses to be part of the global blockchain community.

Target Global confirms it is investing in Mercuryo.io technology. Mike Lobanov,  co-founder, and General Partner at Target Global said:

“At Target Global, we are great believers that the fintech now is a lot about infrastructure. We’ve already made our bets on Rapyd in fiat alternative payments infrastructure, Copper and Cryptofacilities in institutional crypto infrastructure.

As a relatively new asset class just gaining traction, cryptocurrencies require a secure payment infrastructure that Mercuryo.io is building. Mercuryo.io has launched with 150+ crypto projects to become a crypto-fiat gateway with a further launch of multiple other crypto payments products. As Stripe and Adyen once became a new standard of card payments, we believe Mercuryo.io can become a disruptor of crypto payments. And now we are excited to become Mercuryo’s supporters since the early days.”

Mercuryo.io co-founder and CBDO Petr Kozyakov says Mercuryo.io has managed to deliver great traction, demonstrating 20x volume growth in the last six months.

“This summer, we have tripled our partners’ portfolio. Now Binance, Tozex, Trezor, STEX, Pemex, AAX, Tokens, PointPay, Invity.io, MCX, TrustWallet have Mercuryo.io on board as a fiat-to-crypto processor partner.  We are becoming more and more popular due to our clear policy, transaction speed, and transparent fees. This is probably the reason why cryptocurrency enterprises such as Bitfinex, BitForex, BTC-Alpha, OKEx are already integrated with Mercuryo.io. We have reached 200K+ users and have ambitious plans to scale up operations across Europe, Latin America and Africa, which is now feasible due to our latest partnership with Target Global.”

About Target Global

Target Global is an international investment firm headquartered in Berlin, with €800M+ in assets under management. With offices in London, Tel Aviv, and Barcelona, they connect the key European startup ecosystems and leverage the unique DNA of each of our target geographies, across a global network. Target Global helps exceptional entrepreneurs to build market leaders. Target Global invests across multiple stages, investing in fast-growing tech companies, targeting trillion € markets. Our Partners have been investing for more than 15 years in the digital technology space, backing some of the key European success stories. The Target Global portfolio includes companies such as Rapyd, Delivery Hero, Reef Technologies, WeFox, and others.

About Mercuryo.io

Mercuryo.io was founded in Estonia in 2018 as a cryptocurrency exchange payment provider. It is operating across Europe, and it has offices in Tallinn and London. Mercuryo.io complies with PCI DSS international information security standards, which means tight control measures surrounding the storage, transmission and processing of data that businesses handle. The standard is adopted by VISA, MasterCard, AmEx.

Source: Cointelegraph

Disclaimer: This is a paid press release. Any information contained in this website is not proposed to be and doesn’t constitute financial advice, investment advice, trading advice, or any other advice. TheNewsCrypto is not responsible to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release.

September 11, 2020 – Today, Huobi Global made a strategic move into the crypto mining business, securing a lucrative hardware deal with the MXC Foundation #MXC to sell the highly sought after M2 Pro Miner.

Prior to launch, the MXC Foundation was flooded with orders for their M2 Pro. The miner boasts high-returns, low-power energy consumption, and intuitive operational simplicity. The genius behind the M2 Pro is in its Plug’n’Play set-up, allowing anyone, including mining first-timers, to become hardcore token miners.

This deal is seen as a coup for both parties, with Huobi Global being not only a well-respected token exchange, they also possess an impressive logistics and sales distribution network. Additionally, the agreement is expected to significantly boost the already impressive M2 Pro Miner sales figures even further, projecting IoT and Blockchain to households around the globe.

Operating on a Proof-Of-Participation model, the M2 Pro is a breakthrough in traditional mining, due to its low power requirements. Operating on less than 5 Watts and a minimalistic 10Mbps internet connection, M2 Pro mines 24/7, costing significantly less than it takes to power the common light-bulb.

The listing of the M2 Pro on Huobi will be the first time an IoT Miner has ever been offered on Huobi and only the third time ever, that a hardware Crypto Miner has appeared on the Huobi site (Following Bitcoin & Ethereum Miners respectively).

