LA Woman to Face Sentence For Illegal BTC Trade

Prosecutors say the 50-year-old Theresa Tetley's business 'fueled a black-market financial system'
12 June 2018   1316

A 50-year-old resident of Los Angeles is accused of illegal provision of financial services, since she traded cryptocurrency without the necessary license, thereby violating federal law. The prosecutor's office insists on imprisonment of Theresa Tetley for up to 30 months, NBC Los Angeles reportes.

In the period from 2014 to 2017, the cryptotrader under the nickname Bitcoin Maven was active in LocalBitcoins, earning about $ 300,000 on bitcoin annually. During this time, she carried out transactions in the amount of $ 6 million to $ 9.5 million.

According to the prosecutor's office, Tetley's business, which went beyond the regulated banking industry, fueled the black market of the central district of California.

The prosecution party also insists on confiscating 40 bitcoins, $ 292,264 and 25 gold bullion seized by law enforcement officers in March.

The verdict against Tetley, who had previously confessed her guilt, was due on Monday, but was postponed indefinitely.

Binance to Launch BTC-Pegged Own Chain Based Token

In this way exchange wants to transfer crypto based on own blockchains to its ecosystem and  increase liquidity and trading volumes at Binance DEX
17 June 2019   158

In the coming days, Binance Exchange will launch a series of BEP2-tokens, tied to different cryptocurrency rates, on its own Binance Chain blockchain. The first token of this type will be BTCB - its rate is tied to Bitcoin.

BTCB is backed with bitcoins located in Binance reserves. The address for storing bitcoins has already been made publicly available, so that users can verify that the token has the necessary support.

In the future, the BTCB / BTC trading pair will be launched on Binance.com. With its help, users will be able to convert the original cryptocurrency into the Binance Chain token. The price spread in this case will be about 0.1%.

According to Binance, in this way it can transfer cryptocurrencies based on its own blockchains to its ecosystem and currently not represented in the Binance Chain. The company expects the launch of new tools to increase liquidity and trading volumes at Binance DEX.

While this approach is more centralized than atomic swaps, we believe it provides a higher degree of ease-of-use to most traders. And most traders are already trusting Binance.com to hold their funds anyway.
 

Binance Team

To date, Binance has independently reserved 9,001 BTC and released 9,001 BTCB. The BTCB / BTC trading pair on Binance.com will tentatively appear within a day, and an asset will be added to Binance DEX after approval of the relevant offer.