Blockchain News

P2P LocalBitcoins Trading Platform Restricts Services For Iranian Users

Published

4 weeks ago

May 23, 2019

Stefan

P2P LocalBitcoins trading platform which is the most popular bitcoin trading platforms has started to restrict services for their Iranian users. As reported in the altcoin news, creating ads for selling and buying old ads regarding the platform are restricted to Iranian traders.

In the near future, there could be a possibility of closing down the accounts of the users and their Bitcoins on the platform’s wallet. All of the big centralized exchanges such as Binance and Coinbase have previously restricted the users from Iran and some of them even seized their cryptocurrencies. Also, they prevented account setup in the ID phase so many people started using the P2P localbitcoins trading platform for localized trading.

The trading platform does not require any credit card or online payments which is much easier for the unbanked Iranian users. But, since the week started, the policy of the platform changed and threw shade on the Iranian users altogether. LocalBitcoins confirmed that will no longer provide services for the users in the country.

The restrictions increase the risks of insecure transactions since there is no escrow service. The exchanges that want a bigger market and follow the government’s regulations will continuously block Iranian users. This approach is contrary to what Bitcoin is for according to the community as reported in the best cryptocurrency news sites.

Previously, LocalBitcoins, an international peer-to-peer crypto exchange, announced today that the platform will be put under supervision by the Finnish Financial Authority. LocalBitcoins is based in Helsinki, Finland and the platform has stated previously that the parliament of Finland gave approval for the new legislation meant for legalizing crypto assets. The regulator gave a green light on the new Act on Virtual Currency Service Providers which is expected to come into force from November this year.

The new AML measures could improve the general opinion of the exchange and will also protect other users. It is also important that with the new regulation it is expected to increase the crypto adoption. LocalBitcoins is further making sure that the security level on the platform is updated and increased in order to be compliant with the regulatory framework.

The exchange also initiated a registration process so the users can have the ability to verify their identity while signing up to the platform. Each user will have a different type of account depending on the verification process and the type of trading the users will prefer.

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Stefan

Stefan has been a Bitcoin Specialist for over 5 years. Providing daily news and updates for DC Forecasts.

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Blockchain News

Europol Aims To Improve Blockchain And Crypto Knowledge

Published

16 mins ago

June 17, 2019

Stefan

Europol gathered a group of more than 300 private and public law enforcement officials and experts in order to better understand blockchain and crypto technology and in the latest cryptocurrency news we read more about the plan. According to a press release the blockchain and crypto technology has indeed presented many opportunities to criminals especially in the online sector. As a result, the law enforcement sector needs to catch up with the technology and innovations of online criminals. They learned the ways of how blockchain works and aim to increase the growth of cottage industry of companies that see blockchain data and get useful information such as finding the missing funds. Elementus is one of these companies which works with private-sector operations and often tries to locate the thefts and where the funds go missing from decentralized exchanges. Gathering evidence is a key activity for these agencies which requires a traditional method of police work which many studies show became unattractive. The officials who gathered along with Europol talked about many computer security topics and crypto and blockchain were just a part of it. Among the explored issues, DOS attacks and phishing scams were discussed. The officials went over the use of multiple crypto exchanges and wallets including LocalBitcoins which removed online trading a while ago. The move boosted the alternative platform of Roger Ver local.bitcoin.com which still enables people to meet in person and to buy and sell cryptocurrency. LocalBitcoins’ in person trading was one of the main sources of crypto busts over the years. What is very important is that there is still no discussion about banning crypto as the only way to deal with it. Law enforcement understands the best how futile the nature of banning cryptocurrency is compared to the drug war. The officials discussed how the blockchain technology can be used in the world:

“Participants reflected on the legitimate use of blockchain technologies, including the use of cryptocurrencies for trading and investment activities, payment method and as a store of value.”

As noted in the coming altcoin news, blockchain technology spiked the interest in business leaders and governments around the world. There will be a part of every business in the future consisted of blockchain since already some major companies such as Amazon, Google and Microsoft are all into the technology.

