UK Banking Pilot Aims to Streamline Compliance Using Factom Blockchain

Crypto startup Knabu is piloting bank regulatory reporting with Factom, one of the earliest enterprise blockchain companies. Revealed exclusively to CoinDesk, the London-based firm is launching the 30-day pilot today. Knabu is best known as a payments company with a smart-deposit product meant to help companies mitigate the risks of self-custodying assets on a blockchain. It is simultaneously applying for a UK banking license, aiming to establish itself as a bank that can serve crypto and blockchain firms normally excluded from traditional banking services. “The purpose of the pilot is to…

Volume of Crypto Futures Trades Is Catching Up to Spot Trading

Crypto futures trading volume now reportedly amounts to nearly 50% of the value of spot trading on crypto markets, according to Bloomberg. 13 exchanges analyzed Citing volume data from 13 major global crypto exchanges, Bloomberg reported on a massive growth of cryptocurrency futures markets Oct. 31. The analyzed exchanges include institutional digital asset platform Bakkt, the Chicago Mercantile Exchange Group (CME), Binance, Bitfinex, the Huobi Derivative Market (DM), Kraken, FTX, Bitz, Deribit, CoinFlex, Bybit, OKEx and BitMEX. First ever Bitcoin futures launched in late 2017 Spot trading is simply buying…

SEC, CFTC Charge XBT Corp. With Selling Unregistered Swaps for Bitcoin

U.S. regulators filed charges against XBT Corp. Thursday, alleging the company failed to register as a futures commission merchant (FCM). In simultaneous press releases, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) alleged that XBT, otherwise known as First Global Credit, sold security-based swaps for bitcoin without registering on a national exchange. According to the charges, XBT solicited or accepted futures orders from 24 U.S. customers between March 2016 and July 2017, accepting bitcoin for margin trades. The company did not register as an FCM…

The SEC Files as the CFTC Settles Charges Against Swiss Securities Dealer

The United States Securities and Exchange Commission (SEC) has filed charges against XBT Corp. SARL on the same day that the Commodity Futures Trading Commission (CFTC) settles charges against the same company.  SEC allegations In a press release on Oct. 31, the SEC alleged that the Switzerland-based securities dealer, XBT Corp. SARL, operating under the name First Global Credit, offered and sold unregistered security-based swaps to U.S. investors without complying with the registration and exchange requirements governing security-based swaps.  The SEC went on to say that XBT Corp. SARL used a…

Pre-Brexit, Koine Wins E-Money License From UK’s FCA, Now Seeking Luxembourg, UAE, US Permissions

Digital asset custodian Koine Money Ltd. has secured an electronic money license from U.K. regulators, while it prepares for the eventualities of a future Brexit by seeking permissions abroad. On Thursday, the U.K’s Financial Conduct Authority granted Koine an e-money license – known as an EMI license – allowing Koine to issue its own digital cash and provide other payment services to institutional clients. The EMI license, however, does not certify or sanction Koine’s digital asset custodian services, the company said in a statement. Those services “are currently outside the…

Bitcoin Price Must Now Break $9.5K to Prove ‘Xi Pump’ Wasn’t a Fluke

Bitcoin price (BTC) is currently locked in a battle to stay above the descending channel and have another run at the recent high at $10,540. In order to do this, first, the digital asset needs to overtake the resistance levels at $9,300 and $9,400.  Was the “Xi pump” a fluke?  As Bitcoin fights to stay above this all-important line, traders are likely beginning to wonder whether or not last week’s explosive pump to $10,540 was simply a one-off driven by Chinese President Xi Jinping’s call for China to accelerate the…

Proof-of-Work Doesn’t Solve Every Blockchain Use Case

The Bitcoin white paper was published 11 years ago today, on Oct. 31, 2008, meaning that Bitcoin (BTC) is celebrating its 11th year of existence. From its humble beginnings to over a $300 billion market capitalization in 2017, the success of Bitcoin is truly a remarkable accomplishment.  What is Bitcoin? A question with many answers. Digital gold, magic internet money, a hedge against macro risk, tulip mania? One thing is for certain, Bitcoin found a product–market fit as a new form of money owned by the people. The Bitcoin brand…

Libra Chief Praises Its Anti Money Laundering Standards

Libra Chief David Marcus has claimed that the Anti Money Laundering Standards of the underfire project are superior to any other payment networks on the market today. Libra Scrutiny Means Its On Track, Says Chief Marcus is the CEO of Calibra, the corresponding digital wallet of Libra, and previously served as president of PayPal and a member of the Board of Directors at Coinbase. Speaking at the Money 20/20 conference in Las Vegas, he said, “I want to say that the efficacy of sanction enforcing can be much higher on…

Binance to Open Beijing Office Amid China’s Renewed Blockchain Push

Malta-based cryptocurrency exchange Binance is opening an office in Beijing, two sources with knowledge of the matter told CoinDesk. The new outpost will join Binance’s current mainland China office in Shanghai. It’s not clear what exactly the office will do or when it will open, but the move follows a slew of announcements from Chinese authorities, including President Xi Jinping outlining China’s new blockchain ambitions. Relations between Binance leadership and Chinese authorities appear to have warmed recently, with the exchange publishing a report on China’s plans for a digital fiat currency over…

Bitcoin and Stocks Break 2019 Inverse Correlation Trend — Chart Data

In many ways, Bitcoin (BTC) and the crypto markets as a whole live somewhat independently from traditional markets. The global crypto space never sleeps, operating at all hours of the day on a global scale. Traditional market price movements and conditions, however, may still have an impact on Bitcoin. If the economy is healthy, seeing rising prices for traditional market indices such as the S&P 500, it makes sense that people might be more willing to take risks by putting money into Bitcoin, an asset that is still speculative at…