Coinbase Turned Over Info on 1,914 Users; 96.6% Were Criminal-based Law Enforcement Requests

As part of its commitment to be a trusted venue, Coinbase has released its first Transparency Report.

Much like other financial service providers and technology companies, Coinbase says it received requests from the law enforcement and government agencies seeking information and financial records in connection with civil, criminal, and other investigative matters in the form of subpoenas, search warrants, court orders, and other formal processes.

Because these requests are valid under the applicable laws, Coinbase must respond, wrote Paul Grewal, Chief Legal Officer at the San Francisco-based exchange, that currently serves over 38 million customers worldwide.

As per the report, the exchange received requests for information on 1,914 customers during the first six months of 2020. 58% of this request was from US agencies, and 16% was from state or local authorities like FBI, HSI, DEA, SEC, IRS, DOJ, and others.

Of the request, the majority, 96.6%, were criminal, while the rest was a civil or administrative type.

Overall, 90% of all requests came from just three jurisdictions — the US, UK, and Germany.

Coinbase Transparency Report
Source: Coinbase

“Great to see this transparency from coinbase. After some controversy re: privacy, this is a strong step forward,” said Jake Chervinsky, General Counsel at Compound. “Also worth noting, this comes from new CLO Paul Grewal (who I still think of as Judge Grewal), an extremely well-respected tech lawyer & big asset to the company.”

Coinbase also noted in the report they have been pushing back when appropriate; back in late 2017, they won against IRS over customer policy.

“I hope they’re pushing back on inappropriate gag orders as well,” said Jerry Brito, executive director of Coin Center, a DC-based crypto think tank.

“Glad to see Coinbase publishing a transparency report, joining companies like Kraken. Hopefully this becomes an industry standard,” he added.

More Reading: After US Secret Service, Coinbase Strikes a Deal with IRS to Sell its Data

Also Read: #DeleteCoinbase Trending After the Coinbase’s Deal with DEA & IRS Becomes Public

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Author: AnTy

Coin Metrics’ Trusted Volume Framework Reveals Only 14 Exchanges Are Reporting Real Trading Data

Coin Metrics, a crypto analyst firm, has released a new framework called ‘Trusted Volume Framework’ to evaluate how trustworthy is the trading volume clams made by various exchanges every year.

The analysts at Coin Metrics found that only a handful of exchanges, among hundreds, managed to cut when it comes to offering trading volume data. The study also found that a majority of the exchanges have been showing 10x the actual volume. Exchanges dwell into wash trading, and many other unethical means to show an inflated number to attract more customers.

Key Takeaways of the study revealed:

  • Fake trading volumes have been a black mark on the industry – it is difficult to find a single metric to easily sift through the reported numbers.
  • We’ve taken a data-driven approach to the problem and are excited to introduce a “trusted volume” metric to help identify the legitimate trading volume.
  • Our framework for measuring the reporting quality of exchange is broken down into three broad categories: volume correlation, web traffic analytics, and qualitative features.

As of June 2020, the passing exchanges for ‘trusted’ spot volume include Binance (and Binance US), Bitbank, Bitfinex, bitFlyer, Bitstamp, Bittrex, CEX.IO, Coinbase, Gate.io, Gemini, itBit, Kraken, and Poloniex.

Jon Geenty, a data scientist at Coin Metrics, commented on the growing trend of showing inflated numbers and said:

“Exchanges are especially notorious for boosting volume numbers to game ranking sites or other nefarious reasons. The industry is full of technical information that can be difficult to understand and, at times, misleading. We are working to create a more transparent environment for those within it and a safer, more trustworthy source for those hoping to learn more.”

How did Coin Metrics Evaluate Fake Volume?

Coin Metrics’ Trusted Volume Framework
Source: Coin Metrics

Analysts at Coin metrics did not collect data from top exchanges; instead, they collected trading volume data from trusted spot exchanges which included:

The Coin Metrics subjected these exchanges to three litmus tests, which included comparing the price feed for the exchange against the trusted exchanges. Any exchange with a 60% correlation with the trusted exchange ‘passed’ the test.

The second test assesses the exchange’s volume against the web traffic of the platform, so if an exchange is inflating its volume, then the ratio will be higher as well.

And for the third test, Coin Metrics checks qualitative measures taken by the exchange, like whether the exchange is un/regulated, whether the platform boasts KYC features and others.

