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FBI Claims Crypto Is A Huge Problem That Will Only Get Bigger

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FBI Claims that crypto is a huge problem and it represents a security threat that the United States is facing. These comments were made by the Director for the Federal Bureau of Investigation Christopher Wray during his testimony before the Senate Homeland Security Committee so in today’s crypto news we take a closer look at his stance.

During the hearing before the US Senate Committee on Homeland Security and Governmental Affairs, the senators asked some of the leaders in the FBI, National Counterterrorism Center and Department of Homeland Security, questions about counterterrorism efforts and foreign influence in elections, border security and cybersecurity measures including cryptocurrencies.

Former Presidential Candidate and now a Republican Senator from Utah, Mitt Romney, asked whether the United States should not take some kind of effort when dealing with cryptocurrencies and the threats that they pose to the law enforcement’s anti-terrorist activities. He said:

 “I’m not in the Banking Committee. I don’t begin to understand how cryptocurrency works. I would think it is more difficult to carry out your work when we can’t follow the money because the money is hidden from us and wonder whether there should not be some kind of effort taken in our nation to deal with cryptocurrency.”

FBI Director Wray answered the question saying that crypto is already a problem for the agency which is why the FBI claims that crypto is a threat to the entire nation. He said:

 “For us, cryptocurrency is already a significant issue and we can project out pretty easily that it’s going to become a bigger and bigger one. Whether or not that is the subject of some kind of regulation as the response is harder for me to speak to.”

Wray concluded by saying that the FBI is already keeping an eye on cryptocurrencies and using tools that ‘we have to try to follow the money.’’ He also said that if the US does not keep up with the new technologies, it will soon find itself being ‘’walled off.’’

During a counter-terror conference in Melbourne, the Australian Minister of Home Affairs Peter Dutton claimed that terrorist is using cryptocurrency to ‘fund their deadly missions’ because of the anonymity that the crypto has to offer.

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Swiss-Based Crypto Bank SEBA Provides Support For BTC, ETH, XLM

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The Swiss-based crypto bank SEBA is now officially opened for business after it received a license from the Swiss financial market supervisory authority earlier in August this year. The bank now aims to become operational this week as we are reading further in the cryptocurrency news below.The Swiss-based crypto bank will now be serving the Swiss customers and will include private investors and corporations but will also provide support for legacy currencies such as ETH, Bitcoin, XLM, LTC and Ethereum Classic. The cryptocurrencies can be traded into and out of fiat. When the bank got its FINMA approval in August, the board chairman Andreas Amschwand noted that:
‘’The banking licence of the Swiss Financial Market Authority FINMA is not only a milestone for SEBA, it sets a new standard for banking in the Blockchain and digital asset economy. This moment has significance far beyond the Swiss financial industry.”
SEBA will offer its customers online banking services, mobile banking and a new SEBA card that can be used at more than 40 million merchants worldwide. The bank also plans to extend its services beyond Switzerland by the end of December. SEBA is the second Swiss-based bank to receive approval from the regulator after its rival Sygnum which also received the FINMA approval in August this year. Sygnum operates out of Switzerland and Singapore.After getting the approval, the co-founders Mathias Imbach and Gerald Goh set their goals on getting a license in Singapore and they stated that ‘’in order for us to provide a full suite of services, we need to operate as a bank.’’ While Switzerland is considered to be a crypto-friendly jurisdiction, banking remained a weak point. The blockchain companies were denied all types of banking services deemed as too risky to provide the clients services. As per the SEBA press release:
 “… a limited range of services is intended specifically for Swiss blockchain companies and their employees. SEBA gives these companies access to a corporate account with a Swiss bank, thereby closing an important gap in the local ecosystem.”
Finding banking partners that the clients can rely on, regarding jurisdictions that welcomed blockchain and crypto companies has been extremely hard so far. Binance and other VC supporters started the process of seeking a banking license from the European Union for Founders Bank but there is still no further information about this idea.
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Bithumb Global Launched Native Coin For Its Custom Blockchain

