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This Week in Crypto

This Week in Crypto

Author: Crypto News - Bitcoin | Ethereum | Blockchain

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A roundup on the latest in blockchain and cryptocurrency. Tune in for daily news and weekly interviews with guests from top projects in blockchain. mota.eth
This is your daily roundup for Friday, November 22, 2019. The European Investment Fund invests €100 million in a blockchain fund, Coinbase Custody expands Tezos staking internationally, and China cracks down on crypto related activities in Shenzhen. 📧 Subscribe to my daily newsletter on
This is your daily roundup for Thursday, November 21, 2019. Chainalysis lays off 39 employees, Shanghai police allegedly raid Binance offices, and Silvergate Bank announces plans to launch crypto lending and custody services. 📧 Subscribe to my daily newsletter on
Polymesh migrates from ethereum to Parity’s Substrate, the U.S. Federal Reserve responds to a letter in regards to a Central Bank Digital Currency (CBDC), and ShapeShift launches its “FOX” exchange token. 📧 Subscribe to my daily newsletter on
This is your daily roundup for Tuesday, November 19, 2019. The IRS investigates Bitcoin ATMs, Fidelity Digital Asset Services has been granted a trust license, and Grayscale Investments seeks SEC reporting company status. 📧 Subscribe to my daily newsletter on
This is your daily roundup for Monday, November 18, 2019. Visa introduces the LucidiTEE blockchain, the SEC reviews Bitwise bitcoin ETF rejection, and Cashaa plans to offer banking for US crypto firms. 📧 Subscribe to my daily newsletter on
This is your daily roundup for Sunday, November 17, 2019. A Wyoming law exempts New York’s bitlicense requirement, Andrew Yang addresses regulating crypto, and the Federal Reserve releases stablecoin guidelines for issuers. 📧 Subscribe to my daily newsletter on
This is your daily roundup for Saturday, November 16, 2019. Tether denies allegations in its class action lawsuit, China stays firm on its cryptocurrency restrictions, and Alibaba denies any form of partnership with Lolli. 📧 Subscribe to my daily newsletter on
This is your roundup for the week ending November 15, 2019. Bithumb Launches Bithumb Coin (BT), CME Group plans to offer bitcoin options in 2020, and Multi-Collateral Dai (MCD) will launch next week. 📧 Subscribe to my daily newsletter on
This is you daily roundup for Friday, November 15, 2019. Compound Finance raises $25 million, BRICS nations explore cryptocurrency for trade, and Multi-Collateral Dai (MCD) goes live on Monday. 📧 Subscribe to my daily newsletter on
This is you daily roundup for Thursday, November 14, 2019. The Coinbase debit card supports additional tokens, Ledger Vault secures a $150 million insurance policy, and the Swiss Exchange lists a Tezos exchange traded product (ETP). 📧 Subscribe to my daily newsletter on
This is you daily roundup for Wednesday, November 13, 2019. Bakkt plans to offer cash-settled bitcoin futures, announces a new exchange, and Telegram requests its SEC case to be dismissed. 📧 Subscribe to newsletter 📑 Read full show notes ☕ Buy me a coffee
This is you daily roundup for Tuesday, November 12, 2019. Justin Sun admits investment in Poloniex, BitGo is processing 20% bitcoin of transactions, and Binance announces it will use the fiat gateway by Paxos Trust Company. 📧 Subscribe to newsletter 📑 Read full show notes ☕ Buy me a coffee
This is you daily roundup for Monday, November 11, 2019. HTC launches the EXODUS 1 Binance Edition, Abra adds support for 60 new assets, and Polkadot explores Kadena’s Pact smart contract programming language. 📧 Subscribe to newsletter 📑 Read full show notes ☕ Buy me a coffee
This is you daily roundup for Sunday, November 10, 2019. Bithumb launches Bithumb Coin (BT), an EIDOS airdrop clogs the EOS network, and Ant Financial is testing its blockchain network for launch next year. 📧 Subscribe to newsletter 📑 Read full show notes ☕ Buy me a coffee
Vertalo is a platform for issuers and broker-dealers to manage security tokens and cap tables. Vertalo is integrated with custody platforms and KYC/AML providers to make managing a security token investors’ data easy. ☕ Buy Me A Coffee:
Tim Byun, CEO at OKCoin

Tim Byun, CEO at OKCoin


Tim Byun is the CEO of OKCoin, one of the oldest and largest cryptocurrency exchanges. Tim spent the first part of his career at the FDIC and Federal Reserve before getting into crypto. He previously worked compliance at BitPay and AML at Visa. Tim joins us to discuss the regulatory state around cryptocurrency exchanges, updates from OKCoin, and how to further develop adoption. ☕Buy Me A Coffee:
