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Roundup 03/10/18 – 1broker shutdown by FBI & more

 Binance takes advantage of China’s crypto crackdown

Binance, one of the largest cryptocurrency exchange pd latforms in the world is benefiting from China cryptocurrency crackdown. As noted by SCMP, Zhao Changpeng, the founder is using regulatory arbitrage to make sure that Binance becomes the largest cryptocurrency exchange platform in the world.

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Venezuela releases Petro to global markets

Venezuela release its cryptocurrency Petro (XPD) to the global markets next Monday. The Venezuelan leadership hopes that the Petro can stimulate recovery in the devastated Venezuelan economy. According to Nicolas Maduro, people should trust the XPD as it is value-backed by oil. However, we discussed in August whether it is good or bad that Venezuela has launched its own cryptocurrency. The XPD itself has lost already so much value that you cannot deem it trustworthy. Back then we came to the conclusion that Venezuela is desperately clutching at straws to ease the agony of its dying economy.

1broker.com shut down by FBI, continues to operate with different domain

The FBI seized the domain of the crypto exchange 1broker (1broker.com).  In its official statement, the SEC declared that “Investors could open accounts by simply providing an email address and a user name – no additional information was required – and could only fund their account using bitcoins.” Through this 1broker violated AML/CFT regulations. As a consequence, the FBI has shutdown 1broker’s original domain. However, the exchange continues to operate under 1broker.io. But the exchange cannot operate any more in the US. Representatives of the exchange stated that they are cooperating with the authorities and they also want to react legally before the court.

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