Schlagwort: crypto business

Veröffentlicht am

Chase Bank announces an outright ban on crypto payments in the U.K.

  • Chase Bank will start to block crypto payments in U.K. from October 16th.
  • The retail bank says the ban is related to an increase in crypto frauds.
  • Chase Bank has an active user base of well over 1.0 million in the U.K.

Chase Bank – a subsidiary of JPMorgan has decided to ban crypto-related transactions in the United Kingdom.

Why is Chase Bank banning crypto transactions?

Payments via outgoing bank transfers or the debit card suspected to be linked to cryptocurrencies in any way will be blocked from October 16th, the bank told its customers in an email today.

Chase said it was moving to impose an outright ban because crypto scams are on the rise in the U.K.

We’ve seen an increase in the number of crypto scams targeting U.K. consumers. So, we’ve taken the decision to prevent the purchase of crypto assets.

The retail bank has an active user base of well over 1.0 million in the United Kingdom.

U.K. consumers have lost millions to crypto scams

Chase cited data from Action Fraud – a British fraud reporting agency that suggests consumers in the U.K. have lost more than £300 million to crypto frauds. Its spokesperson also wrote in the said email:

If we think you’re making a payment related to crypto assets, we’ll decline it … We’re committed to helping keep our customers’ money safe and secure.

Earlier this year, NatWest also restricted the sum of money a consumer can send to crypto companies per day and per month. HSBC announced similar limitations in March as well.

The announcement arrives on the same day when JPMorgan Chase & Co agreed to a $75 million settlement with U.S. Virgin Islands on a Jeffrey Epstein-related lawsuit.

The post Chase Bank announces an outright ban on crypto payments in the U.K. appeared first on CoinJournal.

Veröffentlicht am

AnchorWatch raises $3 million in seed round led by Ten31

  • Crypto insurance provider AnchorWatch has announced a $3 million round led by investment firm Ten31.
  • AnchorWatch offers Trident Vault, a protocol native custody solution for commercial entities holding Bitcoin.
  • The platform will use the funding to undertake key regulatory and capital requirements.

AnchorWatch, a US-based provider of bespoke insurance products for commercial entities that hold Bitcoin, has closed a $3 million seed round led by Ten31, a firm that invests in companies and platforms building Bitcoin-focused infrastructure.

The round attracted participation from Bitcoin Magazine’s UTXO Management, Axiom BTC, Timechain, and Bitcoin Opportunity Fund among others.

Building a protocol native custody solution

AnchorWatch revealed in a press release on Tuesday that it will use the capital injection to “complete all regulatory and capital requirements.” This is part of the company’s effort to bring Trident Vault, a protocol-native custody solution meant for Bitcoin owners, to the market.

“AnchorWatch is building both the technical infrastructure to advance bitcoin’s potential as programmable money and the credentialed legal/financial infrastructure for bitcoin to be held by commercial institutions via its insurance offerings,” Jonathan Kirkwood, managing partner at Ten31, said in a statement.

According to him, the investment in AnchorWatch is “a pivotal step” that aligns with Ten31’s mission of establishing Bitcoin as a practicable institutional asset.

Trident Vault  is backed by regulated insurance and AnchorWatch’s plan is to start selling policies to customers in due course.

As part of its product development, AnchorWatch will allow credentialed firms to undertake security audits of Trident Vault to ensure it is enterprise-ready. Among main features of this BTC vault are layered security and regulated property insurance, with holder seniority and time-locked spending for compliance and on-chain governance.

The post AnchorWatch raises $3 million in seed round led by Ten31 appeared first on CoinJournal.

Veröffentlicht am

Binance Coin under severe pressure, tests the $200 support level

  • Binance Coin forms a descending triangle above important support area
  • 2023 gains are gone
  • A break below $200 should trigger more weakness

The US dollar is the month’s winner as it rallied against its peers and against major cryptocurrencies in September. Moreover, the strength appears to be more visible against cryptocurrencies.

Take Binance Coin for example. It erased all its 2023 gains (and some more). It also formed a descending triangle right above horizontal support seen at $200. This is dangerous for bulls because, if broken, there is not much left to support the price until much lower.

Bearish technical picture for Binance Coin

Binance Coin made a double top pattern during the COVID-19 pandemic. Twice, it tried to break above $700, without success.

Since then, however, it was all downside. The scandals in the cryptocurrency industry surely did not help. After all, FTX went busted, trust was lost, and many chose to leave the industry altogether.

Binance Coin chart by TradingView

In the first quarter of 2022, the Binance Coin found support in the $350 area. It hovered above for a while until breaking lower to the next support level.

Once broken, support became resistance.

