Connect with us

News

Chainalysis gives new solutions for FATF’s ‘Virtual Asset Service Providers’ recommendations

Akash Anand

Published

on

Chainalysis gives new solutions for FATF's 'Virtual Asset Service Providers' recommendations
Source: Pixabay

Decisions taken by regulatory authors have usually created a make or break situation for cryptocurrency companies in the short term or the long term. In a recent letter written to the Financial Action Task Force [FATF], Chainalysis, a cryptocurrency organization touched on the KYC-AML [Know Your Customer-Anti Money Laundering] recommendations given by the regulatory body.

One of the main clauses as mentioned by Chainalysis in the report read:

“Forcing onerous investment and friction onto regulated VASPs, who are critical allies to law enforcement, could reduce their prevalence, drive activity to decentralized and peer-to-peer exchanges, and lead to further de-risking by financial institutions. Such measures would decrease the transparency that is currently available to law enforcement.”

The statement comes after the FATF stated that companies involved in the virtual assets field need to submit information regarding individual transactions whenever required by the FATF. Another rebuttal to this recommendation made by Chainalysis stated that in most circumstances, VASPs are unable to tell if a beneficiary is using a VASP or their own personal wallet in any given transaction. According to the cryptocurrency company, the above-mentioned factor is another reason why requiring transmission of information identifying the parties is not feasible.

The last time Chainalysis had grabbed headlines was when it got embroiled in the Coinbase controversy a month back. Coinbase had voluntarily or involuntarily roped in Chainalysis when Christine Sandler, Coinbase’s former Director of Institutional Sales had stated that its partners had sold user data to other parties. The comment was refuted by Chainalysis in a blog post, which said:

“We do not share any personally identifiable information about cryptocurrency users with exchanges. When we screen a transaction in KYT for an exchange customer, we add it to our list of transactions made by that service.”





Subscribe to AMBCrypto’s Newsletter


News

Is Binance 2.0 and margin trading really accessible for ‘everyone?’

Avatar

Published

on

Binance 2.0 and margin trading is accessible for 'everyone' or Is it?
Source: Unsplash

Binance, one of the world’s largest exchanges, announced recently that Binance’s upgraded version, Binance 2.0, was available to everyone. CZ tweeted,

“While #bitcoin is on a tear on price, @Binance have rolled out Binance 2.0, with margin access to everyone. In bear and bull markets, we #BUIDL!”

The margin trading feature which was previously available for limited users has now been made available for everyone. Although CZ’s tweet says it is available to everyone, there is still a catch to this. It is not available for users in countries where crypto-jurisdictions are unclear. These include the U.S, Iran, North Korea, Syria, Cuba, Crimea, Canada, Japan, and South Korea.

CZ followed up the above tweet with another, talking about performance, a “key improvement” that comes with Binance 2.0. Previously, when trading volume rose, users would suffer from lags and other performance issues. However, the upgrade will solve each of these issues, said CZ.

“One of the key improvements in this upgrade that not easily visible is performance. During peak times, if you experience lag or other performance issues, be sure to try out 2.0. We will soon decommission the “1.0” version due to legacy performance bottlenecks.”

However, even after CZ’s announcement, margin trading is still not accessible to a few users. These users were greeted with a notification which said, “This feature is only available for invited users.” A lot of users have complained about the same, with CZ yet to put out a statement about the same.

Additionally, Binance has announced the start of BEP2, which is a community listing program where Binance lists one project every month for three months. This will extend from the 20th of a month and extend to the 20th of the next month. Any of the following coins, as seen in the tweet below, might be listed on Binance over the coming days.





Subscribe to AMBCrypto’s Newsletter


Continue Reading