FinCEN director warns banks about cryptocurrency risk exposure

FinCEN director warns banks about cryptocurrency risk exposure

The U.S. Financial Crimes Enforcement Network (FinCEN) director Kenneth Blanco has warned banks to think seriously about their cryptocurrency risk exposure.

During the virtual 2020 ACAMS anti-money laundering Conference in Las Vegas this week, Blanco discussed the obligations of banks in implementing effective anti-money laundering (AML) policies.

Current FinCEN regulations (FIN-2019-A003) state that it is the responsibility of all financial institutions to identify and report suspicious activity concerning how criminals and other bad actors exploit card verification checks for money laundering, sanctions evasion, and other illicit financing purposes. For many banks, it is still unclear how virtual currencies affect their institutions.

The director emphasized the need for banks to have another look at their AML policies and procedures, especially in relation to cryptocurrencies, adding that “if banks are not thinking about these issues, it will be apparent when examiners visit.”

“To be clear, exchanges are not the only ones with crypto risk exposure. These risks are not unique to money services businesses or virtual currency exchanges; banks must be thinking about their crypto exposure as well. These are areas your examiners, and FinCEN, will ask you about when assessing the effectiveness of your AML program.”

According to research by crypto analytics firm CipherTrace Labs in 2019, eight of the ten major U.S. retail banks had dealings with illicit crypto money service businesses (MSBs). These MSBs accept cash payments in exchange for crypto, essentially running as unregistered P2P exchanges.

In addition many P2P exchanges have no AML or know-your-customer (KYC) programs in place, resulting in extensive money laundering risks to banks and other financial institutes.

Banks have long been criticized for failing to maintain robust AML and KYC programs. The International Consortium of Investigative Journalists (ICJI) report that more than $2 trillion of processed transactions have been identified by banks as suspicious and should be frozen. The amount of suspicious money not identified by banks could be many times larger.


Author: by admin

NZD/CHF Up 2 Pips On Hourly Chart, Moves Down For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

NZD/CHF Up 2 Pips On Hourly Chart, Moves Down For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

(Last Updated September 30, 2020 0:34 GMT)

At the time of this writing, NZDCHF’s rate is up 0.0002 (0.03%) from the hour prior. The hourly chart shows that NZDCHF has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Updated 00:30 GMT (04:30 EST)

NZDCHF is down 2 pips (0.04%) since the previous day (opening today near 0.60505), marking the 2nd day in a row a decrease has occurred. Compared to its peers in the Forex, NZDCHF gave its buyers a return that ranked 29th in terms of percentage change since the previous day. Below is a price chart of NZDCHF.


The first thing we should note is that NZDCHF is now close to its 20, 50, 100 and 200 day averages, located at 0.6093, 0.6061, 0.6073 and 0.6073 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 10.1 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

We’re seeing some traders come out with interesting conviction on NZDCHF, with 2 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.4, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

This also means that not every idea is a valid trade….- Our analysis are trading ideas not trading signals for you….- Instead of trying to take this trade and win small profits, focus on the analysis and how to create your own trading style.

Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram


China crypto confusion, new privacy tools: Blockchain roundup · TechNode

China crypto confusion, new privacy tools: Blockchain roundup · TechNode

Last week, various Chinese government-related entities gave mixed messages on cryptocurrencies, while Binance said it had been banned in Russia just days before Huobi launched a new crypto trading app in the same region. Finally, two interesting developments in privacy applications for blockchain came from China.

The world of blockchain moves fast, and nowhere does it move faster than China. Here’s what you need to know about China’s block-world in the week of Sept. 22-29.

  • More than RMB 1 trillion ($145.5 billion) flows out of China every year through illicit gambling operations, a senior official from the Ministry of Pubic Security said on Friday. Gambling and casinos are prohibited in mainland China.
  • Liao Jinrong, director general of the Ministry’s International Cooperation department, told Chinese media that law enforcement has a hard time tracking down the cryptocurrency flows. These outflows could undermine China’s economic security if the people running the illegal gambling operations collude with “foreign powers,” Jinrong said. (South China Morning Post)
  • On the same day, state-owned CCTV said cryptocurrencies are the year’s best performing asset. The report said the world’s biggest tokens have gained 70% in value so far in 2020, compared to 20% for gold (CCTV, in Chinese). Xinhua news agency published a similar report on Thursday (Xinhua, in Chinese).
  • The reporters cautioned investors that the market is volatile and attributed the price increase to the rise of decentralized finance and Covid-19.
  • China’s crypto community was perplexed as to whether this amounts to an endorsement of cryptocurrencies.
  • One thing the government certainly doesn’t like is over-the-counter trading in cryptocurrencies.
  • The People’s Bank of China is blacklisting over-the-counter cryptocurrency traders. Some OTC account holders on the list are forbidden from using their bank cards for five years, and not just bank accounts associated with crypto transactions. (Wu Blockchain)
  • Chinese crypto exchange Binance has been blacklisted in Russia for disseminating information about trading in bitcoin, the company’s Russia director said on Friday. “Not sure if we should laugh or cry,” (translation via Facebook) Gleb Kostarev, director of Binance Russia said on the social media platform. The exchange was banned (in Russian) back in June but was just recently notified. (Kostarev Facebook account)
  • Just two days later, Huobi announced it is launching a crypto trading app in Russia that will enable users to trade in Bitcoin. (Huobi statement)
  • Ant Group, Tencent’s Webank, Tencent Cloud, Baidu, Intel, and Arpa co-authored a new set of standards aimed to help big data operators protect user privacy using a blockchain-based framework called privacy-preserving multi-party computation. The standards were unveiled at a conference organized by the China Academy of Information and Communications Technology and the China Communications Standards Association. (Arpa official Medium account)
  • Chinese encryption startup Maskbook launched the first crypto trading plugin that enables users to trade on decentralized exchange Uniswap without leaving Twitter, powered by crypto information platform Coin Market Cap. Maskbook’s best-known product is a plugin for social media networks that provides end-to-end encryption on social media posts with the aim to safeguard user privacy. (Maskbook official Twitter account)
  • Micro BT, a rising Chinese mining rig maker, is setting up its first offshore manufacturing center in Southeast Asia. The rig maker will use the new factory to fulfill orders from US clients, avoiding a 25% tariff on China-made goods. The first order the new facility will fulfill is for newly established Foundry, a mining financing company based in the US and backed by Digital Currency Group. (Coindesk)