“This agreement between Huobi Mining Pool and MXC, is an exciting development for all Crypto enthusiasts. Allowing everyone to mine easily is one of the elements that we believe has stood between the “haves” and “have nots” in the Crypto world. With the launch of the M2 Pro Miner together with the Huobi Mining Pool we believe this will boost mining, MXC, and overall increased participation within Crypto”

said Huobi Pool CEO, Fei Cao.

By running an M2 Pro, users broadcast an LPWAN (Low-Power-Wide-Area-Network) Data Network, allowing others to connect sensors and IoT devices to the long-reaching network. This prochess assists MXC as an IoT Token to power their global data network. Currently, the M2 Pro covers a wide vicinity across China and is simultaneously being rolled out across Korea, the USA, Australia, and Germany. With this deal, the MXC M2 Pro Miner is now available for customers worldwide.

Quantum computing is still something the public mostly imagines as a part of a popular sci-fi franchise, yet the benefits, principles, and mass adoption of quantum computing have been discussed in scientific circles for over several decades. It’s a common known fact that technological progress speeds up exponentially, thus we can state in all certainty that it is just a matter of time till all the expertise accumulated in Quantum computing over the years changes many areas of our lives. One of the easiest ways to tell that certain technology is about to start booming is to look at the industry’s estimated value. 2019, the value of the quantum computing industry was estimated at $507.1 million. According to forecasts published by experts, the value of the quantum computing industry may exceed 65 billion $ by 2030, and rocket all the way up to 1 trillion $ by 2035 according to McKinsey consulting company.

The race for Quantum supremacy is already going in full power between such tech giants as IBM, Google and Honeywell, whereas all three rivals seem to be going hand in hand constantly overtaking each other revealing more and more powerful solutions. Latest news flash – North Carolina-based conglomerate Honeywell has raised the stakes in the quantum computing race, announcing that its newest quantum computer has reached a quantum volume of 64—making it twice as powerful as quantum computers operated by rivals IBM and Google. First teased in March this year, Honeywell’s new quantum computer is “twice as powerful as the next alternative in the industry,” the company claims. “That means we are closer to industries leveraging our solutions to solve computational problems that are impractical to solve with traditional computers,” it said in a statement.

‘Like a lightning out of blue sky’ would not be a fair idiom to use here, since those who closely follow what’s new in Quantum computing industry know how rapidly it has been developing lately, yet those who don’t and haven’t got any clue about what all these processing power upgrades mean can be struck indeed, by seeing how it can affect real businesses performance. Not just tomorrow, but already today.

So, speaking of real use cases – apparently, QubitTech company is among the first to gain Quantum supremacy over the competition in its field of asset management services. A very curious synergy between the scientific and business worlds has resulted in truly remarkable products offered by the company, setting new standards way above what we used to consider a great financial product.

QubitTech was founded by a group of independent experts in algorithmic and traditional asset management methods and defines its main mission as to provide the user with an effective way to use cryptocurrency assets based on the use of quantum computing (Company has ‘Qubit’ in its name for a reason, since it stands for a fundamental unit of quantum information). QubitTech CEO Greg Limon, also known as a co-founder and shareholder of the Toronto-based DigiMax Global has a truly remarkable background. Greg conducted two successful IPOs, participated in numerous venture projects (Over 2 billion USD fundraised). Greg’s outstanding sense for the market’s needs, creative and fluid strategic planning allowed to personally fundraise over 300 million USD to successfully kick-off numerous startups that now thrive in the global business arena.

Some of you may wonder where quantum technologies used by QubitTech came from. As previously mentioned, outstanding performance delivered by Qubit Tech is a synergy of combined talents brought by experts who mastered various asset management methods represented by Greg Limon and his business partner Per Lind. They drive the process of finding real use cases for what Quantum Computing industry can bring to the table.

Quantum technologies are able to solve specific problems that are impossible to process using traditional approaches of market data analysis as they think in QubitTech. Technology partners of QubitTech have unique quantum developments that were tested and rolled out using IBM’s technological facilities, unveiled an exclusive set of tools based on machine learning methods, quantum algorithms, and quantum neural networks. These tools and methods are already being used by a number of tech giants including QubitTech.

Quantum neural networks are used by QubitTech to generate quantitative market data, whereas quantum algorithms are used to process quantitative data and significantly reduced the time it takes to process raw data into information accurate enough to be successfully used in asset management operations.
Unchallenged success in the area of machine learning allowed QubitTech algorithmic systems to become more sophisticated in terms of adjustable settings available and therefore gradually improve risk to reward ratio indicators.

