National Assembly of Venezuela Outlaws El Petro

The National Assembly of Venezuela declared Petro illegal, calling it an effort to illegally mortgage the cash-strapped country’s oil reserves
10 January 2018   1242

The National Assembly of Venezuela voted against the establishment of the national cryptocurrency “el Petro” on Tuesday, calling it an effort to illegally mortgage the cash-strapped country’s oil reserves.

In December 2017 Nicolas Maduro announced his plans to create a cryptocurrency backed by oil, gas, gold and diamond reserves in effort to advance monetary sovereignty, as it will help to overcome the financial blockade and thus move towards new forms of international financing for the economic and social development of the country.

Maduro said on Friday that his government would issue nearly $6 billion of petros as a way to raise hard currency and to evade financial sanctions imposed by Washington.

According to Prensa Latina, Maduro called on the people to actively repudiate the Assembly’s decision to declare the petro illegal.

Recently, we have reported that Nicolas Maduro allocated 5 billion barrels of oil to ensure the national cryptocurrency “el Petro”.

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.