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Cryptocurrency

Days of crypto criminals numbered

Regulatory authorities in the US and the UK are working on regulations that will help curb activities of crypto robbers.

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Bitcoin robbers move 3503 BTC worth $38.5 million, Twitter cyber hackers gained $100,000 worth of cryptos, SEC warns against illegal cryptocurrency operator and its products, Crypto-Criminals on a rampage, capitalizing on COVID-19 Pandemic

Series of regulatory moves, announced recently for the crypto-verse, have been seen as a positive move, according to Fundstrat Global Advisors LLC.

Popular regulatory authorities like the U.K. Financial Conduct Authority banning the sale of crypto derivatives, and the U.S. Department of Justice issuing an enforcement framework is beneficial in the long term, because they will help in curbing criminal activities from becoming prevalent in the most disruptive financial industry.

READ: Huawei dragged to court over alleged fraudulent deal

They stated that regulators “cleaning up bad actors” had also helped.

“Actions unsurprisingly indicate the U.S. and global regulators are committed to stamping out the illicit activity, securities violations, money laundering, price manipulation, and noncompliance with banking regulations,” the strategists wrote.

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READ: EFCC and other anti-graft agencies demand speedy repatriation of stolen funds

“On balance, we view recent news as a positive for crypto markets, despite select smaller pockets of risk, and we believe the prevailing bull market trend is intact,” they said.

Recall Nairametrics some days ago broke the news on how the United States Department of Justice took its attention to some of the illicit activities going on in the crypto industry, which had significantly dampened the optimal participation of global Investors.

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READ: Two strange Bitcoin whales transfer $290 million worth of Crypto

The US Attorney General released an 83-page report, centered around the “Cryptocurrency Enforcement Framework.” The report is targeted at entities who participate in the following:

  • engage in financial transactions associated with the commission of crimes, such as buying and selling drugs or weapons on the dark web, leasing servers to commit cybercrimes, or soliciting funds to support terrorist activity;
  • engage in money laundering or shield otherwise legitimate activity from tax, reporting, or other legal requirements; or
  •  commit crimes directly implicating the cryptocurrency marketplace itself, such as stealing cryptocurrency from exchanges through hacking or using the promise of cryptocurrency to defraud unwitting investors.

READ: Bitcoin’s Halving Aftermath: Consumers, institutional investors, rush for BTCs

Fundstrat however remained wary that some areas within the crypto-verse might be vulnerable, given the regulatory trajectory.

“We do see select crypto market segments as more exposed to regulatory risks than others and are worth watching closely, with projects in decentralized finance — or DeFi — coming under pressure for a lack of know-your-customer and anti-money-laundering protocols,” the strategists wrote.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Member of the Chartered Financial Analyst Society. University of Pennsylvania: Power of Markets, IBM Enterprise Design Thinking. You can follow Olumide on twitter @tokunboadesina or email [email protected]

1 Comment

1 Comment

  1. Wasser4

    October 13, 2020 at 2:30 pm

    Want cyber security and good crypto currency?
    Join Utopia Ecosystem with its Crypton and sleep well)

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Cryptocurrency

#EndSARS: Feminist Coalition raise Cryptos worth $126,000

Feminist Coalition has raised about 9.9 Bitcoins and other cash donations totaling N77.19 million for the #EndSARS movement.

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#EndSARS: Feminist Coalition raise Cryptos worth $126,000, #EndSARS: Protesters launch helpline centre, online radio platform, 'Soro Soke', EndSARS Protest: Feminist Coalition group raise additional N31 million crowdfund in four days

Feminist Coalition, a non-governmental organization originally created to push for gender equality in Nigeria, has become the forerunner of support for the #EndSARS protests. They joined millions of other Nigerian youths across the country to call for police reforms and have raised about 9.9 Bitcoins and other cash donations totaling N77.19 million.

Bitcoin, at the time of this report, traded at $12,887.81 with a daily volume of $27 Billion. BTC price is up 1.1% in the last 24 hours. This means the value of their crypto donation has now reached $126,720.

READ: EndSARS Protest: Feminist Coalition group raises additional N31 million crowdfund in four days

The funds have been largely disbursed to support the protests with hospital bills for injured protesters, food, water, first aid supplies, and more.

