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TRY, TRY AGAIN: Canaan Creative, manufacturer of the Avalon bitcoin miner, may be considering another attempt to go public after its previous application in Hong Kong lapsed. One source told CoinDesk that the company's main shareholders are discussing a plan to list Canaan shares on the Shanghai Stock Exchange. A second source close to the company said the miner maker has been considering both China and the U.S. for a new application, and has even communicated with the New York Stock Exchange and Nasdaq. The IPO plan could be finalized later this year, the second source said. Full Story
WHAT KYC? A global study of 216 exchanges by reg-tech startup Coinfirm found that 69 percent of the platforms do not have "complete and transparent" know-your-customer (KYC) procedures. The study, revealed exclusively to CoinDesk, also found that only 26 percent of exchanges had a "high" level of anti-money laundering (AML) procedures, such as ongoing transaction monitoring and in-house compliance staff with experience in AML. The report identified Binance as having a "high" regulatory risk based on "exposure to anonymous activity," while several exchanges – including Coinbase, Gemini and Circle-owned Poloniex – were labelled "low risk" due to official licenses and strict KYC/AML policies. Full Story
'BANK-GRADE' APP: Trustology, founded by technologists who previously worked at banks such as BNY Mellon, RBS and Barclays, has launched an iPhone-controlled crypto vault it claims is secure enough for financial institutions. The first version of TrustVault is available for download at the Apple UK App Store, and initially can be used to store ether. Bitcoin and ERC-20 tokens that run on top of ethereum are to follow soon. While TrustVault might look like another crypto wallet phone app, it offers a combination of hardware security modules operated by Trustology with verification processes distributed among individuals at secure data centers. Full Story
CABBAGETECH CHARGES: Mere months after losing a civil case against the Commodity Futures Trading Commission, Patrick McDonnell, the individual behind the CabbageTech firm, has been indicted and arrested on criminal charges. The U.S. Attorney's Office for the Eastern District of New York announced nine counts against McDonnell, including for wire fraud. CabbageTech and McDonnell claimed to provide investment services and provide customers with returns, but allegedly duped investors for over $200,000 in cryptos and cash. Full Story
18th BITLICENSE: The New York Department of Financial Services has awarded its 18th BitLicense, this time to prime brokerage Tagomi Trading, LLC, giving the the ability to offer trading services for bitcoin, ether, litecoin and bitcoin cash within the state. Tagomi has also received a money transmission license, NYDFS said. CEO Greg Tusar said in a statement that the company will become "New York's first agency brokerage for virtual currencies." Full Story |
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| BULLS BACK? Bitcoin has bounced from the 30-day moving average support for the third time this month, thus invalidating Monday's bearish close below $3,920. While the short-term bullish case would be revived only above $4,055, a falling channel breakout seen on the 8-hour chart backs the possibility. On the downside, the 30-day MA, currently at $3,889, is the level to beat for the bears. Full Story |
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BEST OF THE BEST
PROPERTY PROBLEMS: While blockchain could play a powerful role in protecting people's land rights , a lack of government knowledge of how the tech works is limiting its possibilities, according to Tim Robustelli, a researcher at the New America think tank. Blockchain is currently seeing tests worldwide for its potential to make land records more transparent and accessible, but it's not "a magic bullet," Robustelli was quoted as saying in a Reuters report. "It cannot, for example, make up for sloppy or incomplete data collection," he said, while putting land records on a blockchain is a "huge bureaucratic and logistical" task.
THE REST
CUTTING DEALS: The U.S. Securities and Exchange Commission (SEC) is showing leniency to crypto startups that have violated securities laws, but self-report their violations to the regulator. Fortune's Robert Hackett spoke to executives of Airfox and Gladius, both of which settled charges with the agency, to discuss this process. Among other details: Gladius CEO Max Niebylski says he's providing input to the SEC on its regulatory regime.
PREDICTION COINS: Prediction markets may well be "one of the few real blockchain applications" that are currently in use, argues Jill Carlson. While they are not widely used and are still in their early stages, the fact that platforms like Augur are solving for various issues that plague the industry, including proof of a prediction, past track record and the source of truth. |
WHO WON #CRYPTOTWITTER
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