So powerful the resistance was that not even the 2023 rally, seen on all major currencies, was enough to break it. Instead, the market formed a reversal pattern (i.e., a triangle) and then erased all its gains for the year.

Currently, it sits right above horizontal support at $200. A break there could spell trouble because there is nothing else to hold the price action until much lower levels.

The US dollar’s strength is a cause of major disruption in the cryptocurrency industry. But so is the uncertainty in the industry, the ongoing scandals, that led to investors fleeing for good.

Bulls may want to see that descending triangle (in blue on the chart above) invalidated by the market. If not, more pain lies ahead.

The post Binance Coin under severe pressure, tests the $200 support level appeared first on CoinJournal.

Veröffentlicht am

Bitcoin Cash price outlook: Symmetrical triangle forms

  • Bitcoin Cash has formed a symmetrical triangle pattern.

  • The two lines are nearing their confluence levels.

  • The Federal Reserve is the biggest risk in the market.

Bitcoin Cash price has held quite well in the past few weeks even as a sense of fear spreads in the market. The BCH coin was trading at $214.50 on Tuesday, higher than this month’s low of $180.

Crypto risks remain

Bitcoin Cash price has done relatively well in the past few weeks. This performance was notable since it happened at a time when global stocks were in a freefall. The Nasdaq 100 index has dropped by more than 7% from its highest level this year.

Bonds have also been in a steep sell-off, which has pushed their yields to the highest level in years. The 2-year yield has jumped to 5% while the 10-year and 30-year have jumped to their highest level in more than a decade.

Bitcoin Cash price has likely done well because of the performance of Bitcoin. The BTC coin has remained above $26,000 even as the fear and greed index dropped to the fear zone of 34.

A likely reason for this price action is that investors are optimistic that the Securities and Exchange Commission (SEC) will approve the Bitcoin ETF by key companies like Blackrock, Invesco, and Fidelity.

If this happens, it means that the SEC will need to approve other ETFs. I believe that some of the coins that will have ETF applications are Ethereum, Litecoin, and Bitcoin Cash.

Still, there are risks in the crypto industry. The biggest risk is that the Federal Reserve has committed to be more hawkish since inflation remains stubbornly high. The most recent data showed that inflation jumped to 3.7% in August.

Bitcoin Cash price forecast

The daily chart provides a good picture of the Bitcoin Cash price action. It has formed a symmetrical triangle pattern shown in green. This triangle is nearing its confluence level, meaning that a breakout or breakdown is about to happen. Bitcoin Cash has moved above the 25-day and 50-day moving averages. 

It is also oscillating at the 50% Fibonacci Retracement level while the MACD has moved above the neutral point. Therefore, the BCH coin will likely remain in this range and then have a bullish breakout soon. If this happens, the key level to watch will be at $240. The support of the coin will be at $180.

How to buy Bitcoin Cash

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy BCH with eToro today

Public

Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.

Buy BCH with Public today

The post Bitcoin Cash price outlook: Symmetrical triangle forms appeared first on CoinJournal.

Veröffentlicht am

Taiwan releases new guidelines for crypto exchanges

  • Taiwan’s regulator, the Financial Supervisory Commission (FSC) has announced new guidelines for virtual asset service providers (VASPs).
  • The agency published the VASP guidelines on Tuesday, which includes exchange registration, segregation of customer funds and prohibition of certain products.

Taiwan’s financial regulator, the Financial Supervisory Commission, has released new guidelines aimed at streamlining the crypto exchange space in the country. Specifically, the watchdog has outlined guidelines for virtual asset services providers (VASPs) as it looks to bolster its crypto regulation.

The new guidelines were highlighted in a new report the FSC published Tuesday, September 26, 2023. Wu Blockchain shared news of the development via X, including a link to the Financial Supervisory Commission’s publication.

Foreign exchanges must register before offering services

Per the guidelines, crypto platforms must integrate and make public mechanisms for listing and delisting assets, segregation of customer funds from exchange assets and having a security management system in place. Information disclosures are also emphasised, with details on internal audits and other procedures a requirement.

More than that, the FSC says any offshore crypto exchange seeking to offer products and services must register before offering services to Taiwan customers.

“Overseas virtual asset platform operators are not allowed to solicit business within the territory of Taiwan or from Taiwan citizens, unless they have been registered in accordance with the Company Law, submitted to the Financial Supervisory Commission and completed a declaration of compliance with money laundering prevention laws,” a translation of the guidelines reads in part.

According to the FSC, VASPs will be allowed to form or join self-regulatory standards organisations. 

The goal is to promote self-discipline within the industry, with relevant VASP associations outlining the standards and norms based that crypto platforms will need to embrace to enhance customer protection.

The post Taiwan releases new guidelines for crypto exchanges appeared first on CoinJournal.