READ: #EndSARS: President Buhari asks international community not to make hasty decisions on developments

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READ: #EndSARS: Nigerian ex-presidential aspirant, Adamu Garba sues Twitter and its founder, Jack Dorsey for $1 billion

Why this matters

  • The donations are used in providing medical and legal bills for some Nigerians arrested in recent days, and most importantly to hire private security guards in protecting them against armed gangs, who of late have tried to discredit the theme of the peaceful protests.
  • Another critical reason many Nigerian millennials use crypto amid protest for police reforms is that the #EndSARS protests in principle are decentralized. There is no known centralized authority coordinating the protest and the much advantage cryptos have over fiat currencies is that they are decentralized finance assets, meaning funds can’t be controlled, blocked, or disengaged by any central authority.
  • Also, crypto donations are very secure, and privacy concerns kept at a minimal level, on the basis you don’t disclose your personal details when making such transfers.

READ: #EndSARS: How Nigerian football players have reacted

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What you should know

The Feminist Coalition is a group of young Nigerian feminists formed in July 2020, with a  vision of a country where equality for all people is a reality in our laws and a mission to champion equality for women in Nigerian society.

Its core focus is on education, financial freedom, and representation in public office.

Explore Data on the Nairametrics Research Website

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Cryptocurrency

Tether opens up 300,000,000 USDT

Tether’s Treasury minted a whopping 300 million USDT.

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Why OMG integrated with Tether

Tether, the most valuable stable coin by market value, has become a household name in the fast-changing crypto market.

The latest development is that Tether treasury minted a whopping 300 million USDT, as seen on Whale Alert, an advanced blockchain tracker and analytic firm.

READ: Large BTC entity transfers over $100 million worth of Crypto

READ: Bitcoin robbers transfer part of Bitcoin loot worth $1.4 billion

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At the time of this report, Tether traded at $0.999746, with a daily trading volume of $33,341,910,985. USDT price is flat in the last 24 hours. It has a circulating supply of 16 Billion coins and a max supply of 10.2 Billion coins.

To show how fast the third most valuable crypto by market value has become relevant, data from Glassnode, an on-chain analytics provider, showed Tether transaction volume increased by around 20% over the past 30 days, to reach that new cumulative milestone.

READ: 2 TRON whales transfer over 120,000,000 TRX

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What you should know

Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.

READ: Ripple Whale transfers 20,000,000 XRP to Binance

Backstory

Nairametrics had earlier outlined a report on the organic growth of Tether’s market capitalization, as one of the major reasons for the gain Bitcoin (BTC) is presently having in the mid-term. Interest in digital links to the dollar represents the need to handle and store value in the world’s reserve currency, without an intermediary.

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Cryptocurrency

Paypal to offer Cryptos by early 2021

This offering was made possible through a partnership with Paxos Trust Company

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PayPal Holdings, Inc. on Tuesday announced it will be providing its users the opportunity to buy, hold and sell cryptos directly from their PayPal account by early next year.

It also hinted at a strategy to significantly boost its crypto’s utility capability by making it readily available as a funding source for purchases at its 26 million clients globally.

READ: Chatbot provider, eBanqo, builds value system for customer-facing organisations

In a press statement seen by Nairametrics, Dan Schulman, president, and CEO, PayPal, gave key insights on why the global payment company was going crypto; “The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of ; 

  • financial inclusion and access,
  • efficiency
  •  speed 
  • resilience of the payments system 
  • and the ability for governments to disburse funds to citizens quickly.”

READ: Commercial Paper value appreciates by N243 billion YOY, hits N539.8 billion in H1, 2020

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“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption, and inter-operability of these new instruments of exchange,” he said.

Furthermore, he said, “We are eager to work with central banks and regulators around the world to offer our support and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”

This offering was made possible through a partnership with Paxos Trust Company, a regulated provider of crypto services and products.

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READ: FG set to provide interest-free loans and agricultural inputs to farmers

PayPal was also granted a conditional Bitlicense by the New York State Department of Financial Services (NYDFS), In a statement credited to Linda A. Lacewell, superintendent, NYDFS, she said; “NYDFS’ approval today follows our June 2020 announcement for a new framework for a conditional Bitlicense to encourage, promote, and assist interested institutions to have a well-regulated way to access the New York virtual currency marketplace in a way that is both timely and protective of New York consumers, through partnerships with New York authorized virtual currency firms.”

She continued, “NYDFS will continue to encourage and support financial service providers to operate, grow, remain and expand in New York and work with innovators to enable them to germinate and test their ideas, for a dynamic and forward-looking financial services sector, especially as we work to build New York back better in the midst of this pandemic.”

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