This is your daily roundup for Wednesday, November 6, 2019. Hong Kong’s SFC releases a position paper on virtual asset exchanges, Cash App restructures its bitcoin fees, and Nervos Network will launch its “Lina” blockchain next week. ☕ Buy Me A Coffee: Hong Kong Crypto Exchange Position Hong Kong’s Securities and Futures Commission (SFC) has released a position paper on virtual asset exchanges. The paper outlines custody, KYC, and a new licensing requirement for any virtual asset firm trading at least one security token. Decentralized and non-custodial trading platforms will not be reviewed by the SFC. Under the new licensing conditions, regulated crypto exchanges can only offer products to professional investors. Exchanges must also obtain the SFC’s prior written approval for any plan or proposal to add any product to its trading platform and must provide monthly reports to the SFC. Only 2% of assets can be stored on hot wallets. Per the license requirement, exchanges must use a Hong Kong incorporated custodian that is a wholly owned subsidiary of the exchange. An insurance policy must also cover the risks of assets held in both hot storage (full coverage) and cold storage (a substantial coverage) at all times. Lastly, the report says exchanges should take all reasonable steps to establish the true and full identity of each of its clients, and of each client’s financial situation, investment experience, and investment objectives. The regulator also issued a warning Wednesday to providers of cryptocurrency-based futures products targeting Hong Kong citizens without the proper paperwork. The SFC said it has not licensed or authorised any person in Hong Kong to offer or trade virtual asset futures contracts to date and remains unlikely to grant a license. Cash App Bitcoin Fees Square’s Cash App has started charging standalone fees for bitcoin purchases as high as 1.76 percent. The Cash App website now states “Cash App may charge a fee when you buy or sell bitcoin. If so, the fee will be listed on the trade confirmation before you complete a transaction.” A Square spokesperson confirmed that Cash App is rolling out a new fee structure for bitcoin trades. Previously, fees were included in the spread. Now Square says it has broken fees out of the spread for user transparency. The 1.76 percent fee is still favorably for smaller bitcoin transactions when compared to Coinbase. Square reported bitcoin sales of $148 million for its Q3 2019. Security Token Research Consortium Mitsubishi UFJ Financial Group – Japan’s largest financial group and the fifth largest bank in the world by assets – is leading a 22-member Security Token Research Consortium to develop standards around security token management. Securitize is the only issuance platform provider that has joined the consortium.  The group is pursuing ways to develop, offer and onboard financial transactions services using blockchain, with a focus on automatic settlement for securities and funds. It plans to develop a dedicated security token blockchain called “Progmat” to provide a platform for managing securitized assets, including trust functions to minimize counterparty risk. Mitsubishi UFJ Financial Group is also developing a blockchain payments network with fintech company Alkami Technologies to be launched in the first half of 2020. The company is also participating in a blockchain proof-of-concept to streamline KYC processes with HSBC Singapore, OCBC Bank and the Info-communications Media Development Authority. Nervos Network Launch Nervos Network plans to launch its “Lina” blockchain next week on Nov. 16. It’s estimated that the startup raised $72 million in its three-week token sale. Investors included China Merchants Bank International (CMBI), Polychain Capital, Blockchain Capital, Hashkey, MultiCoin and Distributed Global. According to co-founder Kevin Wang, the mainnet will enable users to build applications on their blockchain without facing the tradeoff between scalability and security. The company’s new CKByte token entitles holders to storage space on the blockchain, acting as an incentive mechanism for miners and acting as a resource management tool. The company has established its significant presence in the Chinese developers’ community as some of the core team members are among the earliest ethereum developers in China. EU Stablecoin Regulation According to Reuters, a group within the EU presidency is working on a draft political declaration that will say the EU should regulate stablecoins in particular. The declaration is being developed in response to Libra, with a focus on how stablecoins should be regulated. A source told CoinDesk “The statement is to highlight the need for a proper regulatory framework for those stablecoins and as a consequence, different ideas should be explored. One of them is the possibility of having something that is managed by the ECB [European Central Bank] and other central banks.” The declaration is expected to be adopted by the EU on Dec. 5, at the finance ministers’ next meeting
