China exchanges shutdown is just rumours?

Some cryptocurrency enthusiasts speculate that the China exchanges shutdown might be just a conjecture
08 September 2017   1196

Nowadays, China's cryptocurrency exchanges shutdown is a real hot potato. It is believed that the regulators are seeking a shutdown of exchanges as a part of the ICO ban imposed earlier this week. Due to this news, Bitcoin and other top ten cryptcoins are falling down.

However, some cryptocurrency enthusiasts, such as Charlie Lee and Samson Mow, speculate that the China exchanges shutdown might be just a conjecture.

Samson Mow, CSO of Blockstream and CEO of Pixelmatic, supports his statement saying that "PBOC [The People's Bank of China] isn't exactly shy about making official announcements", so if the news were correct, the community would know it from the firsthand.

Would you believe news on CNN saying Bitcoin is banned in the US without any statement or source from the SEC or CFTC? or NYDFS?

Samson Mow
CSO of Blockstream and CEO of Pixelmatic

The man concludes claiming that real or not, he doubts "anyone wants to go down in history as the person who tried to ban Bitcoin".

Whether the news is true or false, remains to be seen. 

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.