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BitMEX restricts access to Hong Kong, Bermuda and Seychelles

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  • The decision has been taken to ensure the safety of funds and stability of the firm.
  • BitMEX has restricted usage wherever HDR affiliated employees and offices are located.

Crypto derivatives exchange, BitMEX, will be restricting access to its platform for three additional jurisdictions – Hong Kong, Bermuda and Seychelles. Apparently, the decision has been taken to ensure the safety of