Category: Crypto

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Crypto News

OKEx Sets a 5-day Deadline for KYC Verification Requirements – Otherwise Clients Would Lose Their Funds

OKEx, which is one of the leading cryptocurrencies worldwide with a daily trading volume that frequently surpasses $500 million, reported dramatic shifts in know-your-clients verification (KYC) policy requirements.

Customers have to comply to the new KYC demands by August 28 or funds the clients hold will be withheld, and unavailable until appropriate identity verification is provided. These new regulations will also cover all trades that participate in the OKEx Open Partner Program.

Before this change in regulations, no verification details were necessary for the customers to be able to cash out their OKEx funds and clients could’ve had multiple accounts. OKEx advises its clients to merge their holdings into a unique account before this policy change comes into effect. Otherwise, they may lose access to the funds they keep in their accounts forever.

OKEx demands all its clients to comply to its new KYC verification policies

OKEx reports that customers who upgrade to KYC Level 1 by downloading their passports will be allowed to retrieve up to 2 Bitcoin (BTC) per day, which at present is about $13,000. KYC Level 2 and three users will be eligible to collect up to 100 BTC per day, or approximately $670,000. To achieve these levels, clients have to upload other identification documents, along with proof of address documents.

This drastic rise in KYC verification standards may be due to the growing Chinese authorities oppression on cryptocurrency trade. OKEx is based in Hong Kong, an independent region that is more supportive of cryptocurrency, but which is still located in China.

On the other hand, this stricter KYC verification process OKEx implemented may be a correction of the more permissive policies that OKEx adopted until now and which permitted clients to cash out 100 Bitcoin (BTC) daily and keep multiple accounts with no verification.

OKEx has only given its clients five days to conform with the new KYC verification processes, a situation that can catch numerous users off guard.

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Crypto News

Samsung Wants to Simplify Banking Services with Blockchain Technology Tool

Samsung SDS, a branch of the South Korean technological giant, has designed a blockchain technology-based platform for South Korean banks, the company reported today.

Samsung SDS launched the new BankSign platform based on blockchain technology

The new BankSign platform, jointly developed by the Korean Federation of Banks and Samsung, is intended to provide flawless interoperability between the mobile systems of different banks. Customers can conduct transactions on different apps, but the new system will need to check them from a single application, using passwords, fingerprints or patterns for authentication, Yonhap press agency revealed.

Samsung delegates claimed that the security of the system ensured by the coupling of bank systems to the data sharing blockchain technology network, and authentication data into this network can stay in place for up to three years. One statement claimed that this security is strengthened by the immutability of the blockchain.

Is not the first time Samsung SDS is using blockchain technology-based solutions for improving the banking system

“BankSign is the first application of the long-awaited technology of the blockchain on banking services. The company will continue to develop its digital transformation activities, which will strengthen the competitiveness of banks and financial institutions,” the statement says.

Samsung SDS started in 2015, and issued its first business platform, Nexledger, in 2017.

Subsequently, the company introduced a digital financing platform fueled by blockchain technology and artificial intelligence, Nexfinance, that is aimed at tracking and integrating the financial files of various investment companies, generating recommendations for products, demanding insurance and handling credit card fidelity points, the Korea Herald announced in June.

While cryptocurrencies are still viewed as risky assets for the mainstream financial system, even in South Korea, the blockchain technology is considered a significant technological achievement that might help the banking system overcome the current issues that characterize transactions and data recording.

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Crypto News

China Increases Its Policies Regarding Cryptocurrency With Baidu, Tencent And Alibaba Blocking Crypto-Related Activities

Restrictions against cryptocurrency in China intensified today, August 27, after renowned technology companies such as Baidu, Tencent and Alibaba blocked forums related to cryptos and cryptocurrency exchanges. The measures come amidst a new escalation by the Chinese government, which is even trying to minimize the conversations of thousands of users about digital assets.

In the case of Baidu, China’s leading Internet search engine, the ban covers the cryptocurrency forums, according to information disseminated by local media. According to the report from other digital media, a person related to Baidu who did not want to be identified claimed that the measure was taken in “conformity with relevant laws, regulations, and policies.”

As for Tencent and Alibaba, which provide Internet and e-commerce services, respectively, they have reported that they will maintain monitoring to prevent their mobile payment services from being used for transactions involving cryptocurrencies.

On August 24th it was announced that AliPay would supervise the transactions with cryptos in China to restrict or suspend the operations suspected of being involved in the purchase and sale of cryptocurrencies.