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Bithumb is one of the leading cryptocurrency exchanges. In the latest initiative which is viral in the cryptocurrency news, we can see that the organization named Bithumb Global launched a native coin for its Bithumb Chain, which is the custom blockchain of the exchange.The token was launched under the "BT" ticker and is named Bithumb Coin. The main idea behind it is to see it work as a medium of exchange for the ecosystem. As the company revealed in an official statement this Tuesday, the Bithumb Chain is expected to launch at some point in the first quarter of 2020.When talking about mechanics and features, we can see that Bithumb Global is planning to mint a hard cap of 300 million Bithumb tokens (BT). Half of the revenue that the exchange has will be used to burn 50% of BT and its token supply over time. This is very similar to the case of Binance Chain and its Binance Coin (BNB). The BNB coin news showed a supply of 150 million tokens.The initial distribution will be split between the on-exchange incentives and the chain development, accordingly. According to Bithumb Global, the exchange will also use the coin for fees related to handling, rights to use Bithumb Chain and future payment mechanisms. Earlier this month, the exchange also announced its "Exchange-as-a-Service" feature which will develop decentralized finance applications or DEX protocols using Bithumb Chain as its main part.Bithumb Global noted that the Bithumb Coin (BT) tokens can be also used to vote in chain governance such as investment decisions when it comes to Bithumb Chain. A part of the exchange's Korea branch operates out of Singapore with an average daily trading volume of around $700 million, as data from CoinMarketCap shows.The global digital asset exchange Bithumb is known for the trust, brand reputation and fund custody which are all factors that secure the users' assets, their website shows. With financial derivatives and preferred projects, the exchange is committed to showing users a lot of possibilities for wealth discovery. The Bithumb exchange is operated by Bithumb global with an app that can be downloaded via the Google Play Android store or iOS App Store.
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Manny Pacquiao Token Is Set To Launch An IEO On GCOX Exchange

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The token of the legendary boxer and Filipino champion Manny Pacquiao was in the crypto news recently when the sportsman announced that he was issuing his own cryptocurrency - the PAC token. Now, the PAC token is following the crypto crowdfunding trend by engaging in an initial exchange offering (IEO) which is the courtesy of the Singaporean exchange GCOX. The sale for the token will open on November 12.The Manny Pacquiao token was first hinted on at a free concert for fans in Manila during early September. While serenading his fans with love songs, the boxer informed them that they could soon buy his merchandise and interact with him on social media using the PAC token.Right now in 2019, the IEO seems to be prepared - as a well proven method of gathering support and interest in a project. Even though the Binance news in 2017 showed that the exchange was the first to kick off the trend back then for its Bread and Gifto, the trend continued with the launch of BitTorrent which ignited a new era in crowdfunding with around $3.4 billion being raised through IEOs to date.Meanwhile, GCOX is the exchange which will host the Manny Pacquiao token - and the first to offer an IEO platform specifically for celebrities who want to launch their own digital currencies. Even though the boxer is one of the first blazing the trail in this regard, it seems like there are many others who will follow. One of them is the tennis star Caroline Wozniacki, followed by the singer Jason Derulo, too.GCOX is known to the markets as an exchange which provides a full suite of services for these "celebrity tokens" which includes the creation and listing of tokens on the exchange - and allows trading the tokens for products such as branded merchandise or other services including exclusive live streaming of events or social media shout-outs.Manny Pacquiao is not the first celebrity to jump the crypto bandwagon. Before this, the boxer Floyd Mayweather also did the same - but was fined by the SEC for having promoted the scam ICO Centratech in exchange for $100,000.
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Royal Bank Of Canada (RBC) Is Set To Open A Crypto Exchange

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The Royal Bank of Canada (RBC) which is headquartered in Canada is apparently ready to turn to crypto and open its own cryptocurrency exchange. The crypto news story was confirmed in a report from The Logic and the media outlet claims that it has learned that the RBC wants to allow customers to trade in cryptocurrencies such as Bitcoin and Ethereum - mainly for investment purposes.However, the RBC bank also wants to provide a platform for in-store and online crypto purchases. The Royal Bank of Canada plans to include offering customers cryptocurrency bank accounts, even though the media outlet said that RBC has not responded directly to the requests for comments about the scheduled launch of the exchange.So far, the Royal Bank of Canada (RBC) has registered even four cryptocurrency banking related patents in the country and has been exploring various blockchain technology banking applications since 2017.As a report submitted on The Logic outlet shows, RBC is certain that this can be a challenge.
“To individual users, managing cryptographic keys and transacting with different cryptographic assets can be a challenge. In some situations, cryptographic asset transactions may take time to be confirmed, and/or may not be compatible or supported by merchant systems or point-of-sale devices." an excerpt from the patent paperwork noted.
Analysts right now are also commenting on the case. As Marc Kaufman who is a Washington DC based partner at Rimon Law said, "I can’t think of one of the big banks anywhere in the world that has a patent that directly relates to a crypto exchange."The CEO of Royal Bank of Canada (RBC), David McKay, spoke about the bank's experiments with blockchain technology, too. He was in the blockchain news earlier this year when he said that "blockchain is an opportunity in the future to take assets that are less liquid and make them more liquid. I think that’s exciting."If the Royal Bank of Canada proceeds with the crypto exchange launch, it might immediately become the most prominent domestic exchange in the sector and a major international player. As stats from the recent report show, the net income for Q3 at RBC was USD 2.5 billion, while the quarterly revenue was USD 8.7 billion in the same period. When it comes to assets, it possessed more than USD 1 trillion at the end of Q3.
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