Hong Kong Government to Educate the Public on Cryptocurrency

Hong Kong’s Financial Services and Treasury Bureau and Investor Education Center have launched a public campaign to educate the public
01 February 2018   661

Hong Kong’s Financial Services and Treasury Bureau and Investor Education Center have launched a public campaign to educate the public

Due to the aroused public interest and hype around cryptocurrencies Hong Kong’s Financial Services and Treasury Bureau (FSTB), and Investor Education Center (IEC) have launched the educational campaign in order to provide a comprehensive understanding of the potential risks of cryptocurrency transactions.

The campaign includes educational videos which will be posted on social media, television and radio advertisements, advertisements throughout Hong Kong’s public transport.

Under Secretary for the FSTB, Joseph Chan believes that the aim of the program is to provide a correct and comprehensive understanding of ICOs and cryptocurrencies. The campaign will help people have a better idea of digital currency and investing in it.

This campaign is not the first attempt of developed countries to launch an educational program on cryptocurrencies. A few months ago Russian government suggested educating the public on their financial literacy.

The main reason for launching such educational programs supported by governments is the dangerous volatility of the cryptocurrency markets which many traditional investors are not prepared for.

Unlike the hostilities faced in China, Hong Kong is focused on protecting and informing traders and investors.

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   86

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.