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   1952

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 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.