Chinese police expanded to monitor international cryptocurrency activity

This falls in line with the efforts of Chinese government to provide regulation and security
01 March 2018   1742

It is reported today that China Police Force from recently includes a special unit for monitoring foreign virtual currency operations along with domestic platforms that have moved out of China. This and numerous other measures (ICO ban, blockchain patents, own cryptocurrency, decentralization of crypto trading,etc.) all aim to counter illegal financial activity like money laundering, pyramid schemes and investment fraud.

The situation came to this because after all the anti-crypto and anti-ICO measures, organizers and exchanges have decided to move overseas, outside of the jurisdiction of Chinese government. Some domestic enterprises and individuals evaded the regulation and set up exchanges outside China, moving their servers offshore or registering companies overseas.

Yet, China's National Internet Finance Association under Central Bank reported that such transition to foreign platforms didn't stop domestic investors from accessing them. This poses a formidable risk associated with global digital currency activities, especially that of being involved in pyramid schemes, as reported earlier by Chinese Ministry of Public Security. The most effective way of countering such behaviour is to be able to freeze trading accounts by means of banks.

SBI Holdings & GMO Internet to Use Largest BTC Farm

The companies allegedly made a deal with Whinstone Inc., that is going to launch almost 100 acres big mining farm in Texas soon
08 January 2020   120

Japanese financial conglomerate SBI Holdings and IT giant GMO Internet intend to mine bitcoins at the world's largest mining farm in Texas, Bloomberg reports citing sources familiar with the situation.

The companies allegedly made a deal with Whinstone Inc., a Northern Bitcoin subsidiary building a data center near Rockdale, to start cooperation in the coming months. Such a partnership is expected to help Northern Bitcoin attract more large investors.

Nevertheless, company representatives declined to comment on the information on cooperation.

As you may remember, Northern Bitcoin signed a merger agreement with Whinstone last November.

According to plans, after the construction is completed, the maximum capacity of the data center will reach 1 GW, and the facility itself will occupy an area of ​​more than 40 hectares, which is equivalent to 57 football fields.