Venezuela Announces Pre-Sale of Petro

Nicolas Maduro has announced the pre-sale of the national oil-backed cryptocurrency, the Petro, and signed the official Petro’s whitepaper
31 January 2018   1002

The President of Venezuela Nicolas Maduro has announced during the meeting of the council of ministers on Tuesday that the pre-sale of the national oil-backed cryptocurrency, the Petro, will begin on February 20. The president has also presented and signed the official Petro’s whitepaper and unveiled the Petro Container for mining the new currency.

The meeting of the council of ministers on TuesdayThe meeting of the council of ministers on Tuesday

We have reached the future. Venezuela advances as an economic power. Venezuela is at the forefront of the world, and we are going to accelerate permanently the start-up of the cryptocurrency, the petro.


Nicolas Maduro

The President of Venezuela

The president added that the petro pre-sale will be “through ERC20 tokens.”

The whitepaper details “the functions, vision, and conditions” of the petro, Maduro said. However, despite many Venezuelans asking on social media for access to it, the whitepaper has not been released to the public yet.

During the meeting, Maduro also announced his intention to accelerate the entry into the operation of el petro cryptocurrency and mining farms through the Petro Container, which he unveiled at that time, adding that all the savings banks in the country can have their mining farms and participate in el petro.

Maduro first announced the creation of the petro in early December. Then he assigned over 5 billion barrels of crude oil to back the new currency and announced the issue of 100 million units. However, the Venezuelan National Assembly soon declared the petro illegal and cannot be backed by oil.

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.