This is your daily roundup for Tuesday, November 5, 2019. CipherTrace adds support for Binance Chain, the Stellar Foundation burns 55 billion XLM, and Huobi Global bans U.S. customers from its exchange. ☕ Buy Me A Coffee: Coke Bottlers Turn To Blockchain Coke One North America, the technology firm that manages the IT operations for Coca Cola bottlers, is using a blockchain solution from German software firm SAP to improve its supply chain process. Andrei Semenov, senior manager at Coke One North America, told Business Insider "There are a number of transactions that are cross-companies and multiparty that are inefficient. They go through intermediaries; they are very slow. And we felt that we could improve this and save some money," The blockchain-based solution will allow bottlers to see real-time inventory of other franchises and will have the ability to purchase bottles from other franchises to fulfill an order in the event of a shortage. CONA says that franchisers will be paid much faster.  CONA is able to view all transactions on the online ledger, including what franchise orders and specific shipments. Using the technology, CONA is hoping to reduce the order-reconciliation process from 50 days down to just a few days, leading to cost savings and faster cash flow between the franchises. The pilot program initially started with just two bottlers — Coca-Cola United and C.C. Clark — and is now being scaled across 70 franchises.  Binance Expands CipherTrace Partnership CipherTrace, a leading provider of cryptocurrency intelligence and blockchain security, announced support for Binance Chain and its community that facilitates the transfer and trading of blockchain assets and BNB. Binance Chain primarily functions as the foundation layer of Binance’s new decentralized exchange. CipherTrace support for BNB and the larger Binance Chain ecosystem follows on the heels of a recent expansion of CipherTrace services where the company added 700 crypto assets, including Bitcoin Cash (BCH), Ethereum (ETH) and tether (USDT) to its traceable list.  CipherTrace technology will track on-chain funds and problematic user wallet addresses. The integration comes in response to Financial Action Task Force (FATF) recommendations for having exchanges implement the travel rule. Binance chief compliance officer Samuel Lim stated “Our users can soon expect more digital token/asset support across our fast-growing ecosystem and lines of businesses. While we constantly strengthen our compliance and security controls to align with global regulatory standards, we stay true to our roots of being user-centric. This partnership with CipherTrace would ultimately encourage greater community involvement, developer participation and public interest in Binance Chain and pave the way for larger mainstream adoption.” Binance also announced that its implementation of the Threshold Signature Scheme Library, a technology aimed to allow crypto startups to more securely manage private keys is now open source. The Threshold Signature Scheme Library will enable wallet providers and custodians to avoid single points of failure in private keys with distributed key management. Stellar Foundation Burns 55 Billion XLM The Stellar Development Foundation has burned 55 billion of its XLM tokens, more than half the cryptocurrency’s supply. CEO Denelle Dixon made the announcement from the stage of the Stellar conference this Monday. Previously, there were 105 billion XLM in existence, with 20 billion in circulation. The supply is now 50 billion lumens, with 30 billion XLM in the hands of the foundation. Dixon said, as much as they wanted to use the lumens that they held, it was very hard to get them into the market. Instead of selling the lumens, the organization decided it was better to project how much it could actually use over a 10-year period and calibrate. In the hour following the announcement, XLM’s price jumped about 14 percent, to $0.08, according to data provider Nomics. Huobi Kicks Off U.S. Customers Huobi Global will kick all of its U.S. customers off its platform later this month. The exchange announced it would freeze all U.S. accounts on starting Nov. 13, saying the move is in response to compliance towards U.S. laws and regulations. Huobi is recommending that customers transfer their assets to it’s U.S. partner HBUS, based in San Francisco. Huobi said all outstanding balances must be withdrawn by Nov. 13, and offered to assist users holding amounts below the withdrawal minimum via customer support. Customers can receive their funds in bitcoin or USDT. Huobi’s move follows that of Binance which in June, cracked on U.S. customers, pushing them to FinCEN-registered exchange Binance US. DX.Exchange Halts Operations DX.Exchange is pausing operations as it pursues a merger or sale of the company. The move was voted on by its board this Monday. The firm stated “The costs of providing the required level of security, support and technology is not economically feasible on our own.” Customers have until Nov. 15 to withdraw funds. DX.Exchange offered tokenized shares in companies listed on the Nasdaq stock exchange.
