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US Anti-Money Laundering watchdogs seek info on all international crypto transactions above $250.

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US Anti-Money Laundering watchdogs seek info on all international crypto transactions above $250. – Coinnounce




























The Financial Crimes Enforcement Network (FinCEN) and Federal Reserve are looking to get more information on smaller crypto transactions than ever before.

According to a notice of proposed rulemaking published on Friday, the US agencies want to lower the $3,000 threshold established in 1995 to $250 for international transactions, meaning that financial institutions would need to exchange client information alongside all crypto transactions greater than $250 that begin or end outside of the United States. Which is to say, the FATF proposed Travel Rule, as it is known, would apply to relatively small amounts of money changing hands.

Crypto exchanges would need to reveal information about their users. 

The information that financial institutions need to exchange under the travel rule would be the name and address of the originator or transmittor, the amount of the payment or transmittal order, and the payment or transmittal order’s execution date. The other information that crypto exchanges would need to reveal would be any payment instructions received from the originator or transmittor with the payment or transmittal order and the beneficiary’s bank or recipient’s financial institution’s identity. This means that a crypto exchange would then need to store quite a lot of personal information alongside a user’s account. 

Regulators continue to enforce FATF guidelines. 

The Financial Action Task Force is working to apply a similar rule across countries, which has proven highly controversial within the crypto world. The mandate to collect and exchange customer information seems diametrically opposed to the “peer-to-peer electronic cash system” that the whitepaper for Bitcoin presented. For now, the update to the Travel Rule remains just a proposal. FinCEN and the Fed are inviting public comments from all concerned over the next 30 days. Several countries around the world have already enforced FATF guidelines on cryptocurrencies. However, crypto regulations in most countries still remain in a grey area. 

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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/us-financial-watchdogs-seek-info-on-all-international-crypto-transactions-above-250/

Blockchain

Bithumb Temporarily Shuts Down Some Offices As Korea Faces Another Possible COVID-19 Outbreak

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South Korea’s largest cryptocurrency exchange Bithumb announced today that it is shutting down its offline offices as Korea struggles with a renewed coronavirus outbreak.

Bithumb Suspending Offline Support

Since the start of November, the country has been recording increased daily cases of COVID-19, with the number tripling in the last nine days. This has raised fears that South Korea has entered a third wave of the pandemic.

As authorities are taking measures to strengthen social distancing to curtail the spread of the virus, Bithumb said in its announcement that it intends to suspend its Seoul offline support service temporarily.

Bithumb noted that the Gangnam center office shutdown will begin on Tuesday, Nov 24, and will remain closed until further notice.

“We ask for your understanding of any inconvenience in using the service, and we will inform you of the normalization time of offline Gangnam Center operation through a separate notice,” the exchange said.

Bithumb Raided

In September, Bithumb was the headline across the crypto space. The exchange’s head office was reportedly raided three times as local authorities searched and confiscated company documents. In one of the raids, they seized dozens of shares in Bithumb Holdings belonging to Bithumb Korea Director Kim Byung-Gun.

The police accused Bithumb of fraud related to the $25.2million BXA token presale conducted by the company. Before the presale, Bithumb promised to list the token for trading after the event but failed to do so, causing investors to suffer massive losses.

Two weeks after the raids, authorities summoned Bithumb’s Chairman Lee Junh-hoon for questioning.

Bithumb For Sale?

Following the raid and probe, another report claimed that the exchange was up for sale with a price tag ranging from $430 million to $604 million. The report revealed that foreign financial investors and domestic private equity funds had shown interest.

However, Bithumb has remained quiet about the sale as well as the police investigation.

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Source: https://cryptopotato.com/bithumb-temporarily-shuts-down-some-office-as-korea-face-another-possible-covid-19-outbreak/

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IDEX Announces Multi-Chain Solution and Expands to Polkadot and Binance Smart Chain

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The popular decentralized cryptocurrency exchange (DEX), IDEX, has announced a multi-chain solution that is intended to expand its entire infrastructure to additional blockchains, namely, Polkadot and Binance Smart Chain.

IDEX Expands to Binance Smart Chain and Polkadot

In a press release shared with CryptoPotato, IDEX has revealed its multi-chain solution. Called Multiverse, it’s intended to expand the DEX’s infrastructure, including its layer-2 scaling and staking solutions to additional blockchains.

Its first implementation is going to be deployed on Polkadot’s layer 0 and Binance Smart Chain’s layer 1. This will enable the trade of digital assets on each of the platforms. In addition, IDEX token holders will also benefit from staking options starting from November 23rd.