Like any other successful company out there, QubitTech divides its operational tasks and supervision responsibilities among competent workgroups. Qubi Tech has developed transparent and fluid communication in its corporate structure, which allows the company not just to set the most ambitious goals but also to successfully achieve them within the designated timeframe. QubitTech seems to fully comply with the definition of a ‘FinTech company’ since besides having its expertise in traditional asset management disciplines, and team members with a strong background in the implementation of risk management guidelines, finance consulting, investment banking, and venture investment, the company also heavily relies on the development of its software solutions to ensure maximum effectiveness of market data analysis and management of algorithmic trading systems through the application of AI, BigData, Machine Learning, and many other newest technologies.

QubitTech offers a well-balanced strategy achieved by smart diversification through algorithmic and traditional methods carried out on Bitfinex and Binance exchange platforms, as well as more traditional ways.

To its users Qubit Tech offers digital licences with average monthly bonus of approximately 25%. The other product of Qubit Tech is trading robots, – ‘trend’ and ‘flat’ systems that can be connected through API to Binance or Bitfinex platforms. Qubit Tech website and representatives claim that these trading systems can deliver up to 7% monthly yield which also looks very promising. It seems like using both ‘trend’ and ‘flat’ robots at the same time would bring the best results, and given its impressive returns demonstrated so far should deliver way above its year licence price.

Cryptocurrency industry is still very young and is still quite far away from what we can call mass-adoption, yet companies like QubitTech seem to be stepping up standards of what cryptocurrency products should look like, and will definitely bring new people into crypto space.

Source: CryptoNews

Disclaimer: This is a paid press release. Any information contained in this website is not proposed to be and doesn’t constitute financial advice, investment advice, trading advice, or any other advice. TheNewsCrypto is not responsible to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release.

Leading digital financial services platform Bitrue has today announced upgrades to its existing services that will introduce the benefits of Decentralized Finance (DeFi) products to its existing Centralized Finance (CeFi) products. This will allow Bitrue to become the world’s first hybrid exchange, with further pushes into DeFi products planned for the future.

The first DeFi service will be a peer-to-peer matching engine connecting borrowers and lenders, with borrowers receiving interest on the coins they add to the liquidity pool. The service is expected to launch in Q1 2021.

Bitrue Financial Services will be supported through a new cryptocurrency token, Bitrue Finance Token (BFT), which will be distributed to Bitrue users starting this week and listed in mid-September.

In keeping with the spirit of DeFi, Bitrue will also be implementing upgrades to their existing ​loan service​, starting with a move to make publicly viewable the wallets that contain collateralized funds. The increased transparency will be a step towards giving users as much power over their finances as possible.

DeFi products have seen stratospheric growth in 2020 and represent a clear future for the digital asset industry. In this nascent stage activity has focused almost exclusively on Ethereum-based ERC20 tokens, which excludes 70% of digital assets, including major coins such as XRP. Bitrue’s new hybrid model will progressively facilitate cross-chain interaction of all major blockchains, thereby providing users with a one-stop shop for all of their coins.

“The inherent trustless nature of DeFi means that our users can always be 100% satisfied that they are getting fair deals. It fits perfectly with the very reason that we started Bitrue – to provide financial services that bring equitable opportunities to all people, instead of enriching the elite few at the top. At Bitrue we have users with a wide range of backgrounds and requirements – from ordinary users who are building up nest eggs to large institutions looking to control their risk. These people all have different requirements and expectations towards cryptocurrencies, and the new capabilities we can offer as a result of this hybrid model will be able to satisfy these wide-ranging needs.” said Curis Wang, CEO of Bitrue.

About Bitrue

Launched in July 2018, Bitrue is a diversified financial services platform with support for trading, loans, and investments. Bitrue aims to utilize blockchain technology to bring financial opportunities to everybody regardless of their location or financial position. They have offices worldwide and continue to develop new features at a rapid speed to fully service the new wave of the digital economy.

Source: Cointelegraph

Disclaimer: This is a paid press release. Any information contained in this website is not proposed to be and doesn’t constitute financial advice, investment advice, trading advice, or any other advice. TheNewsCrypto is not responsible to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release.