This is your daily roundup for Monday, November 4, 2019. FATF releases guidance on global digital IDs, Microsoft launches Azure Blockchain Tokens, and thousands of BitMEX users fall victim to an email privacy breach. ☕ Buy me a coffee: FATF Releases Guidance on Global Digital IDs The Financial Action Task Force (FATF) has published its draft guide on digital identity, for governments, regulated entities and other stakeholders to enforce AML and CFT regulations. FATF listed a number of questions acting as “areas of focus,” requesting private stakeholders to provide feedback via email by Nov. 29, 2019. The guidance specifically lists distributed ledger technology (DLT) as a tool that can aid in the growth of digital ID networks. Due to the rise of stablecoins across international financial systems, the organization also stressed the importance of digital identity in payment systems, which could be used to identify stakeholders in stablecoin-related transactions. The 77-page draft guidance further details many issues related to digital ID systems, including their reliability and independence, and how they might be used in performing customer due diligence. BitMEX Email Privacy Breach BitMEX says its email privacy breach last week was due to failed internal processes, exposing thousands of emails from users on the exchange on Nov. 1. In order to overcome email server restrictions on bulk emailing, BitMEX built an in-house system to handle the rendering and sending of emails. To expedite the process, the exchange’s email systems API was changed at the last minute, but did not undergo the typical checking process. As a result, user emails were exposed via carbon copy (CC). The exchange says it stopped further batches of emails being sent out upon recognition of the issue. In response to the leak, BitMEX says they employed password resets and human review on endangered accounts. BitMEX deputy chief operating officer Vivien Khoo says no personal data or account information beyond email addresses was exposed. China Bitcoin Mining Update The National Development and Reform Commission (NDRC), a top-level economic planning agency under China’s State Council, published a new finalized catalog for guiding industry restructuring that will take effect starting Jan 1, 2020. In the final version, the agency removed bitcoin mining or other virtual currency mining activities from the initially proposed category of industries that should be eliminated from China. The initial draft released in April classified “virtual currency mining, such as the production process of bitcoin” under the category to be eliminated, recommending local governments to phase out bitcoin mining.  The removal from the catalog is positive news for bitcoin as it’s estimated that China’s miners account for half of bitcoin’s global hashing power. BCSC Seizes Einstein Exchange The British Columbia Securities Commission (BCSC) announced today that it had filed to take control of Einstein Exchange after the platform said on Oct. 31 that it planned to shut down its operations within the next 60 to 90 days. According to a court filing, Einstein owes its customers $12.4 million USD. The Supreme Court of British Columbia granted the BCSC’s order and appointed accounting firm Grant Thornton as interim receiver to take control of the exchange’s assets. Grant Thornton was also authorized to take possession over any of Einstein’s properties and assets and could use forced entry if necessary. The accounting firm entered and secured the premises of Einstein Exchange on Nov. 1. According to the BCSC, the commission received a number of complaints from customers who were unable to access their assets on Einstein Exchange.  Microsoft Launches Azure Blockchain Tokens Microsoft has announced it’s new Azure Blockchain Tokens platform at the Ignite conference in Orlando, Florida. The platform allows businesses to choose from a growing set of token-building templates that conform to the Token Taxonomy Initiative (TTI) – a standards push and enterprise consortium spearheaded by Microsoft principal architect Marley‌ Gray.  Gray stated “We are creating a platform in the cloud where any token within the TTI framework can snap into place. So you can build applications where you want to use tokens with, for example, Dynamics, SAP, applications in the Office suite or some other business automation process.” Azure Blockchain Tokens are interoperable with IBM, R3, and ethereum variants. The platform is being released alongside a host of example tokens including a Hyperledger Fabric FabToken built by IBM, a Santander BOND token, and a REWARD token from Intel and ConsenSys.
