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U.S. Department of Justice Releases Cryptocurrency Enforcement Framework Avowing Authority to Prosecute Individuals Located Inside and Outside of the U.S. – Blockchain
On October 8, 2020, the U.S. Department of Justice (“DOJ”) released a Cryptocurrency Enforcement Framework (the “Framework”) authored by the Attorney General’s Cyber Digital Task Force. The Framework is the second detailed report authored by the Cyber-Digital Task Force addressing cryptocurrencies. The Framework provides a self-described comprehensive overview of what the DOJ considers to be emerging threats and enforcement challenges associated with cryptocurrencies. The Framework also details the collaboration that the Department of Justice has built with regulatory and enforcement partners both within the U.S. government and around the world. Further, the Framework outlines the Department’s response strategies.
The Framework insinuates some skepticism about the cryptocurrency industry. While, the Framework mentions some of the “potential” or “claimed” legitimate uses of cryptocurrencies as avowed by “proponents” or “advocates” of cryptocurrencies, the Framework sets forth a more expansive discussion of the illegitimate uses of cryptocurrencies. Above all else, the Framework makes clear the DOJ’s intent to monitor and prosecute cryptocurrency-related crimes. This point is underscored by the October 1 indictment of founders and executives of off-shore cryptocurrency derivatives exchange, Bitmex, for violations of the U.S. Bank Secrecy Act, and the October 15 indictment of 20 members of the transnational criminal organization, QQAAZZ, involved in a money-laundering scheme that incorporated cryptocurrencies.
Who Should Pay Attention to the Framework
Within the Framework, the DOJ sets forth business models and activities that may facilitate criminal activities:
- Cryptocurrency exchanges
- P2P exchangers
- Cryptocurrency ATMs / Kiosks
- Virtual currency casinos
- Use of anonymity enhanced cryptocurrencies (“AECs”), tumblers, mixers or chain hoping
All of these business must consider, among other issues, licensing and registration requirements, and ensure compliance with anti-money laundering (“AML”) and know your customer (“KYC”) obligations. The Framework also specifically calls out cryptocurrencies Monero, Zcash and Dash, avowing that use of AECs is “a high risk activity that is indicative of possible criminal conduct.” Similarly, the Framework emphasizes that tumbler, mixing and chain hoping activities pose a high risk of liability for money laundering because they are “designed specifically to ‘conceal or disguise the nature, the location, the source, the ownership, or the control’ of a financial transaction.”
The DOJ asserts that it has “robust authority to prosecute [virtual asset service providers] and other entities and individuals that violate U.S. law even when they are not located inside the United States.”
Crimes with Cryptocurrency
The DOJ stresses that criminals leverage cryptocurrencies for a variety of unsavory practices. The Framework identifies three different categories of criminal behavior that exploit the advantages of cryptocurrencies and the cryptocurrency marketplace:
What to Expect from the DOJ
The Framework sets forth in broad terms what the public can expect from the DOJ.
First, the DOJ emphasizes that it will aggressively conduct investigations and prosecutions of individuals who use cryptocurrencies to commit, facilitate or assist in concealing crimes. Exchanges currently in operation should expect to receive requests from the authorities for transaction records or other types of data. It is critical that exchanges have a functioning and up-to-date compliance program in order to facilitate these requests and also demonstrate active due diligence measures. Again, the DOJ avows broad authority to prosecute individuals and businesses located outside the U.S.
Second, the DOJ will be training law enforcement about cryptocurrency technology. The DOJ states that it has already dedicated resources to existing initiatives and is considering proposals to legislatures to close gaps in enforcement authority.
Third, the DOJ will also increase cooperation with U.S. state-level and federal law enforcement and regulatory agencies such as the FBI, Financial Crimes Enforcement Network, the Securities Exchange Commission, the Internal Revenue Service, and the Office of Foreign Assets Control. The DOJ will also continue to pursue additional partnerships with non-U.S. law enforcement and regulatory agencies. These partnerships will facilitate sharing of information as well as support regulatory measures that promote adoption of consistent regulations across jurisdictions in order to prevent criminals from arbitraging inconsistent regulatory schemes. The DOJ is intent on repeating recent successes with international coalitions that traced bitcoin transactions leading to the recent takedown of the largest child abuse material website in the world and arrests of over 300 users.
What Should Operators of Crypto-Related Businesses Do?
