Japanese messaging app giant LINE announced Tuesday that its new cryptocurrency exchange Bitmax is now open for live trading. In a company statement announcing the news, LINE confirmed that the service will initially be available on Android mobile devices and available to all Japanese residents with LINE accounts.
Wells Fargo, the fourth largest bank in the United States, announced on Tuesday that it will be piloting a new digital currency for cross-border and interbranch cash transfers, Reuters reports. The blockchain-powered cryptocurrency, Wells Fargo Digital Cash, will reportedly be pegged to the dollar, and allow the bank to save money and time during asset transfers by eliminating the need to go through third parties.
On Monday, The Bank for International Settlements hosted a meeting in Basel, Switzerland to discuss the issue of stablecoins like those proposed by Facebook and J.P. Morgan. After the meeting, Calibra CEO David Marcus took to Twitter to try to allay any concerns policymakers might have about Libra’s potential for threatening the monetary sovereignty of the modern nation-state.
French Finance Minister Bruno Le Maire warned that his country wants to prevent Facebook Libra development in the European Union due to concerns about its risk to national governments’ ‘monetary sovereignty’ and potential abuse, the BBC reports. Le Maire made the comments during a Paris meeting of the Organization for Economic Co-operation and Development.
Blockstack has announced that its SEC-approved token offering closed on September 9, after raising a total of $23 million. Blockstack co-founder and CEO Muneeb Ali announced the news in a recent blog post that thanked the thousands of investors who participated in the sale:
If Facebook’s Libra project expects to operate within the United States, it will need to do so in full compliance with U.S. anti-money laundering and counter-terror financing regulations, according to U.S. Under Secretary of Terrorism and Financial Intelligence Sigal Mandelker.
Tether today announced the launch of its CNHT cryptocurrency, a stablecoin that will be pegged to the offshore Chinese yuan (CNH). The launch was confirmed in an announcement posted on the company’s website on Monday.
Binance has outlined its plan for the launch of Binance.US, including the steps customers will need to take to register. In a recent post on Medium, Binance detailed the know-your-customer requirements customers must meet and confirmed that the service will be available in the United States in the “coming weeks.”
South Korean music firm SM Entertainment has reportedly partnered with technology firm CT-AI Labs to develop a blockchain platform to serve as a “bridgehead between the virtual world and the real world,” ITChosun reports. CT-AI Lab CEO Joo Sang Sik announced the plans during the UPBIT Developer Conference.
London-based blockchain analytics company Elliptic has reportedly raised $23 million in funding, CNBC reports. On Wednesday, the company announced that it would use the funds to further expand into the Asian market and add support for new digital currencies like the Line Corporation’s Link, Facebook’s Libra, and central bank digital currencies.
The Netherlands central bank, De Nederlandsche Bank, announced Tuesday that it will start regulating cryptocurrency services on January 10, 2020, Reuters reports. According to the central bank’s statement announcing the news, digital asset companies in the Netherlands will need to register to do business in the country:
CHICAGO, Illinois – September 1, 2019 – HERo today announced the launch of the HERo membership platform, designed to empower female professionals, business owners, women’s groups, and others. The membership program will officially launch in September and will be open to male and female business professionals who want to expand their reach and further their careers.
State-owned Chinese telecommunications company China Telecom is reportedly planning to develop blockchain-enabled 5G smartphone SIM cards, Sina News reported this week. The plans were apparently confirmed in a white paper released by the China Telecom Blockchain and Digital Economy Joint Lab at the 2019 China International Intelligent Industry Expo.
The U.S. Securities and Exchange Commission announced this week that it has reached a settlement with Dallas-based cryptocurrency firm Bitqyck Inc. In a press release, the SEC said that the company and its founders has defrauded investors who purchased its digital assets. The defendants were also accused of operating an unregistered exchange.
Binance co-founder He Yi has confirmed that his exchange plans to engage with regulators to obtain regulatory buy-in, to avoid the type of regulatory pushback Facebook has received since announcing its Project Libra plans, Bloomberg reports. According to her, Binance plans to focus on compliance prior to launching in any country.
Social messaging app company Telegram plans to launch its new Gram digital currency by the end of October, the New York Times reported on August 27. The firm has reportedly told investors that the first coins will be issued sometime in the next two months. That’s according to three investors who spoke with the Times anonymously, due to nondisclosure agreements.
Facebook recently retained Washington, D.C.- based lobbying firm FS Vector to support its effort to overcome resistance to its Libra digital currency payment system project, according to a report from O’Dwyer’s PR. The firm has reportedly been hired to provide support for “issues related to blockchain policy.”
Regulators in Switzerland have formally approved banking and security dealer licenses for two digital asset-focused banks. The two firms, Sygnum and Seba Crypto AG, confirmed in online statements today that the Swiss Financial Market Supervisory Authority (FINMA) has granted them licenses.
The U.S. Federal Trade Commission announced this week that it has reached a settlement with the promoters of two cryptocurrency-related chain referral multi-level marketing schemes, Bitcoin Funding Team and My7Network. As part of the settlement agreement, the individuals involved in the schemes have agreed to monetary fines and are permanently prohibited from operating similar ventures in the future.
According to a report in the Financial Times, at least three early Facebook Libra backers are looking at options to distance themselves from the project. The three backers are reportedly concerned about the increasing scrutiny and resistance to the proposed digital currency payment system from regulators and legislators around the globe.