Canada Tightens Regulatory Oversight for Crypto Exchanges

The Canadian Securities Administration (CSA), the nation’s financial regulator has released new guidelines to govern crypto market participants in the country. The new guidelines require all bitcoin (BTC) trading venues and crypto exchanges to come under its purview and operate in total compliance with securities law, according to a Finance Magnates report on January 17, 2020.

Canada Tightens Crypto Regulatory Oversight 

At a time when the price of Bitcoin (BTC) and altcoins have started to rise again, with analysts saying that another bull season may be upon us, Canadian authorities have formulated new guidelines to govern crypto market participants, as part of larger plans to provide regularity clarity.

Per sources close to the matter, The Canadian Securities Administration (CAS) has made it clear that all centralized digital assets exchanges in the region as well as those servicing Canadian residents from other locations, must abide by its securities law.

The latest guidelines stipulate that the securities law applies to all crypto exchanges and bitcoin-linked businesses facilitating the trading of securities or assets, as well as those handling the buying and selling of cryptos such as bitcoin, which falls under the commodities category.

Eliminating Crypto Regulatory Uncertainty

Commenting on the new guideline, Louis Morisset, who doubles as the Chairman of the CSA and President and CEO of the Autorite des Marches Financiers AMF, the independent body overseeing France’s financial markets reiterated that the new legislation will allow crypto market participants to “determine whether their business is subject to securities legislation.”

Though the CSA’s move has reportedly been criticized by some market participants, the agency has however made it clear that it’s focused on creating an enabling environment for fintech businesses and new technologies to thrive.

Morisset added:

The rapidly evolving crypto ecosystem makes it necessary for us to clarify our regulatory framework to better support fintech businesses looking to offer innovative products, services, and applications in Canada.

With the new legislation now live, the CAS has stated categorically that both exchanges based in Canada and those abroad, who fail to observe the securities law will be punished accordingly.

As cryptos and the underlying distributed ledger technology (DLT) continue to gain traction, authorities around the world are now paying moreattention to the industry, in terms of regulation.

Binance allows buying Bitcoin, Ethereum, XRP, and BNB via Visa card binding

The most popular cryptocurrency exchange, Binance, continues to roll out new services on its platform. The latest to hit the list is its support for purchasing cryptocurrency via binding Visa cards. The announcement made earlier today stated that customers can buy cryptocurrencies such as Bitcoin, Ethereum, Binance Coin, and XRP directly once their Visa card has been linked to their Binance account.

The announcement read,

“Binance will now allow users to bind their Visa cards to their accounts and purchase crypto using this card, directly on Binance.com. To access this service, users can visit the ‘Buy Crypto’ page, select an amount of EUR or GBP, click next, and then click “Add Card” to bind their Visa card.”

While the new service acts as a boon to the exchange, this particular service is, however, limited to only Visa cards “issued within the European Economic Area” as of now, which applies to both Visa debit and credit card. Binance also stated that the platform would soon support Mastercard and more currencies soon.

At present, the countries that are covered under the Visa debit and credit card binding includes: United Kingdom, Malta, Romania, Spain, Iceland, Slovenia, Liechtenstein, Norway, Croatia, Republic of Cyprus, Czech Republic, Netherlands, France, Germany, Poland, Sweden, Belgium, Austria, Bulgaria, Denmark, Estonia, Greece, Hungary, Finland, Ireland, and Latvia.

How to trade Bitcoin (BTC) from this point in time

The cryptocurrency market is still in a downward trend. It is now increasingly clear that BTC / USD will end up testing at least $ 6,000, if not less. The reason I say $ 6,000 is that it is strong psychological support. When the price rose above this level after a temporary low of $ 3,132, it was seen as the start of a new bull market operated by the vast majority of traders in this market. While this may not seem as convincing to most of these traders as it used to be, they still expect the price to drop to that level. BTC / USD is currently trading well below the 200-day moving average and has a strong downtrend. However, we need a break below $ 6,000 to see an aggressive drop.
Most cryptocurrency traders are interested in how to trade it, as it makes no difference to a trader whether the price will go up or down as long as there is an exchange to be made. The current outlook for BTC / USD in the short term appears to be slightly optimistic, with the potential for a recovery towards the level of $ 7.4000. It could extend in the event of another short press if it looks like the one we saw earlier this week. During the 4 hour period, the BTC / USD already tested the moving average of 200 and was rejected. This means that the price does not necessarily have to go up as high. In any case, there is no reason to become bearish in the short term. If the price drops below $ 7,000, it is very likely to do so after some sort of lateral movement that shows enough weakness to indicate more clearly what might follow next.
The short-term outlook for the EUR / USD currency market has changed. While we can still expect a short-lived upward movement in Bitcoin (BTC) and the rest of the cryptocurrency market, it’s important to know that the price of Bitcoin (BTC) will follow the EUR currency pair. / USD when there is one. broader established position trends. We may not stay in sync in the short term, but if the EUR / USD currency pair continues to fall, Bitcoin (BTC) is not expected to hold.

