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AUSTRAC Halts Two Crypto Exchanges for Organized Crime Investigation (AUSCOIN ATM and SK BTC)

AUSTRAC, the financial intelligence agency of Australia recently suspended two crypto businesses on the grounds of their alleged links to an organized crime syndicate. The shutdown of these exchanges followed the arrest of a Melbourne man aged 27-years old on the charges of drug trafficking offenses by the Australian Federal Police on Thursday. The suspension […]
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Austrac Joins Forces with Australian University to Develop Blockchain Solution for International Funds Transfer

In a bid to make it possible for banks, remitters, and casinos to automate international funds transfer instructions (IFTIs), the Australian Transaction Reports and Analysis Centre (Austrac is collaborating with Swinburne University, a leading educational institution located in Melbourne, Australia, to trial blockchain technology, reports ZDNet on February 24, 2019. Australia on Board PerRead MoreRead More. The post by Ogwu Osaemezu Emmanuel appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
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Australian Agency, AUSTRAC, Registers 246 Bitcoin Exchange Platforms To Curb Terrorism Financing

Australian Agency, AUSTRAC, Registers 246 Bitcoin Exchange Platforms The government of Australia, through The Australian Transaction Reports and Analysis Centre (AUSTRAC), has formally enlisted two hundred and forty-six trading platforms. Digital assets that are considered as securities are now required to enlist with AUSTRAC so as to operate legally. The move by financial intelligence agency is in a bid to regulate how citizens trade their digital assets. The registration process for bitcoin exchanges is similar to banks or other financial institutions. It includes background checks, KYC practices, and anti-money laundering procedures on the involved parties. The process may also involve, establishing and implementing a compliance program for specific issues. AUSTRAC Registration To Strengthen Anti-Money Laundering Programs AUSTRAC has been carefully watching and monitoring the crypto market for some time. In April 2018, the newly amended anti-money laundering and counter-terrorism laws took effect. The law has made it compulsory for all crypto exchanges to register with the regulatory agency. In accordance with published news by ABC, AUSTRAC, 11 crypto trading exchanges have been under scrutiny since the implementation of the new laws, out of which two were declined. Details as to why they were denied were not revealed. The exchanges were given a grace period until October to conform to the rules. This included verifying their clients, report suspicious matters or dealings that may be connected to terrorist funding or money laundering. In the report, an anonymous official from AUSTRAC issued a stern warning to those who would not comply. He stated that those operating an unregistered exchange will be prosecuted for a criminal offence. A Great Step Towards Legitimacy Crypto regulation move in Australia has received backing from participants in the industry. One Phillippa Ryan, a digital asset researcher at the University of Technology in Sydney, stated that the obligatory registration exercise will delegitimize the shoddy operators and remain with authentic blockchain projects and enterprises. She reasoned out that, illegitimate trading platforms create public mistrust in cryptocurrencies. The crypto industry has experienced a series of hacks that led to millions of dollars in losses and investors are worried about the safety of their assets which are in the exchanges’ custody. Adrian Przelozny, the head of Independent Reserve, a local digital asset exchange platform, said that the regulation is very significant in bringing cryptocurrency into the mainstream. He went on to add that, a few years ago, anyone could start their own exchange because there were no proper guidelines in place. As such, the consumer was left to do his/her own investigations as to whether the exchange they are dealing with is efficient and trustworthy. Summary Despite the genuine uses of cryptocurrencies, it is estimated that at least 50% of all cryptocurrency trade is for criminal activity linked to the darknet. Other elements that may have led to the decision by AUSTRAC to regulate exchanges was the reports of potential scams. Last year, the agency received 6000 reports on investment scams which resulted in a loss of over $9.5 million. Concerns were also raised about initial coin offerings (ICOs) and some ended up being get-rich-quick schemes.
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Australia Financial Regulator Austrac Grants Coinzoom Bitcoin Exchange A License

