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Binance Is Looking For Ways To Add Stablecoins To Its Platform

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The leading cryptocurrency exchange in the world, Binance, is apparently looking forward to the addition of more stablecoins to its exchange in addition to the three that it already supports. The exchange is in the daily cryptocurrency news after its CFO, Wei Zhou, told one news source that they are “hoping to be able to list a few more stablecoins” on their platform.

Still, this does not mean that the exchange, which is based in Hong Kong, is souring on USDT, which fell to an 18-month low and is losing popularity after the total of $610 million that was wiped out from circulation.

Zhou also said:

“As a whole, we believe things will even out. We will continue to support USDT,”

Binance’s interest in expanding its stablecoin options predates Tether and its recent break out of the buck. The exchange right now has support for Paxos Standard (PAX) and TrueUSD (TUSD) aside from Tether’s USDT support.

Right now, Wei said that the Binance research team is evaluating almost all the other stablecoins on the market – with a particular interest for adding the Gemini Dollar (GUSD) backed by the Winklevoss twins.

“Rather than hold bitcoin, [institutions] actually prefer to hold more stablecoins, because the dollar is still the default currency in some of these countries. That’s just one use case that we’ve seen that’s different in this part of the world, versus other parts of the world,” Zhou concluded while speaking to Binance’s recent expansion in Uganda.

 

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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German Regulator Ordered KaratGold Coin Creator To Stop Operations

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The German regulator- the financial supervisory authority along with the South African regulators took actions over sales of a purportedly gold-backed cryptocurrency as we are reading further in the latest cryptocurrency news today.The German regulator disclosed back on Monday that it had issued a cease-and-desist order against Karatbit Foundation for issuing the KaratGold coin without necessary licensing in the country. The South Africa Financial Sector Conduct Authority warned the consumers to avoid the investments that were offered by Karatbars International GmbH which is a German company that promotes the reportedly gold-backed KaratGold.With the BaFin order, the foundation has to ‘wind up its electronic money business’ in Germany as per the regulator. BaFin didn’t quite respond to requests for comment by press time. Running on the Ethereum blockchain, the KaratGold Coin is officially listed on about 25 exchanges. The Belize-based Karatbit Foundation is the issuer of the coin and the manager of the entire ecosystem according to the KaratBank coin white paper which is why the entity is considered unregulated.Karatbars International has denied all of the accusations that were leveled in the German business publication Handelsblatt according to the company posts and a story that was published on Wednesday by TheGuardian. The media outlet reported that the Karatbit Foundation is under orders to return the investors’ funds that reached up to $100 million which is equivalent to the amount that was raised in 2018.Harald Seiz who is the CEO of Karatbars stated that the German regulator is mistaken the order against the firm basing the actions on a scam website that is not associated with the company. He claimed:
 “We are completely transparent, we have nothing to hide, if there are unanswered questions, we will clarify them, of course, we fully cooperate with the relevant authorities and are very anxious to clear up any misunderstandings as fast as possible interested.’’
The FSCA explained that Karatbar International solicited multiple South African investors via WhatsApp to purchase unspecified investments without holding the authority to operate in the country and the warnings from South Africa and Germany came later after it was reported that the Florida Office of Financial Regulation stated that Karatbars is not licensed as a bank.
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OpenVASP Will Help Exchanges Solve A Big Regulatory Problem

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Virtual asset service providers, known as VASPs, just launched a new initiative called OpenVASP - something that aims to solve one of the biggest regulatory challenges often known as the "travel rule."For those of you who don't know, this rule basically necessitates that VASPs share customer information with each other so that one crypto exchange can confirm - for instance - that a customer on another exchange is sending 10 Bitcoins (BTC) and has a verified identity.The cryptocurrency exchanges will benefit big time from OpenVASP as reports show. The initiative was first unveiled at the Blockshow Asia conference in Singapore and the key players behind it include the Swiss-based Crypto Valley Association (CVA), International Digital Asset Exchange Association (IDAXA), ACCESS Singapore Cryptocurrency and Blockchain Industry Association.They announced OpenVASP at the event and said that they are working with other key partners on making this the future of sharing information, the cryptocurrency news show.
"The initiative will enable VASPs to transmit blockchain transaction information privately, immediately and securely, in compliance with the Financial Action Task Force (FATF) Recommendation 16, also known as the travel rule," according to one press release.
A specific whitepaper was prepared too, proposing an OpenVASP protocol "based on key design principles of decentralization, privacy, broad applicability, while remaining agnostic to the virtual asset being transferred."As shown, the protocol would allow VASPs from across different jurisdictions to transact between themselves without knowing each other and without the need to register with a cental authority or a database, as per the announcement.
“OpenVASP is a roadmap to FATF compliance that enables VASPs to protect private and business-sensitive data. We hope the community will consider it as a blueprint. Building partners are welcomed,” said Chris Gschwend who is the head of CVA's VASP/AML Taskforce.
This travel rule is "almost like applying U.S. postal mail rules to email for U.S. communication roles. Like pushing a square peg into a round hole for us, the blockchain ecosystem,” according to Tim Byun who is a former regulator and now CEO of the OKCoin cryptocurrency exchange.
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Telegram Tokens Are Still Considered Risky Despite Defending The Case

