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CasinoCoin Foundation to be a featured partner of the Isle of Man Government at ICE 2018

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This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

17 January 2018 (Isle of Man) CasinoCoin (CSC), the open source, peer-to-peer cryptocurrency designed specifically for the regulated online gambling industry, will be a featured partner at the Isle of Man (IOM) Department for Enterprise exhibition stand at the ICE Totally Gaming conference – one of the largest and most important gaming exhibitions of the year.

John Caldwell, Director of Advocacy for the Foundation, said: “We haven’t seen too many cases of overt support of a cryptocurrency from a government organisation, and we’ve been super pleased with the Isle of Man’s help. We think it shows we’re on the right track.”

The purpose of the CasinoCoin Foundation, a non-profit organisation, is to promote adoption and best-use practices of CSC in regulated gambling markets, and to help realise the continued optimal technological performance of the coin and its underlying blockchain.

The Isle of Man is considered one of the top online gambling regulatory jurisdictions in the world, and they are known for their forward-thinking approach. Their support marks a big step towards the CasinoCoin Foundation meeting their purpose and gaining wider adoption.

Tony Ure, Head of eGaming at the IOM Department for Enterprise, said: “The Isle of Man always leads at the intersection of technology and gaming, and cryptocurrency certainly sits at the juncture of the two. We brought cryptos under our Proceeds of Crime Act and AML legislation in 2014 and have allowed our licensees to offer the gamble with crypto and skins since early 2017. We’re pleased that CasinoCoin will join us at ICE and look forward to a long and fruitful relationship.”

CasinoCoin puts operators and regular customers front-of-mind with its approach, and aims to lead the industry in setting high, best-use practice standards. It is currently in final development of a new application that will include built-in KYC, AML and responsible gaming features, all of which will greatly benefit users and operators alike.

Every year ICE hosts the ‘who’s who’ of the online gaming industry and the presence of the CasinoCoin Foundation will offer the opportunity to showcase new technology that aims to complement, not disrupt, the world’s top gaming providers.

ENDS

For further information on CasinoCoin please visit their website, or chat to the team on their Reddit and Discord channels.

For Further information on this press release or to arrange an interview, please contact Donna [email protected]


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Ignite Engages Coinfirm to Boost AML Compliance During ICO

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This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

London, UK., 17th JanuaryIgnite is pleased to announce its engagement with Coinfirm and its AML/CTF Platform. Coinfirm will ensure that Ignite will stay fully compliant with AML regulation during its ICO commencing at 18:00 UTC on 15th January.

Who are Coinfirm?

Coinfirm is a leading regulatory technology company with an objective to secure the safe adoption and use of blockchain by deploying the Coinfirm AML/CTF Platform.

Coinfirm’s platform helps ICOs to streamline and automate compliance processes and aims to be the global standard for AML enabling a high level of transparency for cryptocurrency and blockchain based transactions.

How will the Coinfirm Platform work for Ignite?

Coinfirm’s AML platform makes it possible to easily identify funds from risky or illegal sources and assess risks connected to dealing with contributing wallet addresses (serving BTC, ETH and Dash).

The platform uses approximately 200 proprietary algorithms and big data analysis to provide actionable data on contributing wallet addresses. Coinfirm’s technology has the ability to farm data from the blockchain, clearnet, deep web, and data leaks (to name a few sources).  Ignite has integrated with Coinfirm so that we will have streamlined access to reports and risk scores for all of our contributor’s wallets.

The risk reports prepared in real time by Coinfirm will give a risk score on each wallet ranging between 0-99, and will reflect the risk level of money laundering, fraud, or other compliance risks. A higher score will reflect a higher risk with a particular wallet. Coinfirm will then provide Ignite with further data such as behavioral profile, financial characteristics, and over 100 risk indicators.

Ignite will use this valuable data to block and refund transactions on those wallets marked as “high risk”. For those around the high risk mark, Ignite will undertake a greater degree of analysis on the wallet addresses, in some cases requesting further due diligence to be completed by the contributor. A final call on transacting with those addresses will be made depending on the outcome of the further due diligence completed.

Ignite’s legal team will be monitoring Coinfirm’s real time reports for the duration of the ICO and will take action in the best interests of preventing our platform from being utilised for money laundering purposes.

We look forward to working together with Coinfirm and furthering its mission to make the blockchain and crypto world a safer space.

Ignite’s ICO commences at 18:00 UTC on 15th January https://igniteratings.com/.

Coinfirm is currently in the middle of their own crowdsale for AMLT. More information can be found here https://amlt.coinfirm.io/.

About Coinfirm

Coinfirm is a recognized leader in their field,  ranked among the most influential blockchain and regtech companies and serves as a foundation for the safe adoption and use of blockchain. The Coinfirm AML/CTF Platform uses proprietary algorithms and big data analysis to provide structured actionable data that increases efficiency, reduces costs and streamlines compliance to near automation. The blockchain agnostic platform benefits companies operating around blockchain as well as major financial institutions, asset management companies and BI companies. www.coinfirm.io


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Bitcoin Price Plunges Below $10,000 as Correction Intensifies

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The bitcoin price plunged below $10,000 on Wednesday as this week’s comprehensive market correction intensified.

