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New Website Compiles Records of KYC-Free Exchanges, Issues Warnings

A new website is drawing up a list of crypto exchanges that do not need identity verification from users before preserving the independence of their […]

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A new website is drawing up a list of crypto exchanges that do not need identity verification from users before preserving the independence of their crypto coins.

The new website known as Kynot.me is seriously compiling the list of all crypto exchanges that allow trades in some capacities without strictly requiring them to disclose their personal information through KYC verification.

Kycnot.me is only listing exchanges that support Monero (XMR) or Bitcoin (BTC). According to the site, the reason for choosing only the two coins is the fact that XMR provides the strongest privacy protections while BTC is the most adopted crypto coin. As a result, the demand for both cryptocurrencies is usually high.

Website tracking only KYC-free exchanges

At press time, the website lists 14 KYC-free trading platforms, and many of them provide a peer-to-peer marketplace for crypto assets.

But the site has issued a warning regarding over 50% of the listed exchanges. Some of the cautions include the listed exchanges requesting certain identity details despite operating KYC-free exchange. Other issues Kycnot.me raised is concerning withdrawal quirks and strict restrictions on verification-free use.

Surprisingly, the list did not include popular exchanges such as BitMinex, KuCoin, or Binance.

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KYC is not in line with the crypto ethos

The owner of Github posted a manifesto about the Kycnot.me recently. The manifesto indicated that Kycnot.me details its mission to “preserve the decentralized and self-governed essence of cryptocurrencies”.

It said the site makes it less stressful for traders and investors to discover dependable ways of buying, trading and using cryptocurrencies without the need to identify themselves.

According to the post, the crypto coins were designed to remove the dependency the users have on the centralized entities in charge of the economy. He added that most AML and KYC exchanges are now acting like banks, which is a good thing for crypto traders and users.

Why exchanges require KYC from users

The decentralized nature of cryptocurrency transactions has made the market highly risky for both investors and exchanges. Many fraudsters prefer transacting with cryptocurrencies because it’s safer and can hide their identities. Since the inception of cryptocurrency, fraud and financial crimes have plagued it, so it’s for these exchanges to protect their users or face losing their credentials.

In any fraud within the crypto industry, both the defrauded user and the exchange will have to pay a price. While the user loses his investments, the exchange can face huge fines as a result. That’s why the proponents of KYC are frowning against the project Kynot.me has embarked to compile a list of exchanges that do not require this personal identification procedure

Source: https://insidebitcoins.com/news/new-website-compiles-records-of-kyc-free-exchanges-issues-warnings

Blockchain

Predictions Platform Polymarket Raises $4M From Polychain, Naval Ravikant and More

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Polymarket, a decentralized information marketplace, has closed a $4 million funding round led by Polychain Capital. 

Announced on Monday, the round was joined by some of the industry’s most well-known advocates and investors such as former AngelList CEO Naval Ravikant, former Coinbase CTO Balaji Srinivasan, CoinShares CSO Meltem Demirors among others.

The startup said the investment will help it move to stage 2 of its beta release, which will remove technical complexities and make it easier for mainstream users to onboard and trade on the platform.

Polymarket is designed to let users place cryptocurrency bets on hotly debated topics, ranging from politics and health through to business and science.

The platform’s trading activity is turned into actionable insights and can also help hold to account those pumping disinformation in the news cycle, according to the announcement.

In essence, Polymarket allows those with an “educated opinion” to profit from correct statements and aggregates the data into what the company calls a “collective knowledge.”

Platform users can cross-check market activity against current news to better determine the truth of a given subject or statement, Polymarket said.

“One of the biggest problems with social media and discourse on the internet today is the lack of accountability,” Polymarket founder Shayne Coplan said. “Everyone has an opinion and isn’t afraid to share it.”

“At the moment there’s little downside to being wrong; this makes it really hard for regular people to discern what’s fact and what’s fiction,” Coplan added. “2020 has showcased just how bad the consequences of this can be.”

In the three months since its beta launch, Polymarket is said to have seen over $1 million in trading volume.

