France’s Financial Markets Authority (AMF) Sees Increase in Crypto Complaints Per Its 2019 Risk Map

French-Financial-Regulators-See-Increase-in-Crypto-Complaints

Crypto is undoubtedly becoming more popular as more people are beginning to make use of it as a means of payment or investment, more merchants are beginning to accept it in exchange for goods and services and more institutional funds are being pushed into crypto as a whole.

Besides the benefits that are going to be seen with the increasing of crypto adoption, there are also implications for various financial regulators as more businesses are being started up that have to do within the crypto space and as such, they will have more interaction with the crypto industry.

As such, there is no surprise that the French financial regulators have stated that they have seen an increase in complaints regarding cryptocurrencies in the last year.

Increased Complaints

This comes via a July 2, 2019 risk report that was published by the Financial Markets Authority in France which states are investors in the country are filling more and more complaints regarding digital currency with the authority.

The risk report goes into an analysis of the factors that have made an impact on the country’s financial markets as well as the risks that are associated with it.

The report states that there was a drop in the number of inquiries that the EMF received by their consumer Contact Centre with regards to cryptocurrency. It was also noted that investors have continued to express interest in various speculative products such as foreign exchange, contracts for difference and cryptocurrency even though the EMF has tried to limit the marketing of products in that regard. Of the 151 warnings that were issued EMF between 2016 and 2018, 118 of those were crypto related.

In their annual report that was released in May 2019, the EMF also stated that there was a 14,000 percent increase in inquiries related to fraudulent crypto offers in the year 2018 when compared to the year 2016. The number of complaints that had to do with cryptos was reported as 2600 in 2018 from only 18 in 2016.

These show a peculiar pattern in that cryptocurrency, while has been increasing in popularity, has also been forced to combat the fraud that exists in that space as investors are targeted with fraudulent offers in a bid to play on the lack of readily available information about the crypto industry in order to get them to hand over their funds.

This pattern is observed in almost every emerging industry and it is believed that as the industry matures, there will be more resources and information available to make sure these crimes are stopped in their tracks. It should also be noted that this is not a problem exclusive to France as the SEC, throughout 2018, was forced to shut down several initial coin offerings for being fraudulent or unregistered.

One of the responses to this problem has been proper crypto regulations being put in place around the world to make sure that those within the industry have proper guidelines that they are required to follow.

Still, there has been a push from several bodies such as the FCA in the United Kingdom to educate investors on the risks of dealing in cryptocurrency as well as how to spot potential scams and fraud.

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Author: Tokoni Uti

Blockchains.com Founder to Fulfill His “Decentralized Dreams” with Las Vegas Community Bank Purchase

The founder of Blockchains.com, Jeffrey Berns, has recently decided to make a move in order to fulfill his “decentralized dreams”. He bought a small community bank based in Las Vegas called the Kirkwood Bank of Nevada.

He explained his decision by affirming that his current ambitions are not really compatible with how the current financial system works and that he constantly fears that the banking system would “cut off” his supply of capital.

Now, in order to create his own blockchain-focused smart city and an e-sports arena in the deserts of Nevada, he decided to buy this bank and follow his dreams.

Buying the bank was, to him, a “small but critical step” that cost him $28 million USD. Now, he wants to move forward with his project and to turn this bank into a major bank that will be focused on the blockchain community. According to him, the idea is the creation of an ecosystem in which legitimate businesses can empower people in order to create a better world.

He affirmed that most banks are afraid of the crypto world because they know that they will not be needed anymore. How to solve this problem? By buying your own bank, obviously. However, he also said that he wants to decentralize the bank in the future and to let the clients have real ownership of the institution.

One of the uses of the recently acquired bank will be to start some proof of concept and test out new ideas such as decentralized loans and micropayments using the blockchain. Berns believes that most banks would get in the way of his experiments if he did not acquire his own.

Finally, the last plan that Berns had concerning his decentralization dreams was to create a 3D printing company that would be used to create some of his blockchain city. By using hemp, an undervalued material, he would save money and it could also be more eco-friendly.

Buying The Bank

Berns started the negotiation with the banks in February 2018 and it took him a year to find the perfect partner for this venture. Before being acquired by Berns, the small community bank had never really changed owners since its creation in 2008.