Among the most popular exchanges which could not pass the test had only one contender in OKEx, which failed on all the tests.

It was revealed that, in the last 24 hours, the overall volume of the crypto market was $13.25 billion, while the exchanges combined showed a total trading volume of $113 billion.

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Author: James W

5 Coins to $5 Million: The Final 5 – Teeka Tiwari’s Jetinar is March 18th

What do you get when you combine the number one most trusted man in cryptocurrency, a private jet, and a free online webinar event? Well that would be Teeka Tiwari’s 5 Coins to $5 Million: The Final 5 Jetinar of course.

Teeka’s acclaimed financial newsletter service, Palm Beach Research Group, has launched a new marketing campaign called The Final 5 Coins to $5 Million where he will be revealing five more cryptoassets he thinks will be positioned to turn a $500 investment into nearly $5 million during the next crypto bull market run.

The Jetinar event campaign features Teeka Tiwari, described as “the #1 most trusted person in cryptocurrency”. Palm Beach Research Group has launched the 5 Coins to $5 Million campaign before, back on September 18, 2019. We saw this campaign appear multiple times throughout 2019.

The March 2020 version of the campaign is similar: it promises to show investors five small cryptocurrencies “that could turn $500 into $5 million”. This version of the campaign is called “5 Coins to $5 Million: The Final 5”.

Can you really become a crypto millionaire by following Palm Beach Research Group’s investment advice? Let’s take a closer look at what 5 Coins to $5 Million is and what you’ll learn.

Reserve Your Seat Right Now to Watch Teeka’s Jetinar Live

What is 5 Coins to $5 Million: The Final 5?

teeka-tiwari-jetinar-5-coins-to-5-million

5 Coins to $5 Million: the Final 5 is a webinar taking place on Wednesday, March 18, 2020 at 8pm EST.

The webinar, hosted on a $45 million Gulfstream GV private jet, is led by Teeka Tiwari, the lead editor at Palm Beach Research Group.

During the webinar, Teeka will tell you about five small cryptocurrencies that he expects to skyrocket in value over the coming months.

Teeka believes the upcoming bitcoin halving will send cryptocurrencies skyward. In 2020, bitcoin’s block reward is scheduled to be cut in half. Previous bitcoin halvings have sparked bull runs. Teeka believes 2020’s halving will do the same – not just for bitcoin but for other cryptocurrencies:

“This is a phenomenon with the extraordinary potential to make you up to $5 million richer, less than a year from now… from placing $500 into only FIVE tiny cryptocurrencies.”

Yes, Teeka claims that investors who follow his crypto recommendations can earn enormous returns. By investing just $500 today, you may expect to earn up to $5 million within the near future given the performance of these highly-specialized, deeply-vetted altcoins Teeka and his Palm Beach Confidential team have uncovered.

“This crypto phenomenon won’t happen again until 2024,” explains Teeka, but it is not only about the bitcoin halving and that is what he will be revealing during his Jetinar webinar on March 18th.

How to Attend 5 Coins to $5 Million

5 Coins to $5 Million is a free online event.

You can attend the event simply by visiting 5coinsto5million.com and entering your email address into the online form.

On the day of the event, Palm Beach Research Group will email you a link to the webinar.

Reserve Your Seat Right Now to Watch Teeka’s Jetinar Live

What Are the Five Coins Featured on 5 Coins to $5 Million?

Teeka has not yet revealed his five coins to us or anyone else. He’s keeping the coins a secret until the March 18 reveal.

However, here are some things we know about Teeka’s five tiny coins:

During the last bitcoin halving in 2016, the five tiny coins “skyrocketed beyond anything any investor – in any asset class, at any time in human history – had ever seen before,” explains Teeka

The coins are located in a subsector of the crypto market “which 99.99% of people do not realize exists”

Teeka claims the coins earned returns of 350,549% and 1,001,860% during the last bitcoin halving

Some of the coins are currently trading for less than $0.01.

To give context, Teeka’s Palm Beach Confidential newsletter, which is the service behind the 5 Coins to $5 Million: The Final Five report, has successfully picked the best performing cryptoasset in the past 4 years.

What Will You Learn During 5 Coins to $5 Million?