Source: https://www.coindesk.com/predictions-platform-polymarket-raises-4m-from-polychain-naval-ravikant-and-more

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Bitcoin transaction value sees 500% upswing in 4 months

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Bitcoin’s average transaction has now climbed to over $150,000, translating to a 500% jump since July

The average value of Bitcoin transactions was around $25,000 in July. The last few months have since seen this value skyrocket sixfold to $150,000. The average value peaked on October 20 with a yearly high of $151,800 per transfer. Overall, the increase in average Bitcoin transaction values stands at slightly over 500%.

BTC average transaction value history. Source: BitInfoCharts

Bitcoin had two momentary peaks before the October 20 high. The first on August 17, where the value peaked at almost $121,000 — before being surpassed exactly a month later by an average of almost $130,000.

The latest surge comes around the same time as when Bitcoin’s trading dominance is increasing to heights that have not been witnessed for the past three years when the crypto hit its all-time high.

It is worth noting that Bitcoin’s current average value at $151,800 is about 190 times greater than Ethereum’s.

The average value of ETH transactions has been relatively flat compared to Bitcoin. The value has remained between an extreme of $800 and $1,500. The only significant surge was in the last week of August and early September.

ETH average transaction value history. Source: BitInfoCharts

During this period, the average transaction value rose to a high of $2,562 on September 1 that hasn’t been surpassed as of writing. There was one brief spike on September 18 that saw the value surpass the $2,000 mark and settle at $2,100. The current average value of ETH transactions are $793.

The huge disparity between the average transaction value of Bitcoin and Ethereum indicates a stronger presence in BTC markets.

Bitcoin Cash’s average transaction value has spiked several times in the same period. The highest average recorded in the three months was on August 12 where the value rose to $28,544. The value surged again to $26,093 on September 3 marking the last time the value was above the $20,000 mark.

Both cryptocurrencies have had flat trends in terms of the number of transactions over the last three months.

BTC and ETH transaction history. Source: BitInfoCharts

The only notable swell was on September 17 where the number of Ethereum transactions rose to a peak of 1.406 million. Prior to this, the highest number of transactions within the three months was 1.29 million posted on August 10.

Source: https://coinjournal.net/news/bitcoin-transaction-value-sees-500-upswing-in-4-months/

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Indian crypto industry leaders push for a regulatory sandbox.

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Indian crypto industry leaders push for a regulatory sandbox. – Coinnounce



























India’s crypto exchange, BuyUcoin, and industry leaders have come together to propose a regulatory sandbox for cryptocurrency businesses in the country.

Crypto industry leaders in India have come together to push for a regulatory sandbox for crypto regulations in the country. The draft for the proposed sandbox demands a taxation framework for cryptocurrencies. The Supreme Court of India earlier this year overturned the central bank’s blanket ban on cryptocurrency. In collaboration with industry stakeholders, thought leaders, entrepreneurs, developers, and regulators, crypto exchange BuyUcoin introduced an open initiative that seeks to form a regulatory sandbox– a well-defined framework to regulate cryptocurrencies in the country. With the Supreme Court’s decision to overturn the crypto ban, startup jobs in India have increased in the crypto sector. 

The regulatory sandbox establishes clear ground rules for the crypto industry. 

The draft document titled “Regulatory Sandbox: The Key To Cryptocurrency Mass Adoption In India” establishes clear ground rules for the crypto industry. The regulatory sandbox could legitimize the industry and bring it under the general financial regulatory umbrella. The recent draft document recommends that crypto traders and investors declare their yearly crypto income under a separate provision than the Income Tax Act. The crypto exchange also introduced a whitepaper that prescribes open-source APIs to track crypto transactions and maintain a technical framework for AML and KYC compliance. 

Crypto regulations remain in a grey area in most countries. 

Crypto-related regulations in most countries remain in a grey area. However, some countries have embraced the tech and innovation behind crypto and have provided the industry with favorable regulations. South Korea earlier this year passed legislation making crypto trading legal in the country. Crypto regulations in the United States are also unclear in the most number of states. Earlier, US CFTC said that they are planning on making a ‘holistic framework’ for the crypto industry. Earlier, it was reported that Indian lawmakers are planning to ban the use of crypto entirely in the country. 

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Jai Pratap

Jai Pratap

A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.


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Source: https://coinnounce.com/indian-crypto-industry-leaders-push-for-a-regulatory-sandbox/

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