Information from the FDIC states that the bank had a total of $86.6 million USD in assets and a 9.14% return on equity this year.

According to the current president of the bank, John Dru, nothing will change immediately, except for a new branch that will open in Northern Nevada. Also, the bank will change its name soon, but the new name was not revealed up until the time of this report.

The board and all the management are set to continue, too, but it is expected that more changes are to come in the next years if the bank is to focus more on the blockchain technology.

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Author: Gabriel Machado

CipherBlade Report: How the Company Intervened in the Warith Al Maawali and Coinomi Saga

CipherBlade Report: How the Company Intervened in the Warith Al Maawali and Coinomi Saga

Admittedly, getting your tokens stolen can make you mad and vindictive, particularly when you blame a security institution that should protect your investments. This is what happened between Coinomi and a user.

In fact, the user’s actions were so brutal that Coinomi felt they were being ripped off and extorted by the user who claimed that Coinomi’s actions –or the lack thereof- caused him to lose $70,000 in cryptocurrencies.

As a result, the company had to publish an independent report that was written by CipherBlade –an industry leading crypto forensic outfit that’s known for their objective investigations of allegations and coverage of industry issues.

CipherBlade is the company crypto firms turn to when they have a smear campaign problem to deal with and have to clear their names of all false allegations. This has become important in the face of growing cyber smear campaigns launched by individuals and opposition companies.

The outfit is known for saving many crypto firms from bankruptcy, thanks to its investigative prowess. For instance, ShapeShift contracted the firm to counter the allegations by the Wall Street Journal that were laundering money through their platform.

This was right after the WSJ published a damning report on these issues, resulting in a huge reputation damage.

They were the same outfit that BitBuy hired when they wanted to establish their reputation as a safe and secure platform to trade on. Bottom line, this is the company that people listen to because they are credible and trustworthy.

In the case of Coinomi vs Warith Al Maawali, the former had to turn to CipherBlade in a bid to clear itself of the latter’s allegations that were not being responsible for lost funds that were kept in their wallet.

While CipherBlade has done a good job of acquitting Coinomi of all wrongdoings, the reality is that stains are hard to wash off in the crypto sector. Once you have a major publicity problem, particularly by someone who is really bent on damaging your reputation, it can be very hard to recover.

In CipherBlade’s How (Not) To React When Your Cryptocurrency Is Stolen report, they attempted to clear Coinomi of all wrongdoing. Unfortunately, this only goes so far because the report itself was sponsored by Coinomi. This, therefore, makes the report look like it’s not actually an independent one.

Even so, Al Maawali the accuser isn’t relenting. He feels that he’s been robbed of his funds and is willing to go to every length to hold Coinomi responsible for his missing $70,000 crypto tokens.

In fact, he’s gone as far as launching a thorough smear campaign on social media and even put up a Google ad condemning Coinomi. This ad is positioned right above Coinomi’s. The ads and campaigns are specifically meant to show how the company’s actions resulted in his loss of $70k in crypto assets early in the year.

Unfortunately, both parties are pointing accusing fingers at each other, without any attempt at a quick resolution. Warith has consistently published newsletters specifically targeted at Coinomi, while Coinomi has addressed his accusations in multiple editions of their publications.

According to Al Maawali, there are many red flags that point to Coinomi being a shady organization. For instance, the crypto wallet provider doesn’t have transparent organization. The company’s director is currently linked with multiple shell corporations, a situation Warith claims indicates a lack of transparency.

But, Coinomi itself has come out to counter the claims that their seeming lack of transparency is meant to actually protect the team behind the operation. The idea is to ensure that no one knows who they are, so they don’t become vulnerable to cyber and real life attacks.

Al Maawali’s claims are largely based on a security flaw that he feels the company has. His loss of funds occurred when he entered a seed phrase into the Coinomi desktop wallet to recover his wallet. Upon entry, the wallet sent a text with that seed phrase to the Google API with the intent of spellchecking it. According to him, that act resulted in the loss of his funds.

What Did The CipherBlade Report Say?

According to the report, this wasn’t the case. While the report does ask some salient questions, it was more focused on Warith’s actions and mistakes. The report basically blamed the victim for his mistakes and holds him responsible for the loss of his funds.