A new exchange has been recently added to Australia. Starting from today, December 3, Coinzoom Australia is a new official crypto exchange in the country. The announcement was made soon after the digital currency exchange received the license from the Australian regulator Austract. With this new license, Coinzoom Australia will now operate legally in the whole extension of the country and will be able to lawfully offer its services to citizens. Coinzoom Australia will be a digital crypto exchange that will have fiat to crypto options and a support for some of the most high profile crypto assets like Bitcoin (BTC), Bitcoin Cash (BCH) and Ripple’s XRP token. Todd Crosland, the CEO of Coinzoom, has affirmed that being fully regulated and registered will help the company a lot and is an important step for Coinzoom Australia as the company is set to offer the best-regulated services in the country for both retail and institutional investors. The license was given by Austrac, the Australian Transaction Reports and Analysis Centre. The agency is run by the government of Australia and its main function is to monitor if the exchange and financial services in the country are compliant with the national law. It tracks evidence from organized crime, terrorism, illegal financial transactions and money laundering in the country, as well as fraud. Coinzoom Australia To Be Launched In 2019 Now, as the company has its so-awaited license to operate in the country, the launch if near. According to the original report, Coinzoom Australia will be launched in the first quarter of 2019 and any traders who are interested in using the services of the company will need to be compliant with both KYC (Know Your Customer) and AML (Anti Money Laundering) processes. Whitelisting is said to be quick but it will have to compliant with the laws from both Australia and the United States. This new platform was created to cater especially to the local investors of Australia and to give them a simple way to use their credit cards and bank accounts to trade cryptos. The company was also reported to offer some additional features like debit cards that offer rewards for being used, social trading capabilities and a pattern recognition system. About Coinzoom Coinzoom Inc is the main company that will run Coinzoom Australia. The company is self-described as “an institutional grade digital currency platform” that allows the users to trade their digital assets (mostly the top coins of the market like Bitcoin and Ethereum). The company is registered in all the 50 states of the U. S. and has started the process to offer remittance services in three American states: Florida, Maryland and Iowa. Australia, A Crypto Hub Slowly but surely, Australia is turning into a crypto hub. Even before Coinzoom Australia arrived in the country, many exchanges were already set there and were operating in a regulated way. The country is very enthusiastic about using the blockchain technology and a town in the county of Queensland has even claimed that it would become the first “digital currency town” with crypto payments in the whole country. As a lot of Australians use cryptos, it is expected that they will be increasingly regulated in the country and that more and more people will start to use them as well.
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CoinZoom Subsidiary Officially Registered as a Digital Currency Exchange with AUSTRAC

SALT LAKE CITY, Dec. 3, 2018 /PRNewswire-PRWeb/ -- U.S.-based cryptocurrency exchange, CoinZoom, announced today that its wholly owned subsidiary, CoinZoom Australia, became officially registered as a Digital Currency Exchange with AUSTRAC. The Digital Currency Exchange registration allows the exchange to legally operate according to Australian law, and function as a cryptocurrency exchange that can accept and exchange fiat, digital assets, and any other cryptocurrency. CoinZoom Australia serves both Australian and International customers. CoinZoom, Inc. is positioned to serve U.S. customers and has registered as a Money Services Business in all 50 states with FinCEN and is in the process of securing Money Transmitter Licenses in states where it's required. Recently, CoinZoom received Money Transmitter Licenses in Florida, Full story available on

AUSTRAC Investigates Cryptocurrency Exchanges

Australia’s financial regulator, the Australian Transactions Reports and Analysis Centre (AUSTRAC), is tightening up surveillance on cryptocurrency exchanges as sophisticated criminals leverage digital currencies to send money internationally. According to the ABC Radio Program broadcast on October 9, 2018, cryptocurrency exchanges in Australia are being investigated since global risks concerning money laundering, terror financing, and cybercrime are becoming increasingly large...Read More. The post by Cindy Huynh appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
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Maximine Coin Surge, eToro Adds TRON, Rakuten and Yahoo, Boss Crypto - Cryptocurrency News

