The iBank, one of Vancouver’s very first peer to peer over the counter crypto and bitcoin exchange that has been supported by Huobi Cloud Technology, was officially launched. And from this, it was able to enter the Canadian market last week.
The Huobi Cloud has been designed to help entities and from this they have been supporting about 120 exchanges that are spread across the globe.
According to the Chairman of iBank Digital, Manie Eagar they are very excited with the new move they have gotten into as their crypto users and traders stand a chance to benefit a lot from all this.“We are fortunate and excited to have Huobi Cloud technology support our peer-to-peer OTC platform. They are providing Canadian traders and cryptocurrency users with unmatched safety, stability and user experience through this technology,”
There will be a trial period that will run from the 5th of February to the 10th of March, and during this time the iBankEx will be offering all the users zero fees on the over the counter transactions.
The OTC transactions include ETH, BTC and the USDT, all this has been supported in about 12 languages, this is including French, English, Spanish, Chinese, Korean, Japanese and much more that you should look forward to.
ANNOUNCEMENT: @iBank_Digital has officially launched Vancouver’s first #P2P #OTC digital #trading platform supported by #HuobiCloud technology. Start trading today on https://t.co/NMTD2oSp7d News release: https://t.co/9FlhiToPAJ
.#ibankex #ibankdigital #blockchain #cryptonews pic.twitter.com/MDSybcdsBy
— iBankDigital (@iBank_Digital) February 7, 2019
The company has several payment methods that you could use this is the likes of Alipay, Wechat Pay, PayPal, bank card, e-transfer plus other international payment methods that you can take advantage of.
The iBankEx has also gone a step ahead in ensuring they provide stability in experience and the highest level of security for the use of the encrypted digital transactions and users, but this is not all as it will give the opportunity in listing new crypto pairs within the system.
More on the Huobi Cloud
The company is owned by the Huobi Group, which is one of the leading blockchain companies in the market and one that has been considered to be the world largest digital asset trading platform. The company was established back in 2013 having the accumulated group turnover at about $1 trillion.
The company has been able to provide a secure and convenient platform that can be used for crypto trading together with asset management services to over 130 countries around the globe and millions of users. Clearly the company has been able to full fill their company mission which is to ensure they have brought the needed efficiency to finance and in turn give their users the freedom required in wealth.
The iBank Digital assets
The platform has been based in Vancouver, Canada, and it was launched to ensure it is able to facilitate the proper underwriting of crypto trading that has been supported by the Huobi Cloud. And from this, they have been able to lend through the very first global leading network within the open decentralized platforms.
The iBank Digital has been able to connect different financial institutions with several high net worth clients and has been able to provide the most secure, convenient and the fastest trading interface that is available in the market.
They have established an efficient and intuitive new trading platform that can be explored by their digital currency users spread across the globe.
Brazilian Authorities Arrest Suspect Of Running Potential Crypto Money Laundering Scheme
Brazilian police arrested a man that was apparently running a crypto money laundering scheme in Brazil.
*Action Required* Enter Your Email for Trending Crypto News & Coin Market Insights
Suspect Arrested of Running Crypto Money Laundering Scheme
According to the report, police found mining equipment valued at R$ 250,000, close to $63,000. These devices were switched on and running 24 hours a day mining Bitcoin. The room in which the equipment was found had little ventilation and no other security objects to run the operations.
The man claims that he owns the equipment to mine virtual currencies and that he entered the market in order to mine digital assets. At the same time, he said that he is not involved in illicit organizations dealing with drugs. The individual was also accused of stealing electricity to mine virtual currencies. Bitcoin mining requires large amounts of electricityand, depending on its price, it could be profitable or not to perform mining activities.
Adriano Nonnemacher, a police officer, commented:
“The flat is well-hidden. We are going to investigate further. Everything points to a Bitcoin mining operation. They could be exchanging the money and use it to fuel drug trafficking. Here is also a possibility that they are using the funds derived from drug trafficking to buy Bitcoin.”
At the same time, police officers decided to seize the mining equipment that could have entered the country in an illegal way from China.
Bitcoin has been several times linked to illegal activities around the world and in many different situations. However, there are some reports that show that most Bitcoin transactions are not related to illicit and criminal activities.
New York State Sees First Conviction for Crypto Money Laundering
A case involving millions of dollars in bitcoin and Western Union payments has resulted in New York State’s first conviction for cryptocurrency money laundering.
The Manhattan District Attorney’s Office announced Wednesday that defendants Callaway Crain and Mark Sanchez, both 35, laundered $2.8 million earned through sales of controlled substances carried out over the internet.
Between 2013 and 2018, the two men sold steroids and other drugs including Viagra across the U.S. via their website “NextDayGear” and on the dark web. They sold over 10,000 packages and accepted payments in cryptocurrency and fiat currency via Western Union, which they then laundered.
Customers usually paid in bitcoin, the Attorney’s Office said, with the defendants laundering the proceeds via one or more “intermediary” cryptocurrency wallets to obfuscate the source of the funds. The bitcoin was then converted to U.S. dollars using a cryptocurrency exchange platform before the cash was deposited into their bank accounts.
Western Union payments, on the other hand, were laundered through the use of false identities or international wire transfers from receivers outside of the U.S..
The duo has now pleaded guilty and faces a jail term of 2.5–7.5 years, with sentencing expected to take place on July 12.
Manhattan District Attorney, Cyrus R. Vance, Jr., said:
“These defendants raked in crypto and cash worth millions on their full-service website that sold prescription-free counterfeit steroids and other controlled substances to customers in all 50 states.”
“Online drug sellers who do business in New York should take note: whether you’re operating in plain sight or in hidden corners of the dark web, my Office has the skills and resources to follow the money, shut down your business, and hold you accountable,” Vance warned.
Just last week, the same DA’s office also indicted three individuals for dealing in drugs and laundering $2.3 million in cryptocurrency by using preloaded debit cards and withdrawing cash at ATMs in Manhattan and New Jersey.
Galaxy Digital CTO Out at Novogratz-Led Crypto Fund
Mike McMahon, chief technology officer at crypto merchant bank Galaxy Digital, has left the firm, CoinDesk has learned.
“I have already left Galaxy Digital and looking for my next opportunity,” he told CoinDesk Wednesday, declining to provide further details.
Galaxy didn’t respond to CoinDesk’s request for comment by press time, but it’s actively looking for McMahon’s replacement, according to a new job posting on LinkedIn.
The CTO should, among other things, “build, coach and provide hands-on leadership to the technology team” an “build a strong partnership with the business to ensure technology is supporting revenue-generating, client-facing business initiatives.”
McMahon joined Galaxy a year ago following a career at traditional financial institutions and mainstream companies, including Bank of New York-Mellon, Morgan Stanley and Goldman Sachs, according to his LinkedIn profile.
He also spent more than two years at ENSO Financial Analytics, a fintech company owned by Chicago futures exchange operator CME Group.
Galaxy Digital, founded by former hedge fund manager Michael Novogratz, is one of the most active investors in crypto startups. In recent months, it backed staking startup Bison Trails and crypto analytics firm CipherTrace.
In January, Galaxy announced it had raised $250 million to “offer loans in U.S. dollars to struggling crypto firms.” Before that, Novogratz signaled his own confidence in the enterprise despite the bear market when he bought 2.7 percent of Galaxy’s shares, increasing his total stake to about 79.3 percent.
Although based in New York, Galaxy Digital is listed on the Toronto Stock Exchange’s TSX Venture Exchange, where it went public via a reverse merger with a pharmaceutical company.