Japan's FSA Targets Privacy-Oriented Altcoins, Binance Signs Deal with Bermuda and the Market Shows Stability

Crypto Corner - April 30, 2018

By Samuel Mowers at Investorideas.com

Japan's FSA Targets Privacy-Oriented Altcoins, Binance Signs Deal with Bermuda and the Market Shows Stability

Japan's Financial Services Agency (FSA) is pressuring cryptocurrency exchanges to drop privacy-oriented altcoins, according to a piece in Forbes. Coins such as Monero (XMR), Dash (DASH), and Zcash (ZEC) are being targeted as they are sometimes "favoured by criminals and hackers":

"Sources close to the FSA confirmed that they were taking all available steps to discourage the use of certain alternative virtual currencies that have become attractive to the underworld because they are difficult to track. In September of last year, the European Union's law enforcement agency, Europol, released a report that warned "other cryptocurrencies such as Monero, Ethereum and Zcash are gaining popularity within the digital underground." Criminals, who were some of the earliest adopters of Bitcoin, have increasingly dropped that cryptocurrency for transactions in favor of Monero and other less traceable "altcoins."

Cryptocurrency giant Binance recently signed a memorandum of understanding (MOU) with Bermuda's Premier and Minister of Finance, David Burt. Bernews, a Bermudan news outlet, reported on the press conference held on April 27, in which Burt outlined the benefits proposed by Binance in the MOU:

  1. Develop its global compliance base in Bermuda, creating at least forty [40] jobs in Bermuda, with at least 30 jobs for Bermudians;
  2. Through the Binance Foundation sponsor university-level training for Bermudians in blockchain technology development and compliance in an amount up to US$10 million;
  3. Through Binance Labs make up to US$5 million available for investments in new Bermuda based blockchain companies;
  4. As soon as practicable, develop a Digital Asset Exchange in Bermuda subject to all required legal and regulatory processes; and
  5. Work collaboratively with the Government of Bermuda and all necessary oversight agencies in the development and improvement of a robust legal and regulatory framework.

Coming out of the weekend, the total cryptocurrency market cap is about $430 billion USD at press time. This is roughly $15 billion USD higher than it was going into the weekend. Most of the top coins have remained stable throughout the weekend, following a correction in the market in the middle of last week. EOS (EOS) has notably seen a drop in price of nearly ten percent in the last 24 hours, trading at about $18.75 USD at press time after reaching $22 USD yesterday.

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