Today’s Highlights: Binance halts all trading over abnormal crypto transactions, Coinbase is building out a platform meant to better monitor its markets, Crypto exchanges are being censored in Iran cryptocurrency virtually outlawed in India & there’s a social media firestorm about Tether manipulation claims
Editors’ thoughts today:
Editor-in-chief Florin Adrian Oprea (FAO): It’s the Fourth of July, and our thoughts today go to our American readers who celebrate the Independence Day! Happy national day and please find some time to read your blockchain daily too! There is a lot of “noise” in the blockchain world, just grab the essential!
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Two Brazilian football teams, Atlético-PR and Corinthians, have reportedly recently signed partnerships with Hong Kong-based crypto startup Inoovi, which recently launched its “IVI” token specifically for the sport.
Wolfie Zhao – CoinDesk
Binance, the world’s largest cryptocurrency exchange by trading volume, has suspended trading services, hours after irregular transactions were reported with a token on its platform..
Brave New Coin
Shockwaves across crypto markets as Binance hot wallets are compromised and attackers make off with 7000 BTC. After a strong last four days, with the price of Bitcoin rallying to trade above $6,600, it fell by 2.5% in under four hours in the aftermath of the news of an attack on the world’s largest exchange by trading volume.
Frank Chaparro – Business Insider (subscription)
Coinbase is building out a platform meant to better monitor its markets. The San Francisco-based firm has brought on Peter Elkins, a former executive at the New York Stock Exchange, to lead the efforts. Elkins, who previously was head of market surveillance at the Big Board, is building out a team for what is known as the Coinbase Trade Surveillance Program.
Jack Morse – Mashable
They’ve changed. They promise. To hear the San Francisco-based cryptocurrency exchange Coinbase tell it, they’ve turned over a new leaf. Sure, SEC documents revealed scores of customer complaints against them — ranging from allegations of fraud to negligence — but those were in the (very recent) past. These days, insists the company in a series of blog posts and statements to Mashable, Coinbase is a different animal.
Leigh Cuen – CoinDesk
“Every crypto exchange in Iran [has been] filtered since May.” That’s how one Iranian bitcoin advocate, speaking on condition of anonymity, described a new wave of government censorship that has cut Iranians off from vital links to the crypto economy ahead of a scheduled renewal of U.S. sanctions in August and November.
Yolanda Bobeldijk – Financial News (subscription)
A blockchain startup backed by many of the world’s largest banks does not expect a fast take up of its long-awaited first commercial product after it is unveiled next week.
London-based R3 is set to formally launch its enterprise blockchain product on July 12, head of external affairs Charley Cooper told Financial News.
Ragnhildur Sigurdardottir & Nick Rigillo – Bloomberg (subscription)
After devouring nearly as much energy as all of Iceland’s households combined, Bitcoin miners may be about to return something to the community that’s housed them.Iceland is looking past the faddishness of cryptocurrencies and toward other projects that need the same kind of infrastructure that Bitcoin miners rely on. These include areas like deep learning applications for self-driving cars or automatic translators.
Miguel Gomez – Cryptovest
A study commissioned by the Ontario Securities Commission in Canada spotted some interesting trends inside the local cryptocurrency community that are also valid for other markets. the study found that about half of the 10% of Ontarians that were involved in the cryptocurrency market have already sold all of their coins.
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Upmanyu Trivedi & Rahul Satija – Bloomberg (subscription)
Muyao Shen – CoinDesk
India’s highest court has declined to end a ban enacted by the national central bank that bars the country’s crypto exchanges from doing business with regulated financial firms.
Bloomberg reported that the Indian Supreme Court, led by Chief Justice Dipak Misra, said that the Reserve Bank of India’s prohibition on providing services to crypto-related businesses will “remain implemented.”
Marie Huillet – Cointelegraph
The US Internal Revenue Service has launched an international taskforce together with tax enforcement authorities from four other countries to take on cryptocurrency-enabled crimes, according to a press release.
Aziz Abdel-Qader – Finance Magnates
The Financial Conduct Authority unveiled the firms that were successful in their applications to begin testing in the fourth cohort of the sandbox. The City regulator has named “a small number” of crypto-linked firms as having been accepted to test their solutions and business models in a live market but controlled environment.
Stephen O’Neal – Cointelegraph
Hong Kong’s Securities and Futures Commission declared in their annual report that they will “keep a close watch” on crypto and IICO. According to the watchdog, the new technology “comes with risks,” which is why they plan to “intervene when appropriate.”
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Gertrude Chavez-Dreyfuss – Reuters
Steven Melendez – Fast Company
About $761 million worth of cryptocurrency was stolen from exchanges in just the first half of 2018, Reuters reports, citing blockchain security firm CipherTrace.That’s almost triple a roughly $266 million stolen from such exchanges last year, and CipherTrace warns 2018 exchange thefts could rise to as high as $1.5 billion by the time the year is done.
Penny Crosman – American Banker
Three times more cryptocurrency was stolen from exchanges in the first half of 2018 than all of 2017, with a corresponding boost in money laundering related to crypto, according to a report released by CipherTrace.
Jemima Kelly – Financial Times (subscription)
Great guys don’t always have very well thought-out ideas.
Christine Kim – CoinDesk
As they say, shots were fired. An investigative article raising concerns about possible market manipulation of tether has sparked a social media firestorm, with the dollar-pegged cryptocurrency’s detractors, supporters and seemingly everyone in between weighing in.
DNT: Kraken has responded to a recent article by Bloomberg that argues Tether is being manipulated on their exchange – details in our yesterday’s edition. The Bloomberg article was published on June 29. You can access the story here, Cryptocurrencies section.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News