Large investors in most emerging markets are looking to larger markets to determine what might happen next. In this market, most of these investors determine the direction of Bitcoin (BTC) and other cryptocurrencies. Being a very small market compared to the stock market or other emerging markets is very easy to handle. For some, it would be an excuse not to take advantage of the opportunities in this market, for others, it could only be the reality they need to develop strategies to stay under the radar and the movements of market makers and whales. benefit. Even if the BTC / USD is more likely to fall in the long term, it is important to be fast enough to react to market developments in the short term.

Bitcoin Exchange BitMEX Faces $300M Investor Lawsuit Over Lost Equity

A former JPMorgan derivatives trader is suing one of the world’s biggest cryptocurrency exchanges for $300 million after it allegedly failed to deliver his equity.

According to filing with the Superior Court of the State of California in San Francisco dated Dec. 4, Frank Amato and RGB Coin are now pursuing action against BitMEX, its CEO Arthur Hayes and owner HDR Global Trading.

Investor: BitMEX prevented recognition of entitlement

Amato says he was among the first seed investors in BitMEX in 2015, contributing $30,000 on the understanding he would later receive equity in the company. Amato alleges that this has not happened as of the present day.

Following Amato’s initial investment, the exchange purportedly received another $30,000 from startup accelerator SOSV, which would trigger Amato’s contracted equity conversion. However, the filing states that Hayes “sought to conceal information” from Amato specifically to “prevent recognition of his equity.”

According to unofficial estimates, Amato’s share of the company is now worth $50 million. In total, the investor is seeking a giant $300 million settlement. The filing summarizes:

“Through this action, Plaintiffs seek damages representing the value of their equity interest in BitMEX, which is conservatively estimated to exceed $50,000,000, together with punitive damages of $250,000,000. Plaintiffs also seek injunctive relief and other remedies, together with their attorneys’ fees and costs.”

Exchange brushes off setbacks

The move is the latest headache for BitMEX, which has seen its popularity endure despite a major data leak in November. As Cointelegraph reported, executives appeared little concerned by the blunder, which saw user email addresses sent en masse to other users.

Nonetheless, business remains brisk. Daily trade volume for its Bitcoin (BTC) derivatives was $1.6 billion at press time.

In July, sudden volatility hit Bitcoin markets as traders withdrew funds from BitMEX after reports that it was under investigation by regulators in the United States.

Best Bitcoin Gifts for Crypto Enthusiast | Christmas 2019

The days leading up to Christmas are fewer and fewer, and many are already panicking that they have no idea what gifts should they get for their friends and family. For those of you that are having issues finding the perfect Bitcoin gifts for your crypto enthusiast friends, we have put together a list with some items they might like to receive as presents.

Hardware Wallets

If your friend has expressed his concerns about the security issues of the crypto world, then put his mind at ease by getting him one of the most secure forms of storage for digital assets.

A hardware wallet is a physical cryptocurrency wallet that keeps the user’s private keys in a hardware device. Compared to software or web wallets, they are practically invulnerable to hacks. The most recommended two products from this category are Ledger Nano X and Trezor Model T, but you can also opt for their older models Ledger Nano S and Trezor Model One, as they are much more affordable.

Books About Bitcoin and Crypto

Knowing the ins and outs of the crypto and blockchain is sometimes difficult on your own, and scouring the many blogs and articles available online can be tiresome. Why not get a book that covers all the aspects in-depth?

Andreas Antonopoulos, a prominent figure in the industry and a well-known blockchain educator, has written a series of books available both in paperback and ebook format. His book “Mastering Bitcoin: Programming the Open Blockchain” features a comprehensive glossary of blockchain lingo and explains how bitcoin came about and its underlying functions. This book is also great for those that want to learn the coding aspects of blockchain.

