March 7, 2021

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Shortly from the Cryptoworld 22/02 | Binance operates illegally in Malta | Belgium expands blacklist of fraudulent crypto sites and more

3 min read
Shortly from the Cryptoworld 22/02 | Binance operates illegally in Malta | Belgium expands blacklist of fraudulent crypto sites and more

The Maltese authorities have never approved the operation of Binance – So why is it based in Malta?

 

The Maltese Financial Services Authority (MFSA) claims that it has never approved a Binance cryptocurrency license to operate in their country. MFSA stressed that the operation of cryptocurrencies in the country requires an MFSA license under the 2018 Virtual Financial Assets Act.

 

Binance announced that it would open an office in Malta in 2018 after pressure from Japanese regulators forced it to relocate. Managing Director Binance Changpeng Zhao (CZ) said the government had invited him to Malta. In order to look at the forthcoming bill, which would be favorable to businesses operating in the cryptocurrency area. In September 2018, Fintech signed a Maltese Exchange Memorandum of Understanding with Binance to jointly open a new, secure, digital exchange.

 

The Belgian authorities are expanding the blacklist of crypto sites – There are over 140 of them

 

The Belgian Financial Services and Markets Authority (FSMA) has updated its black list of cryptocurrency related websites related to fraudulent activity. FSMA updated based on complaints from users reporting fraudulent digital currency investment offers. The FSMA list now includes a total of 141 websites following the last update.

 

FSMA also pointed out that the list is based on its own findings, which means that it does not include all crypto-currency-related businesses that could operate illegally in Belgium. Previously, FSMA had issued similar warnings to crypto currency investors and outlined that they should beware of companies claiming to have permission from local authorities. This is a very often used, fraudulent technique.

 

Watch the list here

 

Fidelity is looking for Bitcoin mining experts

 

Fidelity Center of Applied Technology is looking for bitcoin mining experts in its team, claiming that they want to take advantage of the “new business opportunity”. The initiative itself comes from the sister company Fidelity Digital Assets, which since last year began to offer custody solutions for safe storage of cryptocurrencies of institutional investors.

 

Its biggest competitors are Coinbase Custody and Bakkt. As far as bitcoin mining is concerned, Fidelity’s intentions are still unclear. Cointelegraph asked the company for comments, but did not get a response at the time the article was published.

 

Halving is not yet included in the Bitcoin price, says Binance chief

Binance chief Changpeng Zhao thinks that the approaching fundament of halving, which will cut the Bitcoin mining reward by half from the current 12.5 BTC to 6.25 BTC (per block extracted), is not yet included in the price of this cryptocurrency.

 

Zhao recalled that the previous two halving, which reduced rewards from 50 to 25 BTC and then from 25 BTC to 12.5 BTC (this change takes place every four years), had a strong positive in the past for Bitcoin influence.

 

Global regulators are not dealing properly with stablecoins

 

European Union and United States are considering how to assess stablecoins, such as Libra. Most government agencies around the world are working on a better understanding of cryptocurrencies, while regulations and laws are not implemented fast enough for stablecoins.

 

The FSB, consisting of G-20 regulators, bankers and government officials, is considering a public consultation in April and would then assess the benefits and risks of steblecoins.

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