Tag: Cryptocurrency

Facebook Releases Cryptocurrency White Paper for Libra Currency

Crypto Bit News Staff

Social media giant Facebook has released the white paper for its long-awaited cryptocurrency and blockchain-based financial infrastructure project today, June 18. According to the paper, Facebook’s global stablecoin, dubbed “libra,” will operate on the native and scalable Libra blockchain, and be backed by a reserve of assets ostensibly “designed to give it intrinsic value” and mitigate volatility fluctuations.   These assets consist of a basket of bank deposits and short-term government securities that will be held in the Libra Reserve for every Libra that is issued. The new cryptocurrency will…

Android Phishing Malware Impersonates Turkish Cryptocurrency Exchange

Crypto Bit News Staff

The cybersecurity company behind major antivirus software NOD32, ESET, reported on June 17 that new Android malware sidesteps Google’s SMS permissions restrictions to get hold of two-factor authentication (2FA) codes received via SMS. Per the report, some malicious apps are capable of accessing one-time-passwords sent to users via SMS by circumventing the restrictions recently implemented by Google. Furthermore, the same technique reportedly also allows for accessing email-based codes. According to the author, the apps in question impersonate Turkish cryptocurrency exchange BtcTurk and phish for login details to the service. The…

Cryptocurrency Exchange Bitfinex Announces a LEO Token Burn Initiative

Crypto Bit News Staff

Cryptocurrency exchange Bitfinex announced a LEO burn initiative in a Medium post published on June 14. Per the announcement, the initiative will see the exchange’s parent company iFinex funnel its gross revenue into purchasing LEO tokens at market prices in what the post refers to as the UNUS SED LEO burn mechanism. This new system will launch alongside the LEO Transparency Dashboard, which will reportedly provide real-time insights into all collected platform fees and LEO token burns. The company explains its reasoning: “We are doing this to remove the possibility…

Lithuania to Regulate Cryptocurrency Exchange Sector With Obligatory ID Checks

Crypto Bit News Staff

Lithuania is preparing new rules to govern cryptocurrency transactions, requiring businesses to prove the identity of clients, local daily news outlet Delfi reported on June 12. As part of its obligations to impose European Union anti-money laundering (AML) regulations, Lithuania’s finance ministry will seek to completely formalize crypto-based exchange operations. Parliament approved the move during a sitting on Wednesday, Delfi says, while a time frame remains uncertain for implementation. Once the rules come into effect, any transactions worth over €1,000 ($1,127) involving cryptocurrency — be it into or out of…

Brazil’s President Rebuffs Cryptocurrency as Administration Explores Blockchain

Crypto Bit News Staff

Brazil’s President, Jair Bolsonaro, has come out publicly in opposition to bitcoin. In an interview aired on national television, the Brazilian president commented on cryptocurrency being used to bank indigenous people in Brazil. During a conversation centered on the challenges of his new presidency, Bolsonaro talked about projects created by his predecessor’s administration. One of the efforts was a $11.5 million project that aimed to create an “indigenous cryptocurrency”. “We are cutting expenses. We were about to use 40 million Reales to teach natives to use bitcoin,” he said. In…

CryptoCompare Launches Benchmark Rankings for Cryptocurrency Exchanges

Crypto Bit News Staff

Cryptocurrency data and indices provider CryptoCompare is working to make it easier to spot good, and bad, crypto exchanges. Announced Wednesday, the company has launched a benchmark ranking of over 100 active spot exchanges from across the globe, offering users a “comprehensive, granular and reliable source of information on the best trading venues.” CryptoCompare’s Exchange Benchmark was launched to address the need for reliable metrics to evaluate the large number of cryptocurrency exchanges now offering services around the world. The firm explains: “Employing both a qualitative (due diligence) and quantitative…

Coinbase Expands Cryptocurrency Visa Debit Cards Across Europe

Crypto Bit News Staff

Cryptocurrency exchange Coinbase has expanded its Visa debit card service to six European countries, allowing customers in the region to spend their digital assets. According to a report from CNBC on Wednesday, the Coinbase Card is now available for users in Spain, Germany, France, Italy, Ireland, and the Netherlands. With the card, customers will be able to spend their cryptocurrency assets including bitcoin, ethereum, and litecoin in both online and physical stores that accept Visa. Coinbase first rolled out a cryptocurrency Visa debit card in April, exclusively for users based in…

Liquid Cryptocurrency Exchange to Host Public Phase of Telegram ICO

Crypto Bit News Staff

This article has been updated to include that Cointelegraph has reached out to Telegram for comment. Cryptocurrency exchange Liquid will reportedly be the first to host encrypted messaging app Telegram’s Gram tokens when they go on public sale, a press release confirmed on June 11. Telegram, which has not provided an official statement on the move, became the focus of international attention last year when it held a private initial coin offering (ICO) for Gram, which raised $1.7 billion for its Telegram Open Network (TON) project. A message from an…

Navigating Country-Specific Cryptocurrency Trading Restrictions

Crypto Bit News Staff

At the start of June 2019, reports emerged that Binance DEX’s website was blocking users with IP addresses from 29 countries. This news immediately caused confusion with some commentators, using it as an opportunity to reaffirm their stance that Binance DEX is not truly a decentralized exchange (DEX). However, as it turned out, the initial reports were somewhat inaccurate, as the geoblocking only applied to Binance.org — the website for the DEX platform. Traders could still access the DEX via some supported wallet apps, bypassing the need to go through…

Polish Cryptocurrency Exchange Shuts Down Overnight, Taking Funds With It

Crypto Bit News Staff

A polish cryptocurrency exchanged called Coinroom shut down on April 2, 2019, taking multiple customer accounts worth up to $15,000. The site is currently down and there is no way to contact the founders. “We don’t know how much they took,” said one user named Maciej. “But it is definitely a lot of cash.” Polish news site Money.pl first discovered the exit scam on May 31. “Coinroom registered as a business in 2016 and a year later opened its website. Clients could deposit, buy, and sell cryptocurrencies. They could also…