It’s been another week, an eternity in the bitcoin world, and it looks like Bitfinex’s chosen recovery plan, in which it would “socialize” its losses by having its customers share 36% of the loss, may not actually, strictly speaking, be legal. “I think these questions are falling into a bit ofRead More
Post Tagged with: "virtual currency"
It’s been just about a week since the bitcoin exchange Bitfinex was hacked, with a loss of 119, 756 BTC, or about $80 million in boring old, traditional currency. The hack remains a hot-button topic in the bitcoin world, with many calling for the need of increased oversight of bitcoin exchanges.Read More
Ripple Labs today earned the dubious distinction of being the first virtual currency exchange to be fined by FinCEN for failing to comply with anti-money laundering rules. This is sure to send a chill through the world of virtual currency. The San Francisco-based company, which allows for rapid inexpensive movementRead More
Hey buddy, wanna buy some bitcoins? It’s buyer-beware in the world of bitcoin cloudmining, with as many as 75% of those purporting to provide the service being fraudulent, according to a bitcoin mining industry expert. Cloudmining allows users to invest money up front in mining operations and get bitcoins out the backendRead More
The blockchain is being put to new and creative uses — like, you know, starting a company? It turns out that Singapore-based Otonomos, one of 10 startups just announced as participants Startupbootcamp’s newly announced Singapore accelerator, will help “form, fund and govern your company on the blockchain.” It’s as simple as filling out a shortRead More
Benjamin Lawsky, superintendent of financial services for the New York State Department of Financial Services, is perhaps best known among FinTech watchers for championing New York’s proposed BitLicense regulation. Yesterday, at the Bipartisan Policy Center in Washington, Lawsky proposed revising the original BitLicense regulation, and also threw in some choice commentsRead More
Conventional wisdom has banks watching Bitcoin with great wariness, but two recent moves may suggest otherwise. Bitcoin successfully luring executives from financial services powerhouses shows a vote of confidence in the cryptocurrency by the people (if not the institutions) making up the financial services industry.
More than 280 companies entered the Innotribe Startup Challenge but just two emerged triumphant: the money movement service Epiphyte, and Matchmove, which offers virtual credit cards.
Behemoths like Braintree are said to be accepting bitcoin in the near future, but startups like Circle are fighting regulators for their lives.
Bank Innovation spoke to the NYDFS about BitLicenses, bitcoin, and virtual currency regulation.