Bitcoin Price Plunges Below $10,000

The cryptocurrency markets have been in a free-fall this week, and the downward spiral continued this morning. The cryptocurrency market cap dove below $500 billion, and the bitcoin price sunk as low as $9,663 on Bitfinex, marking the first time it has dipped below $10,000 since Dec. 1.

At present, bitcoin is trading at $10,053 and its market cap is just $170.9 billion, which represents a single-day decrease of 16 percent and a year-to-date decline of more than 28 percent.

bitcoin price
BTC Price Chart

Notably, bitcoin is still trading as high as $10,389 on GDAX, a professional order-book exchange operated by bitcoin brokerage firm Coinbase, but the flagship cryptocurrency is priced below $10,000 on OKEx and Binance.

bitcoin price
Source: CoinMarketCap

Recent Investors Face First Major Correction

There are several factors that could be contributing to this week’s correction. Both China and South Korea have indicated a harsher stance toward domestic cryptocurrency trading, with China planning to block residents from accessing foreign exchanges and South Korea curbing the ability of retail investors to moonlight as day traders.

This week, South Korea’s military reportedly blocked soldiers from accessing cryptocurrency exchanges while stationed on military bases. The Justice Ministry, meanwhile, sought to ban cryptocurrency exchanges outright, although the government later cooled those fears.

However, it seems doubtful that these developments alone would cause such widespread turmoil within the global markets. As ShapeShift CEO Erik Voorhees said earlier today, “there is not necessarily a ‘reason’” that markets rise and fall, which suggests that it might be futile to search for a definitive trigger.

In any case, however, recent cryptocurrency investors are getting their first taste of a true market correction. Someone out there purchased bitcoin for $19,891 on Bitfinex on Dec. 17, and the value of those coins has effectively been cut in half over the course of the past month.

How these investors respond to this sudden downturn could determine whether bitcoin is consolidating before a breakout or entering a bear market.

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‘Monsieur Bitcoin’ to Head France’s Cryptocurrency Regulation Task Force

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Cryptocurrency task force France

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France’s economy minister has established a task force to examine the risks that bitcoin and other cryptocurrencies present to the economy and propose regulatory guidelines that will mitigate these threats.

On Monday, economy minister Bruno Le Maire announced that his department had created a cryptocurrency task force that will be chaired by a former central banker.

“We want a stable economy: we reject the risks of speculation and the possible financial diversions linked to bitcoin,” Le Maire said, according to a rough translation. “I have just entrusted Jean-Pierre Landau, former deputy governor of the Banque de France, with a mission on cryptocurrencies.”

Laundau, dubbed “Monsieur Bitcoin” by French media outlet Les Echos, served as second deputy governor of the Banque de France from 2006 to 2011.

Despite this nickname, Laundau has been a fierce critic of cryptocurrency. In 2014, he penned a Financial Times op-ed in which he called bitcoin the “tulip of the 21st century” and said that no currency could succeed without active management from a central bank.

Accusing bitcoin creator Satoshi Nakamoto of making a “fatal mistake” in restricting the currency’s supply, Landau said that bitcoin’s value was derived exclusively from its criminal use cases and investor speculation:

“The currency is at present attractive for two reasons. One is anonymity, which makes it suitable for tax evasion and money laundering. This will not last; authorities are already wising up. The other is pure speculation. Bitcoins are the tulips of modern times. The mania is not yet over. But the longer it lasts, the more investors are likely to be burnt,” he wrote.

According to Le Maire, Laundau’s task force will be responsible for “proposing guidelines on the evolution of regulations” with a specific focus on controlling the development of these nascent technologies and preventing “their use for purposes of tax evasion, money laundering, [and] financing criminal activities or terrorism.”

In addition to establishing a cryptocurrency task force, Le Maire has called for this year’s G20 summit to debate the creation of an international framework for cryptocurrency regulations, a proposal that has been met with approval by both Germany and Italy.

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Bitcoin Price to Hit $100,000 in 2018, Predicts Saxo Bank Analyst

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An analyst at Saxo Bank said that he believes the bitcoin price could reach $100,000 in 2018 due to increased interest from institutional investors.

Institutional Investors Could Bid Bitcoin Price Up to $100,000

Kay Van-Petersen made waves in Dec. 2016 when he predicted that the bitcoin price could reach as high as $2,000 in 2017, representing more than 100 percent of upside from its level at the time.

Bitcoin needed less than half the year to reach that mark. After ripping past $2,000 in May, the bitcoin price continued to surpass even the most bullish predictions, and it ultimately ended the year close to $14,000.

