Cryptocurrency live news today | Top blockchain platforms 2021 Cryptocurrency live news today with Welcome2crypto.net. We are leading top blockchain platforms in 2021 . Get the latest crypto news and information to know about bitcoin, ethereum, and more! Visit Here:- https://welcome2crypto.net/category/crypto-news/ A Sudden Drop In Bitcoin Exchange Inflows Suggests Bullish Momentum The Bitcoin supply at exchanges has dropped to a 50-day low. After a strong selling run last month, the Bitcoin miners have resumed accumulation once again. After dropping all the way to $32,000 last week, Bitcoin (BTC) has bounced back once again and is currently in recovery mode. At press time, BTC is trading 1.75 percent higher at a price of $34,297 with a market cap of around $644 billion. Although Bitcoin continues to face strong resistance at the $35,000 level, some of the on-chain metrics are showing considerable improvement of late. The amount of BTC inflows to exchange wallets have dropped sug...
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Binance Deploys Crypto Monitoring ‘Traveler’ System To Comply With FATF Travel Rule – Regulation Bitcoin News
Binance announced yesterday it deployed Ciphertrace’s Traveler system as part of its compliance efforts. Traveler is the first system designed for exchanges to comply with the Travel Rule proposed by the Financial Action Task Force. The exchange would be among the first wave of exchanges implementing this automatic Travel Rule compliance system.
Binance Implements Ciphertrace’s Traveler Protocol in Its Trading Platform
Binance, one of the largest cryptocurrency exchanges in the market, announced the implementation of Traveler, a system that will help them comply with the Travel Rule established by the Financial Action Task Force (FATF). Ciphertrace, a blockchain analytics startup, created Traveler as a third-party compliance platform.
Ciphertrace claims Traveler automatizes the process of complying with FATFs mandate, automatically making connections and identifying different VASPs (Virtual Asset Service Providers). Therefore, exchanges simplify their due diligence burden by implementing it.
As a consequence of this deal, the exchange would be able to detect and identify money launders quickly. For this reason, Samuel Lim, Chief Compliance Officer of Binance, stated:
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Regulatory Crackdowns Aimed at the Crypto Industry
According to some reports, this type of tool would appease regulators that are currently investigating crypto exchange activities all over the world. This announcement comes after Binance faced a series of warnings from regulators in several countries. The Japanese cryptocurrency watchdog, the FSA, issued a warning against Binance recently. Japanese regulators state the company has not registered to offer crypto trading services. Similarly, UK regulators also issued a similar warning, stating Binance didn’t have a permit to conduct business in the country.
In the same way, Binance stopped offering its services in Ontario after the Ontario Securities Commission said Binance offered security trading with no authorization. Changpeng Zhao, founder, and CEO of the exchange has repeatedly stated Binance has no headquarters because “it is like Bitcoin”, avoiding answering where the company is based. Consequently, its location has remained a mystery, with some pointing at the Cayman Islands as its possible base.
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