Outright Blocking Accounts of Those Clients Who transact Using CryptocurrenciesJune 1, 2019
The decentralized cryptocurrency was previously considered only as a mere distraction in the world of finance. Now that these cryptocurrencies are being used for real-time financial transactions, several banking giants are halting the cryptocurrency transactions citing reasons for volatility.
One of the investors in cryptocurrency who tried to transact crypto with HSBC elaborated after his conversation with the customer service that “I come to find out that HSBC now seems to be blocking crypto transactions on all cards, even debit.”
This is not only the case with HSBC Bank; there are several other banks who have issued threatening messages to customers who transact using the cryptocurrencies. Many of them are outright blocking accounts of those clients who transact using cryptocurrencies.
Binance is becoming popular with several developments. Several countries have banned the usage of the decentralized exchange.
Meanwhile, in Japan, the legislation to amend the Payment Services Act and Financial Instruments Act was enacted on May 31, 2019, and it will come in to force from April 2020.
According to the new amendment, even companies who are storing cryptocurrencies will be categorized as “cryptographic asset exchange” and therefore are required to maintain an expensive license.
Masahiro Yasu, CEO of ALIS, stated, “Smaller companies will need sufficient funds if more stringent management systems are required. It may be impossible to maintain the existing business unless it changes.” The new Japanese law will also limit cryptocurrency margin trading.
North Korean hackers have attacked the users of UpBit, the South Korean exchange with a well-planned exploit.
Mun Chong Hyun, head of the ESRC Center at the East Security stated, “In analyzing attack tools and malicious codes used by hacker groups, there are unique characteristics we saw, these are similar to another attack called Operation Fake Striker that attacked Korean government agencies earlier this month.” He further stated that they have not so far heard of any reported damage and that one should not instill or click suspicious files or documents.
Bleeping blender a cryptocurrency mixer has shut down nearly a week after authorities have seized Best mixer. This is a follow up shut down after the Best mixer law enforcement action, which is the first of its kind.
Europol stated, “A cryptocurrency tumbler or cryptocurrency mixing service is a service offered to mix potentially identifiable or ‘tainted’ cryptocurrency funds with others, to obscure the trail back to the fund’s source.” It is now widely being discussed that mixing services are not reliable anymore.