Binance Will Limit the Access and Use of Its Platform to Users in Japan

Maria Rodríguez
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Binance Will Limit the Access and Use of Its Platform to Users in Japan

Until now, the reasons that motivated the exchanges to restrict their services are unknown.

According to an announcement published by the Binance website in Japan, users residing in the Asian country will be limited when using the services of the crypto exchange house. The publication issued on Wednesday, January 15th, specifies that the restriction will soon be enabled, without giving details about the exact date of its activation until now.

The note explains that the limitation will increase step by step so the restriction will be administered in steps. The details of the services that will be limited have not been specified and the company will reveal them in future announcements. Currently, Japan has no restrictions and its users of the platform can access all the services offered by the exchanges.

Binance has had some problems with the location of its headquarters for some years. Binance would have moved its headquarters to Japan after officially leaving the Chinese territory.

In 2018, the company had to change its headquarters to Malta, after they received a warning notification from the Japanese authorities, who argued that the exchanges do not have the appropriate license to operate in the country.

After the official exit of Binance from the Japanese territory caused by national regulations, many exchange companies decided to register their operations with the authorities. On the one hand, obtaining the operating license in Japan allows the wide development of the activities of these exchanges. On the other hand, some limitations imposed by Japan make impossible for exchange companies to offer some services; they are obliged to follow restrictive safety regulations according to their laws.

According to data provided by Japan authorities, Binance and Huobi has a direct competence among those companies that managed to receive the operating license at the beginning of 2019. In the same year but in September, the recognized exchange BitBox, which operates with more than 30 cryptocurrencies, from the Japanese company LINE, obtained permission to offer its crypto services to Japanese users.

Due to these limitations in terms of compliance with the country’s regulations, Binance may face operational barriers despite not having its headquarters in the Asian country. In a similar case, the US cryptocurrency exchange Kraken had to stop offering its services to users living in Japan. This happened in April 2018.

Among the main reasons why Kraken stopped operating, it is highlighted that, according to company data, the increase in the costs necessary for business in the Japanese territory would have limited their commercial rank. This could also be a compelling reason, taking into account all the requirements needed to obtain the license. However, the company could operate again in Japan in the future.

Binance, until now, has not issued a statement explaining in detail the reasons that generated the restrictions or if this would mean the termination of its services in Japan for the future. The crypto community waits for answers.

By María Rodríguez

Now eToro and OKCoin Are Members of Crypto Rating Council

Alexander Salazar
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Now eToro and OKCoin Are Members of Crypto Rating Council

The CRC, a Coinbase-backed group of major US cryptocurrency firms seeking regulatory clarity, has welcomed eToro and OKCoin.

Coinbase announced on January 16th that the Crypto Rating Council (CRC), which was officially launched on September 30th, 2019, has expanded to include members such as the trading platform eToro, the cryptocurrency exchange OKCoin, and Radar, the startup behind the decentralized exchange Radar Relay.

CRC Also Includes Crypto-Finance Firm Circle

It should be noted that, as new participants join eight other industry leaders on the council, the CRC now has eleven companies striving to obtain more clarity from the US securities law on cryptocurrencies.

Among CRC members are also Kraken Exchange, the Goldman Sachs-backed crypto-finance firm Circle, Bittrex, Genesis Global Trading, Grayscale Investments, Anchor Labs, the Cumberland unit of DRW Holdings, and Coinbase itself.

The CRC aims to jointly determine which digital assets should be considered securities and, therefore, be under the jurisdiction of the US Securities and Exchange Commission (SEC). As part of the effort, the CRC has published online ratings on digital assets on a scale from 1.00 to 5.00 scale, where the highest score means that a token is likely to be considered as a security and cannot be sold by unregulated companies.

New Digital Assets in CRC Online Ratings

Together with the new members, the CRC has also announced five new digital assets that are joining its public online ratings. According to that information, the CRC Securities Framework Asset Ratings added well-known cryptocurrencies such as Dash (DASH), Ethereum Classic (ETC), Cosmos (ATOM), as well as lesser-known altcoins such as Horizen (ZEN) and Livepeer (LPT).