It’s important to note that Polkadot will be used as layer 0. This means that IDEX will use a parachain of Polkadot in order to tap into its ecosystem. An example of this is Moonbeam. Speaking on the matter was IDEX co-founder and CEO Alex Wearn, who said:

In the past year, we’ve seen several new smart contract platforms emerge, each with a unique set of capabilities and assets. As these platforms grow, we’ll see increased demand for trading these assets and a need for non-custodial trading solutions that support these networks.

Attempts of Further Growth

It goes without saying that both Binance Smart Chain and Polkadot have gained serious popularity, offering an alternative to Ethereum’s network, which was troubled with congestion and high fees as the DeFi boom was at its peak.

IDEX hopes to bring its technology to emerging smart contract platforms. Through its Multiverse, the decentralized exchange aims to become a one-stop app for trading crypto assets on a range of different blockchains through a unified and secure platform.

All of its infrastructure, including its layer-2 system, will be further deployed on each layer-1 network. Independent assets will be issued on every new chain to support IDEX’s new layer2 economic model.

With this in mind, the first multi-chain IDEX tokens that are designated for Binance Smart Chain and Polkadot are IDXB and IDXP, respectively.

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Source: https://cryptopotato.com/idex-announces-multi-chain-solution-and-expands-to-polkadot-and-binance-smart-chain/

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Cardano price prediction: Price to cross $0.20000 before correcting

TL;DR Breakdown Cardano price trading a $0.173531 at press time. Price action highly bullish on both short-term and long-term charts. Price may need correction before climbing higher. Cardano price prediction: Today’s price overview Cardano price opened at $0.155156 with slight bullish momentum that carried the price throughout the day. Despite multiple setbacks, the price is […]

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TL;DR Breakdown

  • Cardano price trading a $0.173531 at press time.
  • Price action highly bullish on both short-term and long-term charts.
  • Price may need correction before climbing higher.

Cardano price prediction: Today’s price overview

Cardano price opened at $0.155156 with slight bullish momentum that carried the price throughout the day. Despite multiple setbacks, the price is currently trading at a higher level than the day’s opening price. At press time, the trading price is $0.173531 showing an 11.84 percent increase from the day’s opening price,

Cardano price across the last 24-hours

Cardano price prediction: Price to cross $0.20000 before correcting 1

Cardano price started the day with a slight bullish momentum that dominated the price action throughout the day. However, the bulls seem exhausted and showed signs of a bearish turnover as more candles started turning red. The price action met resistance at $0.18000, and the buyers failed to breakthrough.

Following the rejection, the bears took over with the price declining sharply below $0.14000 level. However, the bulls bounced back, and the price recovered quickly and started rising towards the current trading price at $0.14000.

On the technical indicators, the RSI started the day suggesting overbought conditions, which came true as price action went bearish. Since then, the indicator has been showing healthy price movement.

The MACD indicator started the day showing bullish dominance, which turned bearish at 06:30 UTC. However, as price action recovered, the momentum turned bullish but has remained too low to indicate market momentum.

ADA USD November chart

Cardano price prediction: Price to cross $0.20000 before correcting 2

Cardano price started the month, extending the slight bearish momentum generated at the end of September. However, the bears could not garner much momentum, and the buyers found support at $0.0881. After tussling for more than two days, the bulls emerged victoriously, and the price ascended until meeting resistance around the $0.1139 price level.

Following the rejection, the price action continued to consolidate above $0.1000 for the next 12 days with slight bearish momentum. However, as the Bitcoin price crossed the $18,000 level, the ADA price action mirrored the movement as bulls elevated the price above $0.16700 with bullish momentum.

On the technical indicators, the MACD started the month, indicating slight bearish momentum with signs of a bullish turnover. However, the indicator remained showed feeble signals before turning bullish on November 19. The RSI, on the other hand, started the month leaning towards oversold conditions. However, the indicator turned overbought on November 21, with the signal only growing stronger with each new candle.

Cardano price prediction: Price to cross $0.20000 before correcting 3

While the bullish trend shows that ADA price still has room for further upwards movement, the RSI suggests that the price is deep into overbought territory and suggests that a healthy correction is needed for the price to continue rising. This notion is further supported by the high volatility seen in the candlesticks that suggest unstable market momentum. This can also be seen in the difference between the trend angles seen in the previous bull runs and the current bull run.

However, the bullish MACD and the growing fear of missing out (FOMO) suggests that the price might continue rising higher before correcting. There is greater FOMO in the ADA markets as the asset has mooned with the price reaching $0.18000 for the first time since January 2018. Traders can expect the price to climb above $0.20000 before correcting.

The ADA community is very optimistic about the recent bull run as the price has climbed by more than 50 percent across the last seven days. The asset is currently at its all-time high, with the momentum still remaining bullish, showing room for further upwards movement.

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