Author: Eliza Gkritsi

RSI Intra-Day Back-Test Implications - Part 2/2 - #1263

RSI Intra-Day Back-Test Implications – Part 2/2 – #1263

#RSIRejection, #FailedBreakout, #BearishSwingTrades

There is a need to extend major RSI trend lines since they do offer some hidden signals down the road. Here is a good example.

We look at how to draw simple lines on the RSI to determine where the odds of price movement seem to be pointing to.

And don’t forget to account to uniform or symmetric RSI support or rejection on any previously important RSI line as per the instrument’s own trading history.

RSI 50 crossing, sell signals, uniformity, single line, 30.9, 69.1, worst type of negative divergence.

#Uniformity, #MuatheUniformity, RSIUniformity, #69.1, #RSI69.1, #Muathe

#PrimaryTrendLine, #RSITrendLine, #SingleLineAnalysis, RSIBacktestLines, #Parallellines, #swingTrading, #stockMarket, #technicalanalysis,


Most of the educational material is based on ORIGINAL CONCEPTS based on research done over the years by Eric Muathe.

The mission of is to help traders and investors learn to trade the stock market. We use this YouTube Channel to post a sample of our educational videos on technical analysis and the basics of trading.

In an effort to better manage my 1000’s of original concepts educational videos spanning 10+ years of uploaded material – including a growing list of 80+ playlists educational videos (and all videos longer than 5 minutes) – these are now only exclusively available through my website at (INCLUDING CONCEPTS NEVER SHARED PUBLICLY BEFORE!).

ALSO: On our site you will find subscriber only timely / profitable stock pick videos and exclusive market analysis videos, plus more. We encourage your comments and feedback so please feel free to leave your comments here.

To learn more about receiving timely trade alerts, exclusive TIMELESS education (with more than 2,100 indepth videos), and more we invite you to visit:

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Author: by admin Coin, Maker, BitTorrent Price Analysis: 29 September Coin, Maker, BitTorrent Price Analysis: 29 September

After three weeks of a bearish market, a few digital assets had witnessed noticeable uptrends towards the end of the third quarter of 2020. Maker, claiming its place consistently in the green zone, witnessed a price surge of almost 20 % in the last one week.

The digital asset was recently in the news, as it regained its position as the top asset holding DAPP with close to $2 billion of Ethereum based assets in DAI.

While for others, the fundamentals remain highly strong, but the sluggish price recovery, in the case of BitTorrent and Coin they have kept investors mostly on edge. Coin [CRO] Coin was at the time of writing, trading near the 78.6% retracement level highlighted by the Fibonacci Retracement tool. This level also coincided with the support level of $ 0.149.

Also, after a brief encounter with the bulls, the MACD appeared to be heading towards the neutral zone and could also display some bearishness in the coming days, with the possibility of the MACD line diving below the signal line.

Given these signals, Coin may only start retracing some gains, after claiming the 78.6% level. A slump back to the $0.149 level of support can help the digital asset to establish a base, before witnessing another rally.

In other news, the crypto payment platform was recently under maintenance. It had paused its deposits, withdrawals, and trading on its exchange, as users faced some issues. CEO Kris Marszalek however immediately tweeted, the funds were safe and trading resumed within 48 hrs.

Maker [MKR]

Since the September 2nd market-wide bearish rampage, Maker had finally witnessed some price recovery, towards the end of the month. The digital asset was at press time, trading at $527.5, comfortably above its immediate support levels.

Through this month, the price found itself oscillating between a descending channel. The formation of such a pattern was indicative of a potential bullish price breakout, as can be seen from the charts.

Maker witnessed a price surge of almost 20% since its bullish breakout on 24 September. At the time of writing, it was further seen testing the resistance level of $ 528, as the bulls continued to stay strong.

The dotted lines of the Parabolic SAR below the candles were signaling an upward price trend for the cryptocurrency.

Another technical indicator, the Directional Movement Index (DMI) showed ADX (orange) below 20, with +DMI (blue) above -DMI (pink), hinting towards a bullish scenario for the next few days.

BitTorrent [BTT]

BitTorrent, at press time was trading at $ 0.000302 and was facing stiff resistance at the $ 0.000331 level.

The digital asset could witness a corrective move to the downside as it continues to be on a downtrend. BitTorrent was seen falling back to the immediate support level of $ 0.00029 twice over the last 48-hours.

The Aroon indicator with the Aroon Down (blue) rising above the Aroon Up (below), in a bearish crossover was also signaling a selling sentiment. The Awesome oscillator’s bearish twin peaks setup above the zero line, with the second peak lower than the first followed by 3 red bars, further painted a bearish scenario.

If the downtrend continues, the price after claiming the second support of $ 0.00027, could see a reversal at that level.


Author: by admin

New Zealand Tax Agency Asks Crypto Firms to Hand Over Clients’ Personal Data

New Zealand Tax Agency Asks Crypto Firms to Hand Over Clients’ Personal Data

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Author: by admin

FinCEN director warns banks about cryptocurrency risk exposure

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