The Framework is a clear expression to the world that the DOJ is focused on cryptocurrencies-related crimes and, through its various partnerships, will investigate and seek enforcement actions regardless of where an individual or company is based. Individuals and companies that engage in cryptocurrency-related businesses or use AECs (e.g., Monero, Zcash and Dash), tumblers or mixers—wherever they are located—must assess the extent to which their activities involve U.S.-based customers or otherwise fall under the purview of U.S. federal and state-level laws and regulations. If a U.S. nexus exists, these individuals and companies need to consider whether they are obliged to register or obtain a license for their activities. Furthermore, implementation and maintenance of proper AML programs may be necessary among other compliance obligations. To the extent that individuals and companies have not fulfilled their obligations, they should act swiftly to rectify those deficiencies. Ignorance of these obligations will not be an acceptable defense.
Rotary Ripples for the week of October 28, 2020 | Community News
Our regular Friday noon lunch meetings will be held on the second and fourth Fridays of the month at the Ponderosa. We will not meet on the first, third, or fifth Fridays. We will not meet on Nov. 27 or Dec. 25 due to the holidays. Our next meetings are Nov. 13, and Dec. 11. Since we will be inside, please follow the current State of Idaho and CDC guidelines regarding masks and social distancing. We will work with our Rotary District to provide a Zoom link to the meeting.
We received a $300 check from our Rotary District 5080 for the State Hospital North Cemetery Project.
James handed out a draft budget for 2020-21. We will have to be very conservative in our spending due to limited income as a result of the Covid situation. We discussed the club’s annual contribution to the Foundation Scholarship Fund and will reassess the amount needed as we get closer to granting the scholarships.
We received a request from our Rotary District 5080 to provide them with information about how we are operating doing the pandemic. James will provide the information. It will be interesting to see what all of the clubs in our district are doing.
James will check with Bob Stifler of the Lifeline Food Pantry regarding volunteer staffing needs.
Community service -Jim O’Leary notified the board that the concrete footings for the State Hospital North Bridge were poured on Friday, Oct. 9. Participating were Jim O’Leary, Jack Christiansen, Charlie Nation, Mike Hedrick, John Goffinet, and Scott McDonald, along with two young men from the high school. Jim O’Leary will coordinate construction of the bridge deck and railing this week.
We will schedule a day in James Jordan’s shop to build the Little Free Library boxes for CMPL in early November.
Club Service – Kathy Wortman announced the party planning committee is moving forward with tentative plans for a club Christmas Holiday party, depending on the Covid situation.
Youth Services – Belinda Stockton had nothing to report as programs are on hold due to Covid.
International Services – Jack Christianson reported the clean water project in Peru we had previously discussed was fully funded before we could make our donation.
Market Analysis Report (29 Oct 2020)
Cryptocurrencies have risen in popularity at an exponential rate over the past few years, and while it’s somewhat romanticized by many because of their disconnection between banks and institutions, traders and investors are increasingly wanting the security of having regulatory protection when trading cryptos. As a regulated CFD broker, we’re able to offer them access to crypto markets via our crypto CFD products. We’ve seen a number of crypto exchanges hacked over the past several years with hundreds of millions of dollars worth of tokens stolen that are unable to ever be recovered, and by offering crypto CFDs we’re able to provide a safe and regulated environment for clients to capitalise on the price movements of cryptocurrencies.
Also, depending on the region, an increasing number of financial institutions block or refuse transactions from Crypto exchanges, so for an investor or trader wanting to gain exposure to the crypto markets it’s increasingly difficult to withdraw funds from an exchange. By offering crypto CFDs we are offering clients who want exposure to crypto markets a safe and secure environment to do so with no barriers for withdrawing their funds if and when they choose to.
Another advantage of trading crypto CFDs with Moneta Markets is that there’s the potential to profit regardless of the direction, so traders of all styles can take advantage of rising prices by trading long, as well as capitalising on falling prices by short selling. And, because Moneta Markets’ crypto CFDs are leveraged, traders are able to capitalise not only from smaller market movements, but increased market exposure with lower trading capital.
A key component of Moneta Markets’ brand proposition is that we’re a client-centric FinTech company. As such, it’s imperative that we are able to live up to that claim by meeting and exceeding the expectations of our clients when it comes to keeping up with new technologies, and even more so when it comes to a game-changing technology such as cryptocurrencies.
Cryptocurrencies are here to stay, they’re the future of financial transactions so it makes perfect sense to be able to offer our clients the option to fund their account using cryptos, and to be honest I’m quite surprised that we are one of the few CFD brokers to offer cryptocurrency as an option for deposits and withdrawals.
The demand to implement crypto account funding came not only from the appeal as their own tradable product, but many clients quite like the fact that they don’t need to disclose their bank account or credit card details to fund their trading account. Also, it’s just so accessible – there are no international borders when it comes to cryptocurrencies and costs are typically extremely low, if not zero.