Of course, there are many other books that are about bitcoin, such as “Early Bird Gets The Bitcoin” by Andrew K. Courey, “Bitcoin For Dummies” by Prypto, “Bitcoin From Beginner To Expert” by Christian Newman, and “Bitcoin: The Ultimate Guide to the World of Bitcoin” by Ikuya Takashima.

Socks

bitcoin socksEven if not the most exciting of Bitcoin gifts, socks are definitely the most classic of Christmas gifts. You can buy online various sock models that feature the Bitcoin logo on them. They come in a variety of colors, material blends, and lengths, so you will never be short of options.

Clothes

Bitcoin t-shirtsIf your friend loves both fashion and bitcoin, then why not get a clothing item that reflects their passion. There are a variety of shirts and pants that can be purchased from different sites.

One popular model features the bitcoin logo stylized on NASA t-shirts. Of course, you can also go for a Bitcoin hoodie for the ultimate Mr.-Robot-Hacker- vibe.

ASIC Miners

You may not have the money to buy your friends bitcoin, but you could get them an ASIC mining rig to help them mine their own BTC. Bitmain, Halong, GekkoScience, Pangolin, Baikal, Ebang, and Canaan are all popular mining hardware producers, and their product line includes some of the best AISC miners for bitcoins.

Graphics Card

If ASIC miners are a present that goes way over your budget, then you could get a graphics card from AMD or Nvidia as a gift. Graphics cards have the ability to mine various coins, but for bitcoin mining, the profits will be made much slower, as they have less computational power than ASICs. But, if the person you are giving this present to is not into serious mining, it should suffice.

The graphics card can also be used to upgrade the power of your computer when playing games, so it’s sort of a two-in-one gift.

Accessories

For those who love to accessorize their outfit, there are a variety of Bitcoin-themed items that can be used to style up an outfit.

There are belt buckles made out of stainless steel, vintage bitcoin watches with genuine leather, cufflinks, ties, hats, and all sorts of other items that will enhance the style of the wearer.

belt buckles
pinterest.com

Jewelry

bitcoin jewerlyOne of the most expensive Bitcoin gifts on our list is jewelry. You can find rings, bracelets, necklaces, earrings featuring the Bitcoin logo in various styles and designs. They can come in gold, silver, copper-toned, and in all sorts of shapes and sizes, be it dainty or chunky.

Of course, such jewelry is not only reserved for the ladies of the crypto revolutions; there are also many options for men.

Card Games

bitcoin card gameIf you are looking for something more fun and lighter, then an educational card game about bitcoin is a great option. Each card of the game features facts about bitcoin, and it is a great way of getting everyone to interact at Christmas parties.

For those looking to play more serious games, there are card games with Bitcoin with which you can play poker or blackjack. Why play a game of poker with spades, hearts, diamonds, or clubs, when you can get a royal flush with Bitcoin, Ethereum, Litecoin, and NEO?

A Blockchain Phone

This is a tech product that was released a year or two ago, so you might find it at really steep prices. HTC and Sirin Labs are two of the companies that have launched a blockchain phone that also features cold storage functions, increased security, and other functionalities derived from blockchain technology.

A crypto enthusiast can store his bitcoin directly on his phone and has the same security of a hardware wallet, or makes payments with his digital funds.

The Exodus and Finney smartphones are around the $1,000 mark, which is a lot, but you have plenty of other budget-friendly Bitcoin gifts on our list.

blockchain phone
technologyreview.com

A Phone Case

bitcoin phone caseMost people will definitely not be able to afford a blockchain phone, but you can get a lovely bitcoin case at a very wallet-friendly price. Be it for Samsung, Nokia or iPhone, you will certainly be able to find a model with the bitcoin logo that will showcase your friend’s love for crypto, while also protecting his phone from scratches.

Dallas Mavericks CTO: Crypto Payment Option Still ‘A Cottage Industry’

The Dallas Mavericks pro basketball team’s cryptocurrency payment option has not yet caught on with the majority of fans, the team’s chief technical officer said in a recent interview.