During the webinar on March 18, Teeka will explain the next big crypto investment opportunity. Topics covered will include:

  • Why this crypto phenomenon (the bitcoin block reward halving) is 100% guaranteed to happen in 2020
  • The top 5 coins to profit from the bitcoin halving, including coins that trade for as little as $0.01 today
  • Why this crypto phenomenon won’t happen again until 2024
  • How Teeka’s friend, “one of the richest men in crypto”, is preparing
  • The real reason bitcoin had its best start to a year since 2012

It is a pretty special ordeal and Teeka has usually delivered fireworks during his presentations like this over the past few years. Having recommended Ethereum to his loyal followers when it was under $10 ETH/USD and put out documented reports telling his subscribers to buy bitcoin when it was under $500, Teeka also lead with recommending all of his first round of people who bought the 5 coins to $5 million report to buy $LINK.

Chainlink, which was under a $1.80 LINK/USD price back in middle of September 2019, is now nearly $4.50 LINK/USD just 6 months later today. All of the other four coins featured in his original 5 Coins to $5 Million Report have also posted triple digit gains in the last half year. Now, the 5 Coins to $5 Million: The Final 5 is going to give cryptocurrency investors an additional five altcoins to consider adding to your portfolio.

Reserve Your Seat Right Now to Watch Teeka’s Jetinar Live

What is the Bitcoin Halving?

Teeka talks about a mysterious crypto event scheduled to take place in 2020. It’s no secret: the event is the bitcoin block reward halving.

Roughly every four years until the year 2140, bitcoin’s block reward is scheduled to be cut in half.

When bitcoin launched in 2009, the block reward was set at 50 bitcoin (BTC). Miners received 50 BTC for every block they mined, with one block mined every 10 minutes.

Since then, the block reward has halved twice, dropping to 25 BTC and 12.5 BTC.

On May 12, 2020, bitcoin’s block reward will be cut in half again, dropping from 12.5 BTC to 6.25 BTC.

Why is this important? It’s important for two reasons:

Bitcoin’s block reward halving has historically led to surges in crypto markets. Bitcoin surged to its all time high in 2017, starting its rise just months after the last halving, for example. A similar phenomenon occurred in 2012.

Bitcoin’s block reward is like bitcoin’s inflation rate. It’s the only way new bitcoins are added to the total supply. When block reward drops, it means bitcoin’s inflation rate drops. That means bitcoin becomes scarcer. If demand stays the same while emission rate drops, then prices will inevitably rise.

Teeka Tiwari believes bitcoin’s next halving is a great investment opportunity. The last bitcoin halvings caused crypto markets to skyrocket, and Teeka believes a similar phenomenon will occur in May 2020.

Teeka, by the way, isn’t alone in this belief: plenty of people are quietly accumulating bitcoin today in preparation for the next halving. There is an excellent guide online about the bitcoin halving where investors can see what the 2012 and 2016 halving effect did on the price of bitcoin too. The same site also has an extensive overview of how the first 5 Coins to $5 Million report performed for those interested.

What’s Included with 5 Coins to $5 Million?

5 Coins to $5 Million is free for anyone to attend. However, anyone who enters their email into the online form will receive certain bonuses, including:

  • Access to the 5 Coins to $5 Million webinar
  • Access to The Crypto Academy, an online crypto training center
  • Captain’s Lounge training sessions with Teeka
  • Entry to the Palm Beach Confidential membership sweepstakes
  • Q&A session with Teeka on March 18

Teeka claims these bonuses are worth $5,000.

Reserve Your Seat Right Now to Watch Teeka’s Jetinar Live

Who is Teeka Tiwari?

Teeka Tiwari is an investment analyst and former hedge fund manager. He’s an editor at Palm Beach Research Group, an alternative financial analysis organization.

Teeka is editor of Palm Beach Research Group’s flagship newsletter, The Palm Beach Letter. He’s also the crypto advisor for Palm Beach Confidential, and he contributes to other newsletters offered by the company.

The sales page for 5 Coins to $5 Million describes Teeka Tiwari as a “crypto oracle” and “the #1 most trusted person in cryptocurrency”. He’s purportedly “the go-to analyst in the crypto space”.

Teeka’s claim to fame is that he purportedly recommended investors buy bitcoin in 2016 when it was trading at $428. Around the same time, he also recommended that investors buy Ethereum when it was trading for $9.