According to the ratings, Dash is one of the six cryptocurrencies that are classified as 1.00, at the time of writing this article, and the CRC considers that it does not represent a security together with Bitcoin (BTC), Litecoin (LTC), the privacy-oriented altcoin Monero (XMR), Dai (DAI) and Horizen.

Meanwhile, Ethereum Classic is rated 2.00 along with its predecessor Ether (ETH), which means that these cryptocurrencies are more likely to be securities ​​to date.

It is worth mentioning that Coinbase said that the analysis by the CRC is “its own and not endorsed by any asset development team or foundation, any regulator, or any other third party.”

XRP is Rated 4.00

XRP is an example of a token that still requires to be classified. Heath Tarbert, Chairman of the Commodities Futures Trading Commission (CFTC), a key Wall Street regulator, recently said that it is unclear whether XRP is under the jurisdiction of the CFTC or the SEC. According to CRC ratings, XRP is likely to be a value as it has one of the highest ratings among all the digital assets analyzed, being rated at 4.00, at the time of writing this note.

It was reported that there is uncertainty regarding the regulatory status of XRP, especially after the issuer of the Ripple token faced a class-action lawsuit alleging that he had violated the securities law by selling his tokens. Subsequently, the firm filed a motion to dismiss the lawsuit in early December 2019, alleging that the case is contradictory and counterproductive.

By Alexander Salazar

UN Issues an Alert for Possible Crypto-conference in North Korea

Maria Rodríguez
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UN Issues an Alert for Possible Crypto-conference in North Korea

Some specialists say the cryptocurrency conference would be violating the economic sanctions in the Asian country.

Recently, some experts from the United Nations Organization (UN) have issued an alert on the possible holding of a conference on cryptocurrencies and digital assets that would take place in North Korea. According to the organization’s officials, the event violates the sanctions imposed on the state and also violates some treaties and decisions taken by the organization.

North Korea is considered one of the states with the greatest sanctions in the world, not only because of its political and military position but also because of the large number of hackers who carry out attacks on web centers around the world.

According to information related to hackers of North Korean origin, it is known that one of the most active groups on the web, the so-called “Lazarus”, could even have the support of the North Korean government so its activity always seeks to be obstructed by sanctions and computer barriers and thus avoid considerable damage to economic structures in the rest of the countries of the world.

Besides, last year, groups of computer experts raised a report to the UN where they detailed that the Asian country would have invested an amount that exceeds $2 billion for the development of weapons of great impact or considered mass destruction.

According to the report, this money was raised by hackers who used their strategies to rob banking institutions and cryptocurrency exchange houses. Experts called these computer attacks “widespread and increasingly sophisticated”, which raises the suspicion that these hackers may be supported by intelligence agencies of the North Korean state.

It is known that the direct sanctions lifted by the UN to the state of North Korea have been growing since 2006 when North Korean’s plans for the development of large-scale ballistic nuclear weapons and missiles were discovered. The Security Council of the organization voted in its entirety to reinforce the sanctions over the years, so the North Korean economic authorities use alternative plans to finance their projects and as forms of collection.

North Korea and The Crypto-graphical Conference

In the middle of last year, it was known, thanks to some reports and press releases, that a cryptocurrency conference was held in the Asian country and had more than 80 organizations related to the world of cryptocurrencies.

The event was condemned by the entire international community and some people were sanctioned for participating in economic events within North Korean territory that violate the sanctions imposed by the UN and the United States.

According to information related to crypto movements, another cryptocurrency conference will be held next February in the country. The development of this activity keeps the international community on alert, as this directly violates UN sanctions.

In fact, according to Reuters press releases, the conference will discuss controversial issues such as “Cryptocurrencies for evasion of sanctions and money laundering”.

As a counterpart to these movements, the UN has only established reports of suggestions to countries explaining that they should avoid “financial transactions, technical training, advice, services or assistance” if they believe that the money will be allocated to the development of nuclear weapons.

Finally, it was known that the report detailing the realization of the cryptocurrency event will be presented before the Security Council that evaluates the sanctions against North Korea.