As sports business-focused media outlet Front Office Sports reported on Nov. 14, Mavericks CTO David Herr said that the team wants to provide its fans with a more flexible way to purchase tickets and merchandise, thus enabling them to pay with cryptocurrencies. However, Herr pointed out that the demand for such an option is still very low, saying:

“[Users] are pretty low, I don’t want to say infancy, but it’s a select group of people using it […] We did some research, heard some discussions and conversations and one comment was it’s still complicated to 99% of the population. Until it’s more widely accepted, it’s a cottage industry or a neat way to pay.”

As previously reported, the Mavericks became the second NBA team to accept Bitcoin (BTC) as a means of payment for match tickets and merchandise in mid-August. The team uses cryptocurrency payment processor BitPay to process their fans’ Bitcoin payments.

Herr said that the novelty of paying in cryptocurrency was part of the decision to introduce the payment option, stating, “We want to provide cool things for the fans and crypto was in response to some requests we’ve had.”

Sports adopting crypto and blockchain

Professional sports teams in various leagues and sports across the world have begun to dabble in blockchain and cryptocurrencies. In mid-October, the Sacramento Kings — the first NBA basketball team to adopt cryptocurrencies — partnered with creator of Ethereum-based Kaiju toys, CryptoKaiju, to launch crypto-collectibles. The collaboration followed the news that the team was launching a blockchain-powered rewards program within its gaming app Call the Shot.

In Germany, FC Bayern Munich became the latest football club to announce blockchain-based merchandise for fans, following a partnership with Stryking Entertainment to produce digital collectibles of its players.

By
Ana Alexandre

German Entrepreneur Claims to be Satoshi Nakamoto, Co-founder of Bitcoin

The magic title of Satoshi Nakamoto—the pseudonymous creator of Bitcoin, seems to draw claimants from everywhere with the latest being a German entrepreneur and former DJ popularly known as “Jorg Molt.”

Molt claims he is the real Nakamoto, a co-creator of Bitcoin, and owns 250,000 BTC. He revealed this to attendees of a crypto industry event in Las Vegas USA, last week.

The Power in ‘Satoshi Nakamoto’

The name Satoshi Nakamoto is quite powerful. The pen name defines the coder (or a group of coders) that created Bitcoin—a decentralized network that remains revolutionary to-date. The network created by Nakamoto provides a transaction settlement layer, which is ultra-secure and functions as non-sovereign digital money.

Since it launched nearly 11 years ago, Bitcoin has removed the barriers that traditional mechanisms failed to jump over. According to estimates from research groups in the industry, those who claim to be Nakamoto own big chunks of coins valued at more than USD$5 billion.

However, while many have come out to claim the ownership of the name, they have fallen off the map and failed to prove that they are the creator or co-creator of the pioneer cryptocurrency. All the same, people still emerge claiming to be the real Nakamoto.

“Bitcoin co-founder” Jorg Molt

Last week, the Vegas Blockchain Week took place in Las Vegas USA, drawing industry members bearing all sorts of professional and entrepreneurial tags.

In attendance was also Jorg Molt, the self-proclaimed Bitcoin co-founder. Both Molt’s Twitter Handle and his biography link to Bitcoin. The handle is “@bitcoin_cofound” while the biography reads “co-founder of Bitcoin.” Besides, Molt claims to own 250,000 BTC, which is equivalent to $2.3 billion according to the current market price.

For the most part of the conference, Molt went under the radar but his statement left an array of criticism from various quarters. A famous crypto commentator Kenneth Bosak posted a videoterming Molt a “scammer.” Another prominent Bitcoin educator Andreas Antonopoulos alsocondemned Molt terming his sentiments “A LIE.”

Dutch Central Bank: World Will Need Gold if Entire System Collapses

Gold will rescue the economy from “collapse”

In comments which have caught critics of fiat by surprise, the Dutch Central Bank, known as De Nederlandse Bank (DNB), said gold would be indispensable in the event of a fiat meltdown.

Retweeted on social media on Oct. 13, a statement from the bank’s website describes gold as “the trust anchor for the financial system.”

“If the entire system collapses, the gold stock provides a collateral to start over. Gold gives confidence in the power of the central bank’s balance sheet. That gives a safe feeling,” it continues.

Sound arguments

While it is known that central banks have begun buying up gold since the 2008 financial crisis, it is the DNB’s phrasing that has excited Bitcoin (BTC) proponents in particular.