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The Telegram tokens and the Open Network, in general, are under heavy pressure from the Securities Exchange Commission for allegedly conducting an unregistered security sale as we previously read in the altcoin news.Even if Telegram manages to defend the case, the telegram tokens are still considered as risky. The platform still remains raw since many of the parts of the technological stack are under development but a decision to ‘’roll its own crypto’’ still doest spike confidence in timely delivery. The SEC’s move to stop TON from issuing the tokens was considered as a positive factor by a few investors meaning that it can give the project some more time to develop something more than just a viable product that can improve the public sentiment for the mainnet launch, of course, if the project settles the case with the SEC.Regardless of the TON dispute, there will be a lot of resources that can be used for further development of the platform. This is mainly important as the network is already attracting some large expenses. According to the SEC’s filing, ‘’ as of January 31, 2019 TON had used approximately $281 million of the $1.7 billion raised to support the development of messenger and the TON blockchain.’’Telegram’s estimates show that there could be expenses of more than $520 million between 2019 and 2021 on the messenger alone. This kind of spending raises a lot of questions on the usage of the funds mainly because the platform is still not completed. Telegram plans to have an initial supply of 5 billion GRMs releasing to investors in multiple batches and the project also aims for yearly supply inflation of 2%.Telegram prohibited most of the investors from reselling their allocation under the penalty of shutting down the purchase contract so the buyers and sellers surpassed this by signing delayed delivery contracts that are fulfilled once when the network is launched. If the tokens get listed for trading, the lower valuation bound seems to be more likely. The initial investor appears to be focused on selling by combining with negative sentiment and high costs for some investors that could result in panic selling.
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OneCoin Founder’s Brother Could Spend 90 Years In Jail

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OneCoin Founder’s Brother, Konstantin Ignatov, is facing some serious jail time for his involvement in the popular crypto Ponzi scheme as we reported multiple times in our cryptocurrency news.The entire crypto ecosystem is no stranger to scams and pyramid schemes and with the technology emerging and the dramatically rising prices, there is only more dangerous for people to get into get-rich-quick schemes that only can cause trouble for them and their hard-earned money. One of the biggest crypto scams is surely OneCoin which managed to take in about $4 billion. The Ponzi scheme saga continues right now as OneCoin Founder’s brother has pleaded guilty to money laundering and fraud charges in the United States.OneCoin was created by Ruja Ignatova in 2014 in Bulgaria and the crypto project saw incredible success, increasing from 29 cents to 29.95 Euros in a period of two years. The entire operation gathered up to $4 billion but the problem was that the entire operation ended up to be a Ponzi scheme. Ruja left the company in 2017 and she disappeared right away. Her brother, Konstantin Ignatov took over the company but ended up being arrested in March 2019 at the LA airport. He was initially charged with conspiracy to commit wire fraud and his sister was charged in absentia with securities fraud.The court documents revealed that Konstatin Ignatov has pleaded guilty to fraud and money laundering and his plea agreement was signed on October 4. His agreement ensures that Konstantin will not face further criminal charges related to OneCoin but he is still liable for criminal tax violations. Konstantin faces up to 90 years in prison but this sentence can be changed because of his cooperation with the authorities. The court documents show that his testimony could reveal ‘’activities of individuals who might use violence’’ against his family. The plea agreement includes the possibility to give Konstantin a new identity and an entrance to the witness protection program.As for Ruja, Konstantin revealed that she shared with him that she is afraid that someone close to her will going to betray her to the FBI and said that she was very tired before disappearing. He has not spoken to her since she disappeared.
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