FATF to Develop Common Rules For Exchanges

As reported, on June 24 members of the FATF will discuss the effectiveness of the rules, their applicability to new exchanges
13 June 2018   429

The intergovernmental organization FATF (financial crimes task force), whose main activity is the fight against money laundering, plans to create a set of mandatory rules for crypto exchanges. This is reported by Reuters referring to the statement of an unnamed Japanese official.

According to the agency, on June 24 members of the FATF will discuss the effectiveness of the rules, their applicability to new exchanges and the principles of implementing requirements in countries where cryptocurrencies are banned.

At present, crypto exchanges are following optional recommendations, which imply the registration and disclosure of information about suspicious activity. At the same time, each state independently decides to what extent to regulate cryptocurrency companies.

Tthe government of Japan, which recognized bitcoin as legal tender in April 2017, intends to establish mandatory supranational regulations for the regulation of crypto exchanges no later than 2019.

BitForex to be Suspected of Fraud Due to MFG Delisting

After 13 days of trading, crypto-exchange froze trading of this coin without a warning
14 August 2018   80

Users of the BitForex exchange have suspected the platform management in fraud after the platform has delisted the SyncFab (MFG) token without any explanation. This is reported by Cryptovest.

On July 18, at a recently opened BitForex exchange, trading of the own token of the SyncFab blockchain platform started. After 13 days, crypto-exchange froze trading of this coin without a warning. According to users, BitForex still retains part of the deposit funds in order to further steal tokens.

In turn, commenting on the situation, SyncFab representatives refer to vulnerabilities of unknown character in the smart contract of the token.

BitForex has a lot of tokens listed, however, not everything can be found through the search. The main page of the platform lists only coins with active trades.

Price of the MFG coin fluctuates around $ 0.0059. Token is traded on the IDEX, Cobinhood, CoinExchange, Bancor Network. In August, the leading company in the field of bitcoin-security and the provider of the popular BitGo wallet announced support for MFG.