China intensifies the cryptocurrency regulations

The decisions taken by the before-mentioned companies come in addition to the measures imposed by local authorities, such as the one announced last Thursday, in which events related to cryptos became banned in hotels and shopping malls in Beijing’s Chaoyang district.

Overall, it was also reported that some 124 foreign cryptocurrency exchange platforms operating across China would be banned to minimize the exchange of cryptos further.

The increase in official regulation began in September 2017, when China issued a measure in which the Central Bank banned the Initial Coin Offerings (ICOs) because “ICO projects are suspected of illegally raising funds and probably committing fraud.”

Since then, the official position was against cryptocurrencies and any mechanism related to digital assets. However, in the midst of this whole ecosystem landscape, China does welcome the potential of blockchain technology.

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Crypto News

Dutch Homeowner Put Its House On Sale For VeChain (VET) Only

A Dutch homeowner by the name of Dian van Heijningen is trying to sell his house in Rotterdam- Kralingen, the Netherlands, for 31,516,323.03 VeChain (VET). At the moment, the value of these VET tokens amounts to approximately $475,000.

This is the first Dutch homeowner that sells it apartment for VeChain (VET)

Heijningen is the first individual in the Netherlands to sell his house, a 106 square meter apartment, in return for VeChain tokens. While reports of Dutch citizens and persons in other countries selling their houses for Bitcoin (BTC) have been reported, this might be the first time that a homeowner would want VeChain tokens for a property.

Mr. Heijningen pointed out to the local news agency AD.NL that VET tokens may not count for much, at the moment, but he feels that the digital asset’s price could ultimately soar. VeChain (VET) is the proprietary cryptocurrency of the VeChain blockchain platform for smart contract processing, which is designed to improve the efficiency of supply chain management processes.

“The designers behind VeChain have built a platform on which companies and governments can record transactions that cannot be altered. VeChain uses blockchain innovation to build solutions for various industries, from the automotive industry to the spirits markets,” said Dian van Heijningen.

Dian van Heijningen has a great interest in VeChain blockchain solutions and VeChain (VET) cryptocurrency

Heijningen’s Twitter profile shows that this guy is genuinely committed to VeChain blockchain and its cryptocurrency, as he regularly blogs updates about the digital asset.

Following the elaboration of the possible use cases of VeChain platform, the Dutch homeowner stated that car manufacturers could closely monitor their odometer measurements using VeChain’s transparent locking system.

Heijningen said the Chinese government has also heavily invested in VeChain blockchain network. He further noted that China was in the process of developing an “authentication system based on VeChain to verify whether the vaccines are genuine or not,” with the collaboration with other nations.

At the moment of this writing, VeChain (VET) is trading at $0.015, after losing about 2.60% in the last 24 hours. Currently, the digital asset is the 19th by market cap with $834,960,821.

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Crypto Markets News

Revolut Launched Revolut Metal Card With Cashback In Cryptocurrency And Fiat Money

Revolut has launched a contactless metal card with cashback in cryptocurrencies for frequent travelers looking for something “beyond the currency exchange.” The card, called “Revolut Metal,” will have a unique design and three times the weight of a regular card. It will offer its users a cash refund of 1% of each transaction carried out outside Europe and 0.1% of each transaction conducted in Europe, with the possibility of receiving the rebate in any of the 25 fiat currencies supported by Revolut or in the five cryptocurrencies, including Bitcoin (BTC).

Customers will also be able to withdraw three times as much cash from any international ATM as a standard user and will have a personal concierge service at their disposal with which to make reservations, from a table in a restaurant to a concert ticket. People who subscribe to this plan will also benefit from real exchange rate currency exchanges and free unlimited international money transfers, 24-hour priority customer service every day, and travel insurance abroad covering medical, dental, flight and lost luggage expenses.

Revolut launched its Revolut Metal card with cashback in fiat money and cryptocurrencies, including Bitcoin (BTC)

Revolut has assured that it will extend the package of this new Revolut Metal plan with exclusive benefits such as reduced rates to international airport lounges, family accounts, unlimited disposable virtual cards, and additional incentives for the commission-free trading platform that the company plans to launch in the upcoming months.

Nik Storonsky, founder and CEO of the Revolut FinTech, has said that he is convinced that the new Revolut Metal card will be “the exclusive card of the future and an absolute necessity for travelers from all over the world.” He also indicated that the launch of Revolut Metal is “an important step” for the company to generate additional revenue, given its desire to expand its business to North America and Asia this year.

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