Teeka has been marketing his 5 Coins to $5 Million campaign online since 2019. The March 2020 event is the latest version of the campaign.

Final Word

Bitcoin’s block reward is scheduled to be cut in half on May 12, 2020. On that day, bitcoin’s block reward will decrease from 12.5 BTC to 6.25 BTC.

Crypto analyst Teeka Tiwari believes bitcoin’s next halving is a great opportunity for investors. In fact, Teeka claims anyone who follows his investment advice can turn a $500 investment into $5 million.

The 5 Coins to $5 Million event is free for anyone to attend. You can sign up today at 5Coinsto5Million.com.

Reserve Your Seat Right Now to Watch Teeka’s Jetinar Live

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Author: Andrew Tuts

IRS Source: Cryptocurrency Holders and Traders to be Audited by US Tax Collection Agency

A trusted source has confirmed that the Internal Revenue Service is going to conduct audits on cryptocurrency activities. The source said that the tax collection agency is planning to unleash a batch of audit notices. These new notices will be follow-ups to 10,000 letters that were initially sent in August.

The IRS has been focusing their attention on the cryptocurrency industry, and soon, audits will be done in the industry. Not many Americans were sure of what was entailed in the 10,000 letters sent in August.

However, multiple reports emerging show the IRS is increasing its review and investigations on substantial crypto investors. A statement by BeInCrypto stated that there was a new checkbox on 1040 form that asked individuals to avail information on whether they had exchanged, sent, or received any digital currency since 2013.

It was also well noted that failure to answer that question with utmost honesty would be a criminal offense. Many people were amazed because not only did this kind of study target the traders, but the holders also seemed to be a target here.

Audit Notices to Crytpo Users

Crypto Tax Girl reported that Judith McNamara who works with the IRS confirmed that the tax collection agency is going to send more audit notices. It is, however, uncertain whether everyone who received the August letter will secure an audit notice for the second time.

Letters sent out in August differed in what they required the recipients to do. Some were a kind of notification that the IRS was aware they were holding the cryptocurrency. Other letters demanded a proper response from the recipients and immediate action. This time around, however, it is expected that audit letters will dictate that there must be a response to the letter.

The IRS has been heavily criticized for using the old laws on new concepts and technologies such as cryptocurrencies. Clearly, the IRS is not welcome in the digital currencies space.

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Author: Daniel W

Liechtenstein Blockchain Act Approved By Parliament; Improved AML And Investor Protection

The Tokens and Entities Providing Services Based on Trusted Technologies (TVTG), also called the Blockchain Act, was passed in agreement with all the members in the Parliament of Liechtenstein. With the introduction of the Act, it tends to provide the users of blockchain technology a greater legal certainty and support the digitized economy positively. The Act is meant to govern all activities that are attainable on technical systems to provide legal certainty.

The Act received a green flag on the October 3rd but is said to enter force from January 1st, 2020. The parliament believes that this act will make Liechtenstein the first country to possess a comprehensive regulative understanding of the token economy. The law aims to remove the prevailing risks of Cryptocurrencies, to offer legal certainty and security but without imposing limiting restrictions and with that provide a reliable framework for a whole economy of digital and digitized assets. Most importantly the Blockchain Act shall provide each possible asset with tokenization, digitize it and listing it on a Cryptocurrency Exchange. This is often expected to facilitate the exchange and additionally storage of possession.

Co-author and attorney of the Act – Thomas Nägele, shared the news about the Act on his social media profiles to his followers. Mauro Casellini, the CEO of Bitcoin Suisse in Liechtenstein, has precisely explained to us the significance of the Act as –

“The TVTG not only creates legal certainty for all market participants but also heralds a new era, the token economy. With its pioneering role, Liechtenstein proves once again that it is the ideal location for FinTech and Blockchain companies and thus for us too, in the heart of Europe.”

Crypto companies move to Liechtenstein

Due to the friendly approach of the Blockchain Act, Liechtenstein was able to attract several new crypto companies to its land, according to a report by Cointelegraph. Cryptocurrency trading firm Bittrex has shared to introduce its new trading platform – Bittrex Global. Bittrex chose to establish the headquarters of the platform in Liechtenstein because of the small country’s regulative understanding of digital currencies and blockchain technology.

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Author: Sritanshu Sinha