By María Rodríguez

Paraguayan Travel Agency Partners with Cripex to Accept Bitcoin as Payment Method

Maria Rodríguez
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Paraguayan Travel Agency Partners with Cripex to Accept Bitcoin as Payment Method

The alliance with Cripex will serve as support for travelers to use cryptocurrencies to plan their trips and other services

The High Flight travel agency, of Paraguayan origin, informed through an announcement published on its official Twitter account, that it would have reached an agreement with the startup company Cripex to enable the payment option with Bitcoin (BTC).

Among the businesses that have had a great adaptation with crypto technology, it has been the tourism sector since the industry ends up being of dynamic origin and with specific needs that can well be solved with cryptocurrencies.

The use of cryptocurrencies in tourism can allow travelers to easily adapt to changes between different economies in the countries of the world, helping to exchange and send or receive money to service cabins related to travel methods, food or even hotel and cruise accommodation.

It is for this reason that the High Flight travel agency managed to identify these needs and managed a commercial alliance with the firm Cripex. This is to give customers new payment methods and exchange facilities in different currencies both fiat and digital.

Cripex is a startup company that was created in mid-2017, becoming one of the first cryptocurrency exchange and blockchain-related services to operate in Paraguay. This company will allow national users to buy and sell cryptocurrencies, as well as store and/or transfer funds from digital assets at the time of day and throughout the year.

The official website of the startup company indicates that they are aware that blockchain technology and digital assets are part of the future of world economies and that they ensure the inclusion and use of these assets without any particular discrimination.

“We believe in a more economically connected world, in an inclusive way for all. We are convinced that the great global economic revolution that we are living go hand in hand with disruptive technologies such as blockchain and digital assets”, the company explains on its website.

According to the advertising of promotion of the new service published on social networks, the company showed a certificate of “Commercial Alliance” with Cripex and mentioned that this will serve for the “support in reception, management and, storage of digital assets, cryptoassets and/or cryptocurrencies for collection of products and/or services”.

It is not the first time that a company in charge of managing trips has established the use of cryptocurrencies for its services.

Last October, at the end of 2019, it was known that the Spanish travel agency, Destinia offered the possibility of using up to six types of cryptocurrencies for the payment of its services, including flights, hotel reservations, tour packages and even purchase train tickets.

According to the press release, it was known that some of the cryptocurrencies that this travel agency accepts are Ethereum, Litecoin, Dash, Bitcoin Cash, and Bitcoin.

Now, it would be time for more travel agencies to try using blockchain technology to conduct transactions safely while benefiting the crypto community that wants to spend their digital money. This would be also another step to boost the crypto world.

By María Rodríguez

Investigation into Bitcoin Funds of Indebted Construction Company Demanded by Brazilian Bank

Alexander Salazar
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Investigation into Bitcoin Funds of Indebted Construction Company Demanded by Brazilian Bank

The company owes a debt of more than USD 270 million to the bank. They are investigating if the company is evading the payment by placing the money in cryptocurrency exchanges.

Banco Fibra requested the Court of São Paulo to include four Brazilian Bitcoin exchanges in the process of seeking securities of a construction company that owes the financial institution a debt exceeding 1,128 million Brazilian reais (BRL), equivalent to about USD 270,141,336.

In a ruling published on January 10th in the Gazette of Justice of São Paulo, regarding a process for the embargo on more than BRL 1 million, issued by Banco Fibra in the Court of São Paulo, the bank requested the search for securities in several exchanges, such as Brasil Foxbit, Bitcoin Market, Bitcoin Trade and Xdex.

The request to investigate the properties of the owner of the company includes balances in fiat currency or cryptocurrencies, as well as the search for real estate and motor vehicles. This allows them to know if the accused company has evaded the payment by placing money in cryptocurrency exchanges.

The court document stipulates that the four exchanges will be notified of the debt that the owner of the construction company owes to the bank. These platforms will then inform the balances on behalf of the defendant company. In case of funds deposited in these exchanges, the judicial process will proceed to seize them.

It was reported by Brazilian media that the lawsuit was filed in 2013 by the financial institution, which has tried since then to recover the funds in multiple ways.

The bank requested the measure after an online embargo, conducted last October, barely managed to block BRL 49.71 (about USD 11.93) from the accounts of the construction company. Subsequently, the defense of Banco Fibra requested 30 days to find ways to obtain the amount owed, according to Brazilian media.

