Virtual Crypto Technologies to launch NetoBit ATM

Virtual Crypto is going to demonstrate its bitcoin ATM NetoBit at the TechCrunch Tel Aviv event on June 7
06 June 2018   1017

A technology company dealing with publicly accessible cryptocurrency solutions Virtual Crypto Technologies is revealing its bitcoin ATM NetoBit at TechCrunch event in Tel Aviv on June 7. NetoBit is notable for being a bidirectional platform (users can buy and sell bitcoin for fiat). It is the world's first and only ATM providing a real-time conversion, purchase and sale of bitcoin.

NetoBit solution overall are distinctive for a validation algorithm (predict if the transaction will be approved immediately) and for allowing users to work with several crypto exchanges simultaneously for each transaction. Moreover, financial management system of Virtual Crypto supports an operation of a large number of ATMs and POSs (in April 2018 the company launched POS NetoBit Pay).

We continue to set standards for the burgeoning cryptocurrency sector. Our proprietary algorithm reduced the typical transaction time from 10 to 60 minutes to several seconds. At this stage, NetoBit ATMs combine that speed with the convenience of an ATM, giving customers the ability to buy and sell bitcoin with fiat money. The result is a vastly improved trading experience for customers, which we believe will be attractive to our business partners as well as consumers.

 

Alon Dayan

CEO, Virtual Crypto Technologies Ltd.

More details can be found here.

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.