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B2BinPay: Accepting Bitcoin and Other Crypto Payments Safely and Securely

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If you’re looking at accepting cryptocurrency payments such as Bitcoin, one of the most important issues is whether all transactions will be safe and secure. While it is a known fact that due to blockchain technology, crypto payments are a safer method of payment for goods or services, the threat of internet fraud is always apparent so you need to be aware of the potential for untoward activities such as hacking and money laundering.

For this reason, it makes sense to ensure that you enforce strict measures to assure your clients that all transactions will be safe and secure.

Conducting KYT/AML Checks

Businesses should therefore track all transactions by way of KYT and AML procedures, otherwise known as Know Your Transaction and Anti-Money Laundering, respectively. 

Most people are now familiar with KYC (Know Your Customer) regulation when it comes to banking. KYT is the equivalent of the crypto world and involves examining all aspects of the transaction in question to provide full information on the device, amount, time, counterparty, etc, in real-time. AI procedures ensure that the information is matched with the customer’s profile in order to provide an accurate risk assessment for every transaction.

Money laundering also poses a big risk and for this reason, businesses need to have strong AML procedures in place to avoid handling money that has been obtained illegally which has passed through a complicated sequence of transactions. 

To sum up, AML procedures take into account policies and legislation that financial institutions must adopt to monitor their clients in order to prevent money laundering and corruptive behavior. The associated laws that are in place cover various different types of transactions and criminal activities.

KYT and AML procedures are highly important for EU regulated crypto payment service providers who are now obligated to abide by strict rules and regulations. They also apply to all entities who provide related services and have an obligation to make sure their clients and business activities are safe and secure.

Crystal Analytics 

B2BinPay is a well-known EU-regulated payment processor in the crypto industry that enables businesses to send, receive, store, exchange, and accept cryptocurrency payments online, safely, securely, and cost-effectively across the world in a matter of minutes. 

Its user-base continues to grow and includes cryptocurrency exchanges, forex brokers, and a multitude of online stores and merchants who can confidently conduct their operations in a safe and secure manner. This is to a large degree thanks to 2-year cooperation with Crystal Blockchain, a blockchain analytics platform (part of the Bitfury Group), whereby Crystal analytics has been integrated into the B2BinPay platform to strengthen its anti-money laundering compliance.

Crystal analytics was designed to better verify customers and their audit balances with the intention of preventing money laundering and illicit activities on the B2BinPay platform. Crystal analytics gives a detailed overview of cryptocurrency transactions, including identities, risk scores, and transaction histories, and is used by B2BinPay to improve its due diligence and boost its cryptocurrency compliance processes.

Crystal is an ideal platform for companies dealing in cryptocurrencies who wish to improve their AML and security procedures and win the fight against illicit actions on blockchains. The platform ensures better compliance and more security, meaning that both B2BinPay users and the blockchain community as a whole benefit.

Crystal Analytics, the industry’s leading KYT compliance technology, is therefore the perfect partner for B2BinPay which has chosen to collaborate with the company to ensure all its clients meet its anti-money laundering requirements. Complete data-centric information relating to all transactions means that crypto businesses can properly comply with their regulator:

✔Track the legitimacy of crypto funds

✔Fully compliant with local and global regulations

✔Comply with AML/CTF regulations with in-depth case by case investigations 

✔Enhances due diligence and AML compliance procedures for all businesses   involved with cryptocurrency

✔Monitor and control over risky transactions 

✔Identify any criminal activity on the blockchain

✔Automatically identify high-risk activities including tracking ransomware payments

More on B2BinPay

Offering crypto payments can prove highly beneficial to businesses, many of which are already seeing impressive results from this exciting new revenue stream. As well as offering your existing clients an extra transaction method in which they can pay in Bitcoin, for example, you can also draw new clients which will help you grow your company revenues. 

B2BinPay is the ideal payment solution for businesses who can in turn, offer their clients a multitude of possibilities:

✔Send. Unlike sending money abroad, you can send Bitcoin or any other cryptocurrency to anyone, virtually anywhere in the world.

✔Accept. Offer your customers Bitcoin, Ether, Ripple’s XRP, Bitcoin Cash, Litecoin, and lots more as a payment option

✔Hold. Many customers hold onto their Bitcoin in the hope its value will rise. Store your Bitcoin in your B2BinPay account or transfer it to a private wallet.

✔Transfer. If you want to send crypto to your own wallet, you can do so whenever you need to, easily and quickly.

✔Convert. The conversion of Bitcoin is simple. Any portion of your Bitcoin balance can be converted to another crypto on demand.

