Swiss Stock Exchange Chairman Endorses the E-Franc

Romero Lacher thinks that E-Franc "would be good for the economy"
26 February 2018   528

Chairman of the Swiss Stock Exchange SIX Romero Lacher believes that the idea of launching a crypto-currency version of the Swiss franc has many "positive aspects".

In a conversation with the Financial Times, Lacher said that his company will give all possible support to this initiative, adding that "he does not like cash".

I believe there would be a lot of upsides, we would be strongly supportive … An e-franc under the control of the central bank would create a lot of synergies — so it would be good for the economy. I don’t like cash.

Romero Lacher

Chairman, SIX

Switzerland is known as one of the most focused on the sphere of crypto-currencies and blockchain of the world's jurisdictions, however, in its banking industry, digital currencies have not yet spread.

This was again reminded by the National Bank of Switzerland, saying that the country "does not need" in the so-called "e-franc" at the present time.

I think the strategic direction is good, but it’s like going into fog. You don’t know what you will see on the other side. Many mistakes will be made, but we will also learn a lot and I am sure, we will be successful. My worry is that until recently, the value of cryptocurrencies has only been in one direction — up. After the first ICO to collapse, there will be burnt fingers.

Romero Lacher

Chairman, SIX

Lacher, in turn, shares the cautious view of the regulators on the ICO.

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

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.