FinTech companies are not included in the list of BacenJud, an electronic system connecting the judiciary with the Central Bank of Brazil (BCB) to simplify sending data and court to the National Financial System (SFN). Through it, registered judges can block bank accounts of organizations and individuals whose debts have been judicially recognized.

Last December, the defense of the banking institutions demanded that the FinTech and the cryptocurrency exchanges declare the securities ​​that the defendants have stored on their platforms.

On the other hand, the Brazilian Securities Commission (CVM) published on December 18th a study that it developed jointly with the Institute of Technology and Society of Rio de Janeiro (ITS Rio), in which it proposes to incorporate a blockchain platform for forming a single register of investors.

The proposal states that investors do not need to repeat the register in all financial institutions with which they have a commercial relationship, but that all their data are available in a single space in the CVM that may be available to the entire financial system.

Likewise, in July 2018, in order to share with other regulatory bodies information on the authorization processes of financial institutions, the BCB announced the launch of support, called Information Integration Platform for Regulators (Pier), which was developed by the information technology department of the BCB.

Last August, it was reported that the CVM opened a channel for its spokespeople to discuss directly with representatives of projects related to cryptocurrencies, sandboxes, robot advisers and artificial intelligence, among other innovations. With this, the Commission intends to make regulations and emerging technology projects go together.

By Alexander Salazar

Latin America Will Be Affected by Bitcoin Sextortion Malware in 2020

Alexander Salazar
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Latin America Will Be Affected by Bitcoin Sextortion Malware in 2020

Kaspersky analysts predict an increase in scams such as phishing. They estimate that in Latin America there are 45 attempts of malware attacks every second.

Bitcoin Sextortion is one of the ten main cybersecurity threats that will affect Latin America in 2020, according to forecasts launched for the region by experts from Kaspersky, a firm specializing in computer security.

Infections targeted at software production chains, worm attacks and scams such as phishing aimed at users of buying and selling sites, as well as cryptocurrency exchange ones, are just some of the attacks that will lead Latin Americans to face new challenges regarding the security of blockchain networks.

The Televisa de México group notes that the 2020 cybersecurity forecast made by Kaspersky was based on data from studies conducted by the company between October 2018 and October 2019.

The experts found that there will be an increase in attacks known as Bitcoin sextortion in Latin America, in which victims are blackmailed with evidence that pornographic material has been seen on their computers, so they are threatened to expose it publicly. To avoid this, extortionists request a sum in bitcoins or other cryptocurrencies.

The analysts also forecast that there will be an increase in more elaborate scams, such as phishing, through which these criminals can make profits fraudulently. Roberto Martínez, senior security analyst at Kaspersky in Latin America, said that any digital device, not only computers and smartphones but also smart TV’s, are susceptible to attack.

It should be noted that a smart TV normally comes with the issue of integration, through which streaming services can be accessed, and behind these platforms, there are operating systems that can be vulnerable. Therefore, if a person’s TV is compromised, extortionists can have access to what they say during the day in the living room or any other room in their house. Even devices to activate voice commands are susceptible to attacks, which makes people realize that any element added to their daily lives that is related to the digital world can represent a risk.

The experts from the cybersecurity firm warned in October 2019 that in Latin America there are 45 attempts of malware attacks every second. Among the countries with the highest incidence of attacks worldwide, there are two from Latin America: Brazil (7th place) and Mexico (11th place).

On the other hand, the world ranking of phishing attacks is led by Brazil, followed by Venezuela. Seven other Latin American countries in the top 20 are Chile, Ecuador, Guatemala, Panama, Honduras, Mexico, and Argentina.

For the next 12 months, analysts predict that Latin American users must also protect themselves from the use of social networks for the propagation of campaigns aimed at misinforming and manipulating public opinion.

They also alerted about threats to companies in the region dedicated to producing mass software, as well as worm attacks, taking advantage of the vulnerability in Windows 7, since the technical support for this system ended on January 14th. Other crimes are related to the theft of credentials through entertainment sites, and ransomware is expected to gain momentum in the region.

By Alexander Salazar

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