Blockchain News

Bitmain Sues Three Former Employees Who Founded Rival Mining Pool

Published

4 hours ago

June 17, 2019

Stefan

Bitmain sues three ex-employees who founded the rival mining pool Pooling and now the company demands $4 million in damages. The latest cryptocurrency news will talk some more about their history. Bitmain alleged that Poolin’s co-founders violated their non-compete agreements and founded the rival mining pool but according to the former employees, Bitmain failed to pay them as agreed. The crypto mining giant is now in a legal battle with the seventh-largest pool in the world. The three Poolin co-founders say that they are no longer bound to the agreement since Bitmain was the one that first broke it by not paying their compensation on time. Bitmain makes most of the money from selling mining equipment according to the reports but it also operates mining pools which offered the miners the ability to split rewards. The service accounted for $43.2 million of the company’s revenues in the Q1 of 2018 compared to the $2.7 billion of the hardware sale in the same timeframe. The three co-founders filed lawsuits against Bitmain and so now the mining giant Bitmain sues in return claiming that they caused major losses to the company by going to a competing pool. Bitmain asked the court to keep the non-compete agreement in action and not to set free the three Poolin executives. The dispute went unnoticed in the public but there was video footage recently where you can hear the two sides making their respective cases. The Poolin executives left Bitmain somewhere in the middle of 2017 since Bitmain wouldn’t pay them. Under the non-compete agreement, Bitmain should have paid monthly compensation to one of the founders of about $2,780 and in return, he shouldn’t have had operated another mining pool. After their departure, Pan, Zhu, and Li launched Poolin as a mining pool for multiple cryptocurrencies in 2017 in November and in July 2018 they mined the first bitcoin block. As reported in the coming altcoin news, Poolin became one of the largest bitcoin mining pools since it has the third biggest operation by the hash rate in the world right after BTC.com and AntPool. Miners that are connected to Poolin managed to mine about 26,825 bitcoins.

Altcoin News

IBM And Stellar Partnership In Jeopardy Amid Exec Disruption

Published

13 hours ago

June 17, 2019

Stefan

The IBM and Stellar partnership has been featured on many altcoin news sites and was praised as something that the crypto world needs. However, a series of disruptions have apparently put this partnership in jeopardy, the latest news show. As a company that is always pro technology, IBM (International Business Machines) has been pioneering the adoption of blockchain and cryptocurrency in the Fortune 500 arena for some time now. In order to strengthen its presence, the American firm has teamed up with some of the biggest companies and showed them how its technology can be used to benefit their bottom line - and society as a whole. The IBM and Stellar partnership was one of the examples of further innovation in the crypto and blockchain spaces. However, it all changed when a recent exclusive from a crypto-friendly news site known for its "scoops" and interviews showed that IBM has just lost its chief technology officer - Stanley Yong. Yong acted as the company's lead for its central bank digital currencies (CBOC) initiative. As reports in the coming altcoin news show, he was integral to the "Big Blue's" ventures in the blockchain space. Now that he is gone (along with his connections), the IBM and Stellar partnership is in clear jeopardy. Most importantly, no one knows why Yong left or where he is headed next. However, the latest cryptocurrency news show that IBM is concerned - as well as many other involved parties. https://twitter.com/arrington/status/1140297606431510529 Aside from Yong, the IBM and Stellar partnership is also concerned by the news (from weeks ago) that Jesse Lund, the Global Head of IBM Blockchain who made a $1,000,000 Bitcoin price prediction, suddenly departed the firm. Both Lund and IBM gave very immaterial and confusing statements, with the former stating that he had left “but am still optimistic about payments innovation using Blockchain.” With all of this in mind, the IBM and Stellar partnership is definitely in jeopardy. Anonymous news sources show that there is no one to laud the projects and lead the company and partnership in the right directions. Still, the good news is that IBM is unlikely to shutter its blockchain division because of the executive departures.

Blockchain News

Samsung Taps Blockchain And 6G, Seeks Collaboration With Firms

Published

13 hours ago

June 17, 2019

Stefan

The vice chairman of the South Korean consumer electronics company Samsung is apparently looking to collaborate with platforms on the development of blockchain technologies and 6G. The news that Samsung taps blockchain, AI and sixth generation mobile networks has gone viral on many best cryptocurrency news sites. First reported by Bloomberg on June 16, Samsung's plans come directly from the vice chairman of the company, Jay Y. Lee, who now serves as the firm's de factor leader. Lee held discussions with executives - directly spreading the news that Samsung taps blockchain and other technologies, in a statement cited by Bloomberg. This is also the first time that Lee discussed on the news that Samsung taps blockchain - as well as the news about 6G technology and its massive potential. Also, it is right on time when rivals of the company such as Apple Inc. and Huawei Technologies Co. race to commercialize a lot of services based on 5G networks, which are already launched in South Korea (from April this year). The report also shows that a platform company is an initial acquisition by a private equity firm, all in order to make further acquisitions within a certain sector. As per Bloomberg and the latest cryptocurrency news, the movie to pursue such bleeding edge technologies comes after a rapidly changing business climate and a lot of structural changes in the technology industry. This, according to Lee, presents new challenges for major firms.

“We should challenge ourselves with a resolution to make new foundations, moving beyond the scope of protecting our past achievements,” Lee noted, confirming the news that Samsung taps blockchain.

As we reported last month in our altcoin news section, the budget smartphones by Samsung will start to include cryptocurrency and blockchain features. Meanwhile, crypto and blockchain functionalities have already been confirmed for the Samsung S10 phone and will be included in other Galaxy smartphone models, too. At the end of April, one anonymous source also claimed that Samsung could eventually develop its own public-private blockchain which will be completed with its own token. This confirms the craze for blockchain technology and innovation that is currently spreading among Asian conglomerates.