This is your daily roundup for Friday, October 4, 2019. PayPal withdraws from the Libra Association, Coinbase Pro increases trading fees, and Apple CEO Tim Cook argues issuing money is for governments and not for private firms. ☕Buy Me A Coffee: PayPal Withdraws From Libra Association PayPal has announced its withdraw from the Libra Association. The Financial Times initially reported that PayPal is considering leaving the project due in part to the regulatory backlash Libra has received in recent months. A PayPal spokesperson told CoinDesk that they made the decision to forgo further participation in the Libra project, to instead continue to focus on advancing their existing mission and business priorities. A Libra Association spokesperson has confirmed the withdrawal.  Calibra CEO David Marcus address a Wall Street Journal report in regards to Visa and Mastercard considering to leave the association. Marcus tweeted “change of this magnitude is hard and requires courage + it will be a long journey. For Libra to succeed it needs committed members, and while I have no knowledge of specific organizations plans to not step up, commitment to the mission is more important than anything else. Tim Cook "No" On Issuing Money In an interview with Les Echos, Apple CEO Tim Cook argued that issuing money is for governments and not for private firms. Cook stated “I deeply believe that money must remain in the hands of states. I am not comfortable with the idea that a private group creates a competing currency. A private company does not have to seek to gain power in this way. Cook's comment may be a criticism at Facebook's Libra project. On the other hand, Apple Pay vice president Jennifer Bailey, said last month that the firm is watching cryptocurrency and thinks it has interesting long-term potential. Apple has developed its traditional fiat-currency payments initiatives via Apple Pay and the Apple Card released this year. Coinbase Pro Increases Fees Coinbase Pro is increasing fees for traders early next week. Starting October 7th at 22:00 UTC, Coinbase Pro will have higher fees for new tiers of accounts transacting under $10,000, and between $10,000 and $50,000. Currently, all accounts trading under $100,000 are charged 0.25 percent (takers) and 0.15 percent (makers). Accounts with trading under $10,000 will see fee increases of 150%. The changes, however, will favor high-volume customers, with accounts transacting over $50,000 or more either seeing a small reduction in fees or no change at all. Coinbase UK Reinstates Deposits Coinbase UK has reinstated British pound deposits and withdrawals for domestic users. Deposits have been paused for a month due to the ended partnership with Barclays. The exchange has formed a new partnership with ClearBank. The bank is a member of the UK's Faster Payment Scheme settlement network, which Coinbase required for pound-denominated transactions. Coinbase UK has also listed, XRP, basic attention token (BAT), stellar lumens (XLM), 0x (ZRX) and augur (REP). This has been your daily roundup from This Week in Crypto for Friday, October 4, 2019. Be sure to support the podcast by subscribing on your favorite podcast app including Google Home and Alexa devices. Also join us on Twitter to let us know your thoughts at Thanks for listening, we'll see you next time.
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