As a form of sound money with the highest stock-to-flow ratio of any commodity, gold previously ensured the sound functioning of economies before governments uncoupled their national currencies from its backing over the last century.

Since then, as Saifedean Ammous noted in his popular book, “The Bitcoin Standard,” telltale signs of decay have plagued most countries’ economies.

Central banks, notionally in charge of fiat currencies, use interventions to manipulate their supply artificially, something which is all but impossible to do with gold due to its stock-to-flow ratio.

This championing of the precious metal’s qualities over paper money thus did not go unnoticed among Bitcoin figures.

“It’s an established central bank! Speaks to the times we live in,” Gabor Gurbacs, digital asset manager at VanEck, tweeted in response to DNB.

https://cointelegraph.com/news/dutch-central-bank-world-will-need-gold-if-entire-system-collapses

These Debit Cards Will Help You Spend Your BCH Anywhere

US Crypto Cards That Can Be Topped Up With BCH

The Bitpay card is the leading product of its kind in the U.S. and in fact one of the few remaining options for American crypto users after alternatives like Shift became unavailable. The card issued by the well-established crypto payment service provider supports bitcoin cash (BCH) and bitcoin core (BTC). Those who have a Bitpay wallet can convert their coins into U.S. dollars and spend them with any retailer accepting Visa.

U.S. residents can now also use a crypto debit card from Blockcard. Once you sign up, add digital money, and pass KYC, you’ll be able to get a virtual Visa card. You can fund your account with a number of major cryptocurrencies such as BCH, BTC, ETH, and LTC, as well as several stablecoins. Note that the deposited amount is converted to ternio (TERN) which is then sold for fiat at the time the purchase takes place.

These Debit Cards Will Help You Spend Your BCH Anywhere

According to the platform’s website, you can also use your account to make payments via Apple Pay and Google Pay. The Blockcard crypto debit card is currently available in the United States only but the company plans to launch in over 30 European jurisdictions in the future.

Coinbase, America’s leading cryptocurrency exchange, is already offering a debit Visa in 19 countries in Europe. The plastic Coinbase Card is currently available to customers in Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Portugal, Slovakia, Slovenia, Spain, and the U.K. The trading platform intends to add other markets.

The card can be employed for online and offline payments, at all retail locations that accept Visa. Holders can also withdraw fiat at ATMs around the world. The daily spending limit is £10,000 or €10,000, while cash withdrawals are limited to £500 or €500 respectively.

More Options Available to Europeans

BCH enthusiasts on the Old Continent definitely have more options at their disposal than Americans. At least two other card providers support bitcoin cash. 2gether is a financial platform providing services in the Eurozone, where it allows users to send and receive euros and cryptos from the same wallet app. It also issues a Visa debit card linked to its wallet. As its website explains, your money is managed by Pecunia Cards, an electronic money institution regulated under EU law and supervised by the Bank of Spain.

Bitnovo, another Spanish platform, buys and sells more than 20 major cryptocurrencies. Besides facilitating trades, it has a mobile application and issues debit cards that don’t require a bank account and can be topped up with BCH and other coins with large market cap. Its Bitcard can be used to pay bills online and purchase items in brick and mortar stores as well as withdraw fiat cash at ATMs. It’s currently available only to EU residents.

These Debit Cards Will Help You Spend Your BCH Anywhere

Europeans can also order a virtual or plastic debit card from Uquid. The cards are powered by bitcoin cash among other cryptocurrencies that can be converted to British pounds, euros and U.S. dollars. The platform promises unlimited online spending, ATM withdrawals and fee-free POS purchases. But to find out if the card is available in your country, you need to create an account first. It’s free of charge but you’ll have to pay for the physical card itself.

Other cards that support bitcoin cash and are available to customers elsewhere include Crypto.com’s MCO Visa. The company started shipping its cards to clients in Singapore last year and added BCH this past May. It plans to introduce the card in the U.S. through a partnership with a local affiliate and the New York-based Metropolitan Commercial Bank.

If you need to acquire bitcoin cash you can safely and securely purchase BCH and other cryptocurrencies at buy.Bitcoin.com. You can also freely trade your crypto assets on our noncustodial, peer-to-peer marketplace, local.Bitcoin.com, or register at our recentlylaunched premier trading platform, exchange.Bitcoin.com.

https://news.bitcoin.com/these-debit-cards-will-help-you-spend-your-bch-anywhere/