Maximine coin is up more than 700% within the past 30 days. eToro also announced yesterday that they will add Tron TRX to its platform with more than 10 million registered users. Mattie will also talk about Rakuten and Yahoo continuing Mainstream Progression Towards Cryptocurrency as well as Boss Crypto, a crypto investment and education platform. ----------------------------------------------------------------------------------- Connect with us on Social Media: Twitter: Facebook: Telegram: ---------------------------------------------------------------------------------- Looking for the best cryptocurrency wallets? Check these out: BitLox: CoolWallet S: Trezor: Ledger Nano S: KeepKey: Read about them here: --------------------------------------------------------------------------------- References: BossCrypto – Crypto Investment and Education Platform Boss Crypto Yahoo and Rakuten Continue Mainstream Progression Towards Cryptocurrency Rakuten Wallet Launch Announced for March 30, 2019 Here’s Why Crypto Maximine Coin (MXM) Jumped 754.5% in March eToro adds Tron TRX to its Platform with More than 10 Million Users -------------------------------------------------------------------------------- DISCLAIMER The information discussed on the Altcoin Buzz YouTube, Altcoin Buzz Ladies YouTube, Altcoin Buzz Podcast or other social media channels including but not limited to Twitter, Telegram chats, Instagram, facebook, website etc is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the writer, reviewer or narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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Maximine Coin [MXM] Jumps 30% Higher While Top Currencies Continued Bleeding

In a continuous declining market, there’s one coin that stood out higher. Maximine Coin or MXM Coin broke a new record of entering into the graph of Top 40 cryptocurrencies with a spike of 30 percent over the past 24 hours. Why MXM Coin Pumped Higher? The value surge is quite surprising because the top crypto assets including Bitcoin, Ethereum, XRP, Litecoin, EOS, Bitcoin Cash, Binance Coin, and many other cryptos are on the way out. Nevertheless, the major concern comes after the spike of MXM Coin trading volume on CoinBene exchange which suspects to have wash trading activities. Despite this decline drive, Maximine Coin’s MXM token is ruling with rising volume among the top 40 cryptocurrencies. At the moment, the MXM’s average trading value counts $159,653,386 which has gained 30.11 Percent over the last 24 hours. Moreover, the coin is trading at $0.096818. Maximin Coin or MXM is presently available at a handful of crypto trading platforms including CoinBene, HitBTC, Coinbit, and Livecoin. Among these exchanges, the highest trading volume is split among CoinBene and HitBTC with pair of USDT, ETH, and BTC respectively. Is there anything Related to CoinBene’s Suspected Wash Trading? Looking closer at the coinmarketcap, the highest trading volume of MXM coin can be seen on CoinBene, the exchange which was once noticed of involving with wash trading activities as reported by Bitwise Asset Management. Reports further revealed that the volume is faked by the exchange itself that results to inflate actual numbers to catch user’s attention. Moreover, the exchange registered in Singapore and doesn’t need KYC for a user to have an account with. To note, the Bitforex exchange where MXM Coin will soon be listed is also based out in Singapore – moreover, Maximine Coin is reportedly registered in the same country. Additionally, recent reports reveal that the coin had gained mainstream concern from Bitforex, a Singapore based trading platform. The firm announced to list MXM coin on its exchange which many speculate and relate the coin’s significant performance with. Heard the news? 👂🏼 Seen the papers? 👀 If you haven't, keep your eyes glued to the screen and your ears wide open because @maximinecoin is coming to @bitforexcom ! 🍻🙌🏼 Details in link below! 👇🏼 — MaxiMine (@maximinecoin) March 26, 2019 What do you think about CoinBene and its trading contribution to Maximine Coin? share your opinion with us  The post Maximine Coin [MXM] Jumps 30% Higher While Top Currencies Continued Bleeding appeared first on Coingape.
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