Kategorie: Crypto News

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OCC issues Consent Order against Anchorage Digital Bank over AML violations

Anchorage Digital Bank has agreed to remedial action and will appoint a Bank Secrecy Act officer to help ensure compliance.

The Office of the Comptroller of the Currency (OCC), the United States national bank regulator, has issued a consent order against Anchorage Digital Bank, according to a news release published on Thursday, 21 April.

Anchorage Digital was the first digital asset bank to receive regulatory approval from the OCC. Granted in January 2021, the conditional approval to the company’s national trust charter application enabled it to change to Anchorage Digital Bank, National Association.

The OCC, however, says the formerly Anchorage Trust Company failed to implement the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) requirements it had agreed to as part of the condition to operating as a federally regulated digital asset bank.

It’s Anchorage Digital’s failure to comply with the KYC and AML provisions that prompted the order, the OCC said in the release.

“The OCC holds all nationally chartered banks to the same high standards, whether they engage in traditional or novel activities,” said Michael J. Hsu, the Acting Comptroller of the Currency.

“When institutions fall short, we will take action and hold them accountable to ensure compliance with federal laws and regulations,” he added.

Anchorage Digital has started remedial action

As part of the remedial action necessitated by the order, Anchorage is required to appoint a compliance committee of not less than three members. It’s also to draw an action plan toward addressing all BSA deficiencies.

The bank has thirty (30) days from the date of the Consent Order to submit the action plan toward achieving and sustaining compliance with the relevant KYC and AML laws.

Anchorage has also agreed to hire a Bank Secrecy Act officer and provide all the necessary support for them to work towards compliance. Other than that, the bank will need to ensure higher customer due diligence, as well as customer risk identification checks, are in place.

The OCC noted in the order that Anchorage Digital has instituted “corrective action” and pledged to ensure full compliance.

The post OCC issues Consent Order against Anchorage Digital Bank over AML violations appeared first on Coin Journal.

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3 crypto dips to buy before the end of April

The broader crypto market has seen a sharp dip in April. But major coins like Bitcoin and Ethereum have stabilized and look like they are ready for the next bull run. For this reason, it may be a great idea to invest in these dips, and here is why:

  • The crypto market has stagnated since the start of 2022 and is poised for a breakout

  • Dips can always deliver double-digit gains 

  • Risk factors in the market including inflation are baked into the pricing

So, if you are thinking of buying the April crypto dip, we have three coins that offer immense potential for great returns.

Helium (HNT)

Helium (HNT) took a beating at the start of April. At one point the coin lost nearly 45% of its value in a single week. HNT has started to recover in fact, over the last few days it has ended in profits in all sessions. 

Data Source: Tradingview 

With this consolidation and price stability, it looks like the upward trajectory will continue. In the end, HNT will recover and try to reach some of the lofty highs it hit in March.

Anchor Protocol (ANC)

The Anchor Protocol (ANC) has also seen some price recovery after dipping at the start of the month. The coin has not pulled up that much but the downtrend has already stopped. With momentum now expected to start building, ANC will go on a bull run. Even if you buy at the current price, there is still so much room for double-digit returns.

Velas (VLX)

Velas (VLX) is yet to break its downtrend but the price action is now solidly above a crucial support zone. It is highly unlikely that the coin will fall below this. As such, VLX is now entering consolidation and in a few weeks, this token will report decisive gains.

The post 3 crypto dips to buy before the end of April appeared first on Coin Journal.

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Bitcoin’s price dip has attracted large whales – Here is what this means

After a very bullish trend in March, Bitcoin (BTC) has slowed significantly in April. The coin dropped below the $40,000 for the first time in weeks. BTC has managed to pair up some of these losses and much of this is down to increased whale buying. Here are the main takeaways:

  • Institutional investors and other big wallets bought BTC massively at $38,000.

  • This buying activity has pushed the coin above $42,000 once again

  • Whale accumulation often suggests a bullish momentum is around the corner.

Data Source: Tradingview 

How will whale activity affect Bitcoin?

In the near term, we expect the price of Bitcoin to maintain a steady upward trajectory. The accumulation of BTC by large wallets is often a sign that more gains are coming. At the moment, BTC remains firmly above the crucial; $40,000 mark. We expect consolidation to continue before the mega-cap strides towards $45,000. 

