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Bittrex: ‘North Korean’ Accounts Flagged by NYDFS Were South Korean

Crypto exchange Bittrex said Monday that New York regulators erred in identifying two of its users as North Korean.

In a statement issued Monday, Bittrex said it had reviewed two accounts that were flagged as belonging to residents of the sanctioned country by the New York Department of Financial Services (NYDFS), which recently rejected the exchange’s application for a BitLicense.

It turned out that the same two users had already been investigated by the exchange in October 2017, Bittrex said, adding:

“South Korean residents mistakenly selected North Korea in our country dropdown menu, but we determined through country identification, physical and IP address that ALL were from South Korea.”

In an op-ed published in CoinDesk Thursday, Shirin Emami, the executive deputy superintendent for banking at NYDFS, stated that when the agency’s examiners sampled Bittrex accounts earlier this year, they identified two based in North Korea.

“More may exist,” she wrote. “At least one North Korean account was active into 2017,” along with two accounts in another sanctioned country, Iran, that were active during this year’s examination.

In a rebuttal issued the same day, Bittrex denied having any accounts in either country this year. But Monday’s statement represented the first time the company explained why NYDFS might have thought two of the accounts in question were North Korean.

Sanctions compliance is one of several issues NYDFS cited for denying a license to Bittrex, along with broader anti-money-laundering (AML) practices and the exchange’s coin listing process.

A Bittrex spokesperson said the company had “nothing to add” regarding the alleged Iranian accounts. An NYDFS spokesperson did not immediately respond to a request for comment.

North Korea/South Korea image via Shutterstock.

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Ripple Tries to Lure Vitalik Buterin While XRP Community Start Doubting Their Position

Coinspeaker
Ripple Tries to Lure Vitalik Buterin While XRP Community Start Doubting Their Position

While the cryptocurrency market seems to finally overcome the bearish trends, it gives a new wave of positive moods among the community. Nevertheless, the end of negative tendencies doesn’t mean that the industry as nothing to talk about.

Buterin Lost His Chance at Ripple?

Recently, the community has got an issue around the key industry’s figures to discuss. Brian Armstrong, the CEO of Coinbase, shared an article with its Twitter followers. The article tells about the facts US authorities refused to give a visa to Zoom’s CEO for eight times, and reveals how he managed to become a billionaire.

Vitalik Buterin, the founder of Ethereum, also joined the discussion and disclosed some interesting details from his past, before he created Ethereum. David Schwartz, the Chief Technology Officer of Ripple, also responded to Buterin recalling the situation when he had problems with his US visa.

“Fun fact: I tried to be an intern at Ripple back in the day (mid-2013), but US visa complications having to do with the fact that the company had only existed for 9 months and the minimum was 1 year stopped me,” Buterin shared his memories.

Schwartz couldn’t keep silent in after such memories. “Think of the great things you might have accomplished! Maybe apply again? We’re always looking for good interns,” offered he.

Though the major part of the Ethereum and XRP community found this little dialog rather funny, some of the community’s members considered Schwartz’s reply rather offensive and even arrogant.

Nevertheless, Schwartz clarified that his response shouldn’t be perceived as a trial to offend somebody and it was just a joke. “Vitalik knows I have nothing but respect for him and his work,” explained he.

Justin Sun, Tron’s CEO and founder, who is known for his poignant remarks also replied to Vitalik’s tweet, adding that they could have been buddies if they had both been at Ripple.

Such a close attitude is a little bit unexpected taking into account their previous wars but, as Coinspeaker has reported, during a recent interview on The Crypto Chick podcast, Justin Sun hinted at a potential collaboration with Vitalik Buterin.

What’s Happening with XRP?

Mentioning David Schwartz, it’s worth mentioning that just recently it has been revealed by one of Twitter users that Schwartz is selling his XRP stack. Such a move is viewed as one of the biggest warning sign one could ever get.

According to this Twitter user, another Ripple employee was also observed selling his/her XRP over the past few days. The user said that it is a serious indication of the risk associated with holding XRP.

Nevertheless, Schwartz reacted rather quickly trying to explain that his position is still a part of his ‘de-risking strategy.’

Ripple Tries to Lure Vitalik Buterin While XRP Community Start Doubting Their Position

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IOST partners with The Force Protocol to support cross-blockchain capabilities

CryptoNinjas

IOST, a recently launched blockchain network based on the next-generation consensus algorithm “Proof of Believability” (PoB), today announced a strategic partnership with Force Protocol. Force Protocol is an open blockchain financial service platform, which can provide services…

IOST partners with The Force Protocol to support cross-blockchain capabilities

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Business law firm Greenspoon Marder launches blockchain practice group

CryptoNinjas

Greenspoon Marder, a national full-service business law firm with 240 attorneys and 26 locations across the United States, today announced the launch of the Blockchain, Digital Assets and Technology Transactions practice group. The practice will be led by…

Business law firm Greenspoon Marder launches blockchain practice group

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Bitcoin Price Analysis: BTC/USD May Break Out at $5,459

Coinspeaker
Bitcoin Price Analysis: BTC/USD May Break Out at $5,459

Key Highlights:

  • Sideways movement may continue in the Bitcoin market in case the Bulls lose the pressure;
  • the breakout at $5,459 level will expose Bitcoin price to $5,574 in case the Bulls gain more pressure;
  • traders should be patient before taking a position.

BTC/USD Medium-term Trend: Ranging

Resistance levels: $5,459, $5,574, $5,840
Support levels: $5,255, $4,988, $4,742On the medium-term outlook, BTC/USD is still on the sideways movement. BTC/USD has been range-bound since April 17 within the supply level of $5,955 and the demand level of $5,255.

On April 19, the Bulls made an attempt to push the coin downward but it was resisted at the dynamic demand level of 21 periods EMA. An attempt by the Bulls to push up the coin to reach the supply level $5,459 has not been made possible.

The coin has been hovering over the 21 periods EMA and 50 periods EMA with sluggish in Bitcoin price. The Stochastic Oscillator period 14 is at 40 with the signal lines pointing upward to indicate a buy signal.

The increase in bullish pressure will push up the coin towards $5,459 resistance level; in case the level does not hold BTC may have its high at $5,574. Should the level of $5,459 holds, the Bears will push the coin down towards $5,255.

BTC/USD Short-term Trend: Bullish

BTC/USD is on the bullish movement on the short-term outlook. The bullish engulfing candle formed on April 22 propelled the coin to break up the two dynamic resistances of 21 periods and 50 period EMAs. Bitcoin price retested the broken level and currently continues the bullish trend. The sluggish uptrend movement may continue until it reaches $5,459 level.

The 21 periods EMA is trying to cross the 50 periods EMA, to establish the bullish trend. The Stochastic Oscillator period 14 is at 70 levels with the signal lines pointing downward to indicate sell signal.

Bitcoin Price Analysis: BTC/USD May Break Out at $5,459