HBAR up by 9% today after Tejouri launched on the Hedera blockchain

HBAR is the best-performing cryptocurrency amongst the top 50 cryptocurrencies by market cap in the last 24 hours.

HBAR, the native coin of the Hedera blockchain, is the best performer amongst the top 50 cryptocurrencies by market cap over the past few hours. It has added more than 9% to its value today and could rally higher over the next few hours.

The rally comes after the HBAR Foundation, the development team behind the Hedera blockchain, announced that the Dubai International Financial Centre (DIFC) Courts has launched Tejouri, a global digital vault, on the Hedera network. 

The HBAR Foundation said the Tejouri platform would make it possible for users to upload and secure storage of documents, including insurance contracts, title deeds, Wills, financial certificates, images and multimedia files.

HBAR’s rally comes as the broader cryptocurrency market slowly recovers from its recent slump. The total crypto market cap stands at $923 billion, up by less than 1% in the last 24 hours.

Bitcoin continues to trade above $19k and is also up by less than 1% so far today. Ether is up by less than 1% in the last 24 hours but continues to struggle to surge past the $1,300 resistance level.

Key levels to watch

The HBAR/USD 4-hour chart has turned bullish as Hedera has been performing well over the past few hours. 

HBAR/USD Chart By TradingView

The MACD line crossed into the positive zone a few hours ago, indicating that the bulls control the Hedera market at the moment.

The 14-day relative strength index of 66 shows that HBAR could be entering the overbought region in the coming hours or days if the momentum is sustained.

At press time, HBAR is trading at $0.06344 per coin. If the bulls remain in charge, HBAR could surge past the first major resistance level at $0.07426 before the end of the day. However, it would need the support of the broader market to surpass the $0.08271 resistance level for the first time since August. 

Where to buy now

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Bittrex fined $24 million for violating US sanctions

The US treasury has finned Bittrex exchange $24 million for violating sanctions issued by the United States against individuals in different countries around the world. According to the US treasury, Bittrex did not stop sanctioned individuals from Cuba, Crimea, Iran, Syria, and Sudan from using the exchange.

The US Treasury fine against Bittrex is one of the biggest fines that has been issued against any entity especially for contravening sanctions.

Where it all started

1,730 individuals that fell under the list of sanctioned individuals by the Office of Foreign Assets Control (OFAC) were found to have used Bittrex between March 2014 and December 2017. It is reported that these individuals conducted about 116,421 transactions involving digital assets worth about $263.4 million.

It is important to note that Bittrex operated without a sanctions compliance program until December 2015, after which customer identity verification was enacted, followed by the retainment of a third-party vendor for the sanction screening process.

But even after putting in place measures to screen sanctioned individuals, Bittrex still lacked in its efforts leading to the issuance of a subpoena against it by the OFAC. The subpoena drove Bittrex to put in place multiple measures in a bid to curtail the number of violations.

The Treasury Department has noted this by saying:

“Bittrex subsequently implemented a number of other remedial measures, including implementing new sanctions screening and blockchain tracing software, conducting additional sanctions compliance training, and hiring additional compliance staff. Once implemented, these remedial measures substantially curtailed the number of Apparent Violations.”

The $24 million fine

To settle the fines of the aforementioned violations, specifically for allowing sanctioned individuals to transact with the exchange, Bittrex agreed to remit about $24.2 million.

It is however not the first time that the US Treasury has penalized a crypto exchange for violating sanctions. In February 2021, BitPay was fined $507,000 and BitGo was fined $98,000 for sanctions violations.

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