Now, the Saxo analyst is upping the ante. Van-Petersen told CNBC that he believes the bitcoin price could reach $50,000 to $100,000 before the end of 2018 — an increase of 300 percent to 700 percent from its value on Tuesday morning.

“First off, you could argue we have had a proper correction in bitcoin, it has had a 50 percent pull back at one point, which is healthy. But we have still not seen the full effect of the futures contracts,” he said.

This rally, he said, will be fueled primarily by institutional investors, who have only recently begun to enter what has largely been a retail-driven market.

A variety of hedge funds and venture capital firms began investing in bitcoin last year, most notably Peter Thiel’s Founders Fund.

US exchanges CBOE and CME also launched the first regulated bitcoin futures contracts available to Wall Street investors, and fund providers have sought (thus far unsuccessfully) to gain regulatory approval to use these contracts as the basis for exchange-traded funds that track the price of bitcoin (Bitcoin ETFs).

Despite these bullish developments, the bitcoin’s heated rally has cooled in recent weeks. Since the beginning of January, the bitcoin price has declined by more than nine percent, and it currently sits approximately 40 percent below the all-time high it set on Dec. 17.

Van-Petersen is not concerned. He said that bitcoin often consolidates at a lower level before breaking out to new highs.

“I wouldn’t be surprised if it’s something we are seeing,” he said. “It’s kind of building a foundation, then will re-rate a bit higher.”

Ethereum Could Outperform Bitcoin

Despite his bullish outlook on bitcoin, Van-Petersen believes that ethereum will be the true headliner of this year’s cryptocurrency market rally.

Arguing that ethereum has a “more unified leadership than bitcoin,” he said that he believes ethereum will scale more quickly than bitcoin.

This, he said, will further increase the number of transactions made across the network, ultimately enabling ethereum to outperform bitcoin’s year-over-year performance.

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China to Restrict Cryptocurrency OTC Trading and Mining, No Definite Plans Yet

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China Bitcoin Exchange Regulation

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According to an internal memo obtained by Bloomberg and Reuters, the People’s Bank of China (PBoC) vice governor Pan Gongsheng has encouraged the government to enforce a complete ban on cryptocurrency trading.

Far-Fetched to Claim China Triggered Market Correction

Last year, the Chinese government banned cryptocurrency exchanges from operating, closing down Huobi, BTCC, OKCoin, and other large-scale trading platforms. Consequently, major exchanges left to Hong Kong and have been operating cryptocurrency-to-fiat OTC trading platforms ever since.

The Chinese government cannot prevent Huobi Pro, BTCC, and OKEx, three of the largest cryptocurrency exchanges in the Chinese market that migrated to Hong Kong, from operating because they have based their companies outside the jurisdiction of the Chinese government.

But, PBoC governor Pan Gongsheng has suggested the Chinese government to shutdown OTC platforms and exchanges within mainland China to ensure that cryptocurrency trading ban is strictly enforced.

Today, on January 16, CCN reported that the People’s Bank of China (PBoC) Vice Governor Pan Gongsheng told the government:

“Pseudo-financial innovations that have no relationship with the real economy should not be supported.”

Many reports have claimed that the statement of PBoC governor Gongsheng triggered the recent drop in the market valuation of cryptocurrencies. However, if the impact of the Chinese market is analyzed, such claims are evidently false given that the Chinese cryptocurrency exchange market has virtually no volume. China has banned cryptocurrency trading in September of 2017. For more than six months, cryptocurrency exchanges have been shut down in the country.

It is far-fetched to claim that China was behind the recent correction of the cryptocurrency market, because the market has close no trading volumes.

Potential Crackdown on Bitcoin Mining

Earlier this month, trusted cryptocurrency news source in China CnLedger reported that the government is trying to restrict resources for local cryptocurrency miners to crackdown on the industry. CnLedger wrote:

“Caixin: PBoC did not hold a closed-door meeting, nor are they asking to shut down mining fields before a “deadline”. However, the regulators are indeed gradually canceling the preferential policies offered previously in electricity fees, taxes and land to some mining facilities

Regulators are asking local departments to report the current status of bitcoin mining companies under administration, and “guide the mining firms to exit in an orderly manner” by taking various measures from the aspects of electricity, land, tax, environmental protection.”

In December, South China Morning Post along with other news publications in Hong Kong reported that Chinese cryptocurrency miners have been planning to leave the local sector for many months. This week, Reuters reported that Bitmain, the largest bitcoin mining equipment manufacturer and mining pool in China, is aiming to expand to Canada.

“Of the world’s top five largest blockchain players, we have at least three or four,” David Vincent, director of business development at Hydro Quebec distribution, said.

Given that Chinese miners are eyeing expansion into Canada and European countries with cheap electricity, and traders are moving to the Hong Kong market which is being served by OKEx, Bitfinex, BTCC, and Huobi Pro, the Chinese government’s crackdown on both mining and trading is expect to have minimal impact on the global cryptocurrency industry.

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