Their conclusion was that the funds were most likely lost because of a malware infection on his computing device. However, it also made room for the fact that a mixing service might be responsible and that the theft of the funds were premeditated.

Even so, the company has gone on to admit that some of its security processes are flawed and that it’s fixing those issues immediately.

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Author: Bitcoin Exchange Guide News Team

Crypto Nation Pro Review: Is CryptoNation Plus Legit?

Crypto Nation Pro Review: Is CryptoNation Plus Legit?

Crypto Nation Pro is a digital trading platform that claims its members can make up to $800 a day from massive cryptocurrency surge.

The platform claims there are already thousands of members using it and earning a fantastic income from its crypto profit signals that make it easier to make money with digital currency.

However, on a closer look, Crypto Nation Pro is simply a scam project, meant to extract money from unsuspecting investors.

What Does Crypto Nation Pro Do?

It claims to be a trading bot for digital currencies that produce signals. According to the creators, the bot can help members earn as much as $800 per day.

In another section of the website, they say the bot can help members to make $500 per day. These two conflicting statements make the website questionable and simply indicate that the person marketing the website does not know it very well.

Under normal trading circumstances, no one can win 99.8% of his or her trades, regardless of the assets traded, and cryptocurrencies are no exception. This implies that Crypto Nation Pro, in reality, is a scam project designed to make money.

Fake Media Endorsement

On their website, the creators of Crypto Nation Pro claim that their media partners include Time, Forbes, CNN, and Financial Times, which is false. Everything about the program is fake—it has never won any awards and no mainstream media has ever covered it.

Genuine trading platforms are backed by positive customer feedback and reviews on the internet. The so-called trading bot here has no customer feedback on its site or anywhere else. This shows that in the bot has never featured anywhere in the news.

Unrealistic Profit Potential

The figures shown on the platform are highly exaggerated and impossible to realize in a normal trading situation. No trading robot can earn $800 per day. This is a tactic to lure investors to register with the platform. In the end, they risk losing all their investments.

The crypto space has many such programs whose main aim is to swindle investors of their money. It’s always advisable to check the background of a company, read reviews, and ascertain whether it’s legit.

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Author: Bitcoin Exchange Guide News Team

NEO Announces New Oversize Fee Addition as Part of Its Blockchain Mainnet Upgrade On June 3

NEO Announces New Oversize Fee Addition as Part of Its Blockchain Mainnet Upgrade On June 3
  • NEO announces it will be performing a network upgrade on June 3
  • The goal is to make general improvements on the network for it to become more efficient

The Ethereum (ETH) of China, NEO, announced that it is planning to conduct a network upgrade as soon as on June 3 at 9:00 am (GMT). The information was released in an official blog post on May 29. NEO has lost several positions in the market after the bear trend that digital assets experienced in 2018.

NEO Announces New Plans For Its Network

NEO, one of the most popular blockchain networks in the market, announced that it will be upgrading its network on June 3. According to the blog post released by the organization, one of the main features of this upgrade is related to the addition of an oversize fee that is measured in GAS, a digital currency used on the NEO blockchain. This oversize fee is going to be applied to transactions of over 1,024 bytes.

The oversize fee for transactions is going to be determined by a new formula: (transaction size) * 0.00001 GAS + 0.001 GAS. There are also some exceptions to this rule. Transactions that cost less than 0.001 GAS are going to be considered as low priority and will be capped at 1,024 bytes.

The fees that the network imposes aim at discouraging spam attacks on the network or malicious transactions. This allows users to have a better overall experience while using the network. According to the post, exchanges and individuals that are using different NEO tools should upgrade their clients to avoid transaction losses due to the new fee protocols.

The NEO 3.0 upgrade launched at the end of the last month was created in order to improve the overall network performance and its stability. Erik Zhang, the co-founder of NEO, explained that he hopes large-scale entertainment applications to start using the NEO blockchain.

Zhang mentioned that the new network provides users with the possibility to run large-scale apps on top of blockchain technology. They expect applications such as YouTube, Alipay and other giants to deploy their services on the Neo blockchain.

Currently, NEO is the 19th largest cryptocurrency in the market. It has a market capitalization of $880 million and each NEO can be purchased for $13.55, according to CoinMarketCap.

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Author: Carl T