It is very difficult however to see any more upside above $45,000. In fact, even during its robust March rally, BTC failed to clear $49,000 and would soon fall sharply after. It is likely that most of the dip buyers we saw at the $38,000 prices are short-term investors. 

We expect a majority of them to lock in profit once the coin crosses $45,000. This will lead to a mini sell-off that will return Bitcoin back to $40,000 in the shorter term.

Should you follow the Whales?

Well, the $38,000 price was the most appropriate for BTC investors. But there is enough upside for the coin to hit $45,000 from its current price. You can therefore consider buying and make at least 10% in returns over the coming days. But if you want to hold for the longer term, BTC still has the potential to 2x your money by the end of this year.

The post Bitcoin’s price dip has attracted large whales – Here is what this means appeared first on Coin Journal.

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3 coins to put on your watchlist right now

The crypto industry is filled with new and exciting projects. Some tend to be new, others older, but they all give you the chance to make money with the right timing. This is why the idea of having an active watchlist of crypto assets is important. The following is a list of tips that can help you build the ultimate crypto watchlist:

  • Focus on coins that are buzzing on social media

  • New projects with a star-studded list of investors are also perfect

  • Ensure coins have upcoming big developments in their future

Well, if you are not sure which crypto assets to put on your watchlist right now, we have a list of three that should offer a great start.

0x (ZRX)

0x (ZRX) is an Ethereum-based protocol that allows users to trade ERC20 tokens across multiple blockchains. It does this in a fully decentralized manner while keeping fees low, and transaction speeds high.

Data Source: Tradingview 

With a market cap of around $870 million, it is one of the biggest decentralized exchanges in the crypto industry. Ox is exploring new ways to enhance liquidity. There are also plans to help the platform take full advantage of the Ethereum 2.0 shift.

Casper (CSPR)

Launched in 2021, Casper (CSPR) is a proof of stake blockchain that is trying to boost the wide-scale adoption of blockchain technology all over the world. The token is one of the most promising blockchain infrastructure projects. In fact, Casper has often been compared with Solana, and it has the potential to become huge in the coming months.

Cronos (CRO)

Cronos (CRO) was previously known as Crypto.com. It has now rebranded to reflect its broader approach in the crypto market. Cranos will no longer be just an exchange. It is building a new blockchain that will integrate traditional finance and decentralized finance. The future is therefore looking very good for CRO.

The post 3 coins to put on your watchlist right now appeared first on Coin Journal.

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Building a crypto portfolio with $1000: Top 3 coins to buy

Building a crypto portfolio with a small amount of capital is not always easy. But this does not mean it cannot be done. What really matters is identifying decent assets and reinvesting as much of your profit as possible. Here are some of the tips to follow if you have a small budget for crypto:

  • Always focus on high growth crypto assets like NFTs

  • Newer more promising coins can also help you build your capital

  • Trade on dips more regularly to expand your investment potential.

So, if you have $1000 only, we have three coins below that can help you build a decent portfolio of assets.

Shiba Inu (SHIB)

Meme coins are known for their massive volatility. However, meme coins can swing up very fast. This will ultimately allow you to lock more money into your account. 

Data Source: Tradingview 

While there are three or four meme coins that you can consider, Shiba Inu (SHIB) is by far the best. It has a decent track record of offering superb gains. Although SHIB has fallen in recent years, there is still some potential for better returns this year.

Apecoin (APE)

We all know that NFTs are going to be huge. Apecoin (APE) is one coin that can allow you to actually take advantage of the coming NFT boom. There are still a lot of whales who hold this token. This means that the risk of a major sell-off is there. But despite this, Apecoin is fairly new and has the potential to grow 10x in the future.

The Sandbox (SAND)

In recent months, The Sandbox (SAND) has been attracting so much institutional capital. It is seen as one of the most promising metaverse projects that already have some proven pedigree in the market. While SAND may not deliver 20x in the near term, it can actually double or triple your money very fast.

The post Building a crypto portfolio with $1000: Top 3 coins to buy appeared first on Coin Journal.