Popular Bitcoin (BTC) exchange platform LocalBitcoins is allegedly suspending user accounts with little fanfare, citing an “enhanced due diligence process.” Finland-based LocalBitcoins, one of major global peer-to-peer (P2P) crypto exchanges, has reportedly suspended user accounts in some countries in Africa, the Middle East and Asia without warning, with some users being unable to withdraw their Bitcoin, Forbes reports Jan. 25. LocalBitcoins gave no public statement on the matter when the first reports came about a week ago According to the report, the first complaints started coming in last week, with LocalBitcoins users in countries like Afghanistan, Iraq, Nigeria, Syria, and …
While it’s possible to buy top cryptocurrencies like bitcoin (BTC) and ether (ETH) in the over-the-counter (OTC) market, most people will need an exchange in order to buy other altcoins. Exchanges are simply an important component of the system that makes the crypto market tick. Regulators around the world have identified this, which is why regulatory moves have primarily targeted exchanges. Regulators want to be sure that exchanges employ the best security practices as well as measures — Know Your Customer (KYC), Anti-Money Laundering (AML), and Combating the Financing of Terrorism (CFT), for instance — that discourage illicit transactions and …
Brian Armstrong, co-founder and CEO of major United States crypto exchange and wallet Coinbase, has said that Neutrino staff with prior connections to controversial software firm Hacking Team will transition out of their new roles at Coinbase. Armstrong made his announcement in an official blog post published on March 4. Controversy has surrounded Coinbase’s recent acquisition of blockchain analytics firm Neutrino, due to the backgrounds of key Neutrino staff at the contentious software outfit Hacking Team. The latter firm is alleged to have provided its surveillance tools to global law enforcement agencies, corporations and governments — with authoritarian regimes allegedly …
Christine Sandler, Coinbase’s director of institutional sales, has defended the crypto exchange’s controversial acquisition of blockchain intelligence firm Neutrino. In an interview with financial news channel Cheddar on March 1, Sandler said that previous client data providers were selling Coinbase user data to outside sources. As reported, major United States crypto exchange and wallet Coinbase first announced the Neutrino acquisition on Feb. 19, saying it would make use of the startup’s advanced blockchain analytics tools, Anti-Money Laundering and Know Your Customer technology. The move swiftly became controversial as details of the Neutrino’s co-founders’ backgrounds came to light: specifically, their prior …
According to Chainalysis, the vast majority of Bitcoin (BTC) is held as long term investment, with 60% held by licensed custodians. Breakdown of Bitcoin supply. Source: Chainalysis. Digital gold The company concluded that the breakdown of Bitcoin’s supply makes it similar to gold, supporting the asset’s status as digital gold. They clarify, however, that it is the 3.5 million BTC that is actively traded which supports the price: “But this digital gold is supported by an active trading market for those who prefer to buy and sell frequently. The 3.5 million Bitcoin used for trading supplies the market, and, in …