Venezuela Ensures Petro with Oil Field

The President of Venezuela officially confirmed that the No.1 Ayakucho oil field will provide a material security for the national cryptocurrency Petro
28 December 2017   1611

Nicolas Maduro, the President of Venezuela, announced on Wednesday the allocation of 5 billion barrels of oil to ensure the national cryptocurrency Petro. Maduro officially confirmed that the No.1 Ayakucho oil field will provide a material security for Petro. At the current price for oil, the Ayacucho oil field is estimated at $300 billion.

Maduro said that he hopes to attract the young population to help the state to launch Petro, creating and servicing the mining farms across the country under the government programme. The program has already registered 860,000 Venezuelans between the ages of 15 and 35.

Maduro also stated that he plans to allocate Petro with the deposits of diamonds and the gold deposits of Arco Minero in the Orinoco belt.

According to Maduro, cryptocurrency could help Venezuela to combat a Washington-backed conspiracy to sabotage his government and end socialism in Latin America.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   83

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.