At the end of the day, it all comes down to giving clients what they want, as well as making it as easy as possible for them to access the products that they want to trade.
Moneta Markets was created specifically to cater to traders who want to access a wide range of products through our next-generation WebTrader platform. Traders are tired of the clunky old MT4/MT5 model which has failed to evolve with the industry. By leveraging the best in web-based technology we’re able to offer traders access to global markets across any operating system and mobile device, wherever there’s an internet connection.
We worked tirelessly to create a product that is the direct result of client feedback received over the past 10+ years. As touched on above, offering crypto CFDs to trade as well as cryptocurrency funding was all part of this feedback, and as we continue to receive feedback whether related to introducing new crypto CFDs and funding methods via new tokens/coins, feedback surrounding our trading platform, or any other component of our business, we’ll continue to build upon what we offer, to create the perfect trading environment for traders of all instruments.
We’re in the middle of a major transitional period in global markets, and it’s quite exciting. Many followers of cryptocurrency subscribe to the idea that it will eventually replace fiat currency, and while this idea also has its fair share of critics, it’s here to stay in some capacity and I think it would be foolish to think otherwise. While I don’t think we’ll see the death of fiat any time soon, especially when it comes to Forex and foreign exchange in general, it is important that we continue to make cryptocurrencies available for clients, and include cryptocurrency as an accepted method for account deposits and withdrawals.
For us as a broker, we are excited about how things are continually evolving within not only the crypto space but the FinTech sector, and as a company that thrives off innovation, we look forward to adapting with it. The CFD industry is fast-paced, and as a tech-driven company we’re thrilled to be a part of something as revolutionary as the ‘crypto era’ and we look forward to seeing the true potential of not only cryptocurrencies but blockchain technology as a whole.
Author: Published 5 hours ago on October 29, 2020
By Republished by Plato
Crypto Asset Rating Inc Now Seeking Community Support on Fundopolis
NEW YORK, Oct. 29, 2020 /PRNewswire/ — Crypto Asset Rating Inc, The USA based Fintech Company, announced it is now seeking funds through its crowdfunding campaign on Fundopolis. Any individual can now invest in Crypto Asset Rating Inc and help support its mission to Transform Global Capital Markets.
Crypto Asset Rating Inc Now Seeking Community Support on Fundopolis
Crypto Asset Rating Inc. (the “CAR Inc”) is a FinTech company driven to plug the gaps in the crypto market and bridge the governance institutions with the existing and new thought leaders of the crypto industry.
The crypto industry holds invaluable opportunities towards exponential economic growth through financial inclusion and participation of the masses. A new world is being born out of reinvention of the financial systems built on unprecedented technological advances. And the Company is already in play to reap the benefits for its investors.
The Funds will be used for working capital, Marketing, and Product Development to the next level.
Those interested in investing in Crypto Asset Rating Inc can visit: https://www.Fundopolis.com/CryptoAssetRatingInc
The terms for the Investment are
Key attributes for Investment
Fundopolis is an equity crowdfunding portal that aims to make it simple for individuals and communities to invest in and support the small businesses they love. For individuals who choose to invest, Fundopolis aims to provide the highest degree of transparency about the status of their Investment and how they will receive payment and/or redeem perks.
“We are thrilled to have Crypto Asset Rating Inc raising funds on our site,” said Jan Steenbrugge, founder and president of Fundopolis. “We are proud and honored to support Crypto Asset Rating Inc’s campaign and hope that by giving them access to the capital they need – Crypto Asset Rating Inc will thrive.”
To learn more about Crypto Asset Rating Inc, please visit: https://www.CryptoAssetRating.com
About Crypto Asset Rating Inc
TRANSFORMING GLOBAL CAPITAL MARKETS
Founded in 2018, Crypto Asset Rating Inc (The “CAR INC”) is USA based Fintech company. Crypto Asset Rating Inc believes in solving four key challenges of the FinTech Industry
Keeping the FinTech world’s prospects in the upcoming years, Crypto Asset Rating Inc has isolated planning to develop other fintech product and services like Crypto Index, Exchange rating, Sovereign rating, ETF rating: that procures revenue potential.
Fundopolis empowers individuals and communities to invest in and support the small businesses they love. By placing intuitive technology and services in business owners’ hands, Fundopolis helps fund their growth and manage the full funding lifecycle, all while cultivating more profound relationships with their customers. To learn more, visit www.fundopolis.com
View original content:http://www.prnewswire.com/news-releases/crypto-asset-rating-inc-now-seeking-community-support-on-fundopolis-301163038.html
SOURCE Crypto Asset Rating Inc
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