Supported Coins, StableCoins and Tokens

Coins: BTC, ETH, LTC, DASH, BNB, ADA, XMR, BCH, XRP, NEO, NEM, XLM, ZEC, EOS.

Stablecoins: USDT, USDC, GUSD, PAX, TUSD.

Tokens: OMG, BAT, KCS, and many other tokens.

In summary, B2BinPay offers a convenient way to accept crypto payments and is one of the industry’s most recognized and trusted solutions. With high-level functionality, ease of use and a focus on the highest level of compliance,  secure, legitimate, and transparent transactions are all part of the package with B2BinPay. Contact us today!

Disclaimer: This is a paid post and should not be considered as news/advice.

Source: https://eng.ambcrypto.com/b2binpay-accepting-bitcoin-and-other-crypto-payments-safely-and-securely

Blockchain

Brace for it – Bitcoin Futures may be nearing a tipping point

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What’s the tipping point for Bitcoin Futures on top derivatives exchanges like the CME, an exchange that has recorded a daily trading volume of over $300M and Open Interest of over $400M, consistently, for the past 3 months. 

Inching closer to the tipping point of Bitcoin Futures

Source: Skew

Well, a small shift in Open Interest or trading volume can have a cascading effect on Bitcoin Futures’ performance in the next 180 days. Such a shift will be influenced by several factors, and it begins at the tipping point. Three factors, to be more specific. 

In the current phase of Bitcoin’s market cycle, these factors are more relevant for traders on derivative exchanges. This becomes more evident when the Liquidations chart for BitMEX is observed. Over the past 3 months, sell liquidations have paid for buy liquidations. However, over the last few days, this trend has been reversed, and buy liquidations have covered for sell liquidations on BitMEX.

Inching closer to the tipping point of Bitcoin Futures

Source: Skew

The point here is to detect the source of the domino effect before the dominoes start falling. In the case of Bitcoin Futures, the tipping point may be closer than anticipated. 

One of the top factors influencing the tipping point is the Law of the Few. 

The Law of the Few states that “the success of any kind of social epidemic is heavily dependent on the involvement of people with a particular and rare set of social gifts.”

In the case of Bitcoin, institutional investors, derivatives traders, and whales fit the bill. The success of Bitcoin Futures in the global trading community heavily relies on institutional investors trading on CME. In fact, the daily trade volume and Open Interest on CME influence the trading sentiment across spot exchanges as well. 

The last time a cascading effect was witnessed was when BTC Futures’ Daily Trading Volume hit $445M on CME and there was a rally all the way up to $614M. At the time of writing, the Daily Trading Volume was up 63.3%, when compared to the figures 6 months ago, and it has the potential to hit $614M with one move in the right direction.

This effect heavily relies on another key factor – The Stickiness Factor.

Back in 2017, when Google search results for “Bitcoin” and “Crypto” broke the record, the trading community witnessed a historic Bitcoin bull run and altcoin rally. Institutional interest and growth of Bitcoin derivative products ensued. A similar event transpired when Bitcoin Futures’ aggregated daily volume hit $184B on 27 July 2020. This event was a unique occurrence, and it made Bitcoin Futures stick in the portfolio of the average institutional investor and the derivatives trader.

Inching closer to the tipping point of Bitcoin Futures

Source: Skew

The aggregate trade volume hasn’t dropped to pre-July 2020 levels since then. Despite drops in Bitcoin’s price on spot exchanges, Futures contracts continue to trade at a premium and there is more optimism. Volume is not directly impacted by Bitcoin’s price and when the spot market is riddled with bearish sentiment, long contracts continue feeding shorts on BitMEX. This stickiness is a driver of the aforementioned tipping point. 

Inching closer to the tipping point, the powerful context is the rise of stablecoins and their instrumental role in lowering the barrier to entry on spot and fiat-crypto exchanges.

Over the past three months, stablecoins like USDT have added $100M in volume every day and their market capitalization and dominance have risen tremendously. In fact, Tether has also crossed a market capitalization of $15B.

This directly influences the tipping point for Bitcoin Futures as it makes Futures trading more accessible to traders. Bitcoin held on exchanges has nearly doubled over the past month, corresponding to an increase in Tether’s market capitalization and circulation. This resonates with derivatives traders who opt for physically-settled Bitcoin Futures contracts on exchanges like Bakkt. In fact, on Bakkt, the daily trade volume was upwards of $80M for the past week, while the Open Interest has been consistently above $10M.

Inching closer to the tipping point of Bitcoin Futures

Source: Skew

All of these factors are highlighting a shift in derivatives traders’ strategy, while also underlining increased activity on derivatives exchanges. The race to the tipping point has begun – An increase in aggregate trading volume on physically-settled Futures contracts or CME may trigger the much-awaited domino effect.

Source: https://eng.ambcrypto.com/brace-for-it-bitcoin-futures-may-be-nearing-a-tipping-point

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Tron, Synthetix, VeChain Price Analysis: 19 September

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Tron was observed to have hit a strong zone of resistance, before being rejected and pushed to the downside, at the time of writing. In fact, such bearish momentum appeared likely to continue for TRX. At a time when Ethereum was increasingly being criticized for high Gas fees and a congested network, it could have been Tron’s moment to shine, but things didn’t pan out that way at all.

Further down the charts, Synthetix continued making lower highs in its downtrend while VeChain broke out upwards after a few days of relative calm.

Tron [TRX]

Tron, Synthetix, VeChain Price Analysis: 19 September

Source: TRX/USDT on TradingView

TRX was seeing oversold conditions a few days ago when its RSI hit a low of 23, before ascending just past 50. However, the RSI was unable to remain above 50, and its drop beneath the level highlighted the fact that TRX’s recent 12% surge from $0.263 to $0.296 was merely a bounce.

TRX found a zone of strong resistance at $0.3 and looked likely to drop towards the support at $0.265.

Interestingly, a recent Reddit post has raised questions about JustSwap’s vetting process, claiming that the Tron Foundation has whitelisted a DeFi project that has since pulled a $2 million exit scam. This, despite DappRadar listing the project as “high-risk.”

Synthetix [SNX]

Tron, Synthetix, VeChain Price Analysis: 19 September

Source: SNX/USD on TradingView

Synthetix underlined the possibility of dropping lower on the charts. The Directional Movement Index did not yet show a strong trend, but ADX (yellow) was inching towards 20 and could move further north. Also, the rising -DMI (pink) denoted a bearish trend.

Over the past week, every SNX bounce off the level of support has been overwhelmed by selling pressure. This can be expected to continue. With the price registering lower highs, the way down remained the path of least resistance for SNX.

The next level of support after $4.23 lay at $3.36, representing a 20% depreciation.

VeChain [VET]

Tron, Synthetix, VeChain Price Analysis: 19 September

Source: VET/USD on TradingView

VeChain showed bullishness in the market after a period of consolidation. The Bollinger Bands expanded to indicate heightened volatility, while the price broke out towards the upper band. At the time of writing, the price was staying above the 20-period moving average, a moving average that could be tested as support as VET steadily climbs toward its resistance around the $0.158 zone.

The breakout was also accompanied by high trading volumes, legitimizing the breakout.

Source: https://eng.ambcrypto.com/tron-synthetix-vechain-price-analysis-19-september

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Seoul Police Summons Bithumb Chairman For Interrogation

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The Seoul Metropolitan Police Agency has summoned the chairman of Bithumb for interrogation regarding the alleged fraud. The chairman of the firm, Lee Jung-hoon has been accused of a lot of fraud activities. The fraud is related to the failed listing of the BXA token and defrauding the investors.

As revealed in earlier reports, this token has been promoted as the native token of Bithumb. However, the token has never been launched or listed on any platform. Due to the promotion of a fake token, Lee is now involved in a huge fraud, which includes the damages of around $25 million funds of the investors.

Seoul Police Conducted Initial Investigation at Bithumb Office

It needs to be mentioned that this police raid did not happen all of a sudden as earlier also Seoul police had investigated this case. The initial investigation that police conducted was on September 02, 2020 at the office of Bithumb. Lee has also been accused of using the investors fund purchasing the properties overseas or some other offshore investments.

According to the latest report, Kim Byung-gun who is another chairman of Bithumb, is also accused of getting involved in this BXA fraud along with Lee. However, the Seoul Police did not send any summon for investigation to Kim regarding this case. 

Police Siezed The Shares Related to Lee

Along with this summon, the police has also siezed a lot of shares of the Bithumb Holdings that belonged to Lee. Not only this, the firm is also help responsible for a data breach incident which took place in 2017. Even though the exchange is accused of different allegations, it is still holding quite a firm position in the South Korean market. Not only in South Korea, it is still counted among the top ten largest crypto exchanges across the world. The daily trading volume of the exchange is around $250 million, which might be due to its huge user base.

READ  Tokenomica Begins OTC Desk Including BTC-EUR Pair

#Bithum Holdings #Bithumb #BXA token #Investigation at Bithumb Office #Kim Byung-gun #Lee Jung Hoon #Seoul Police

Source: https://www.cryptoknowmics.com/news/seoul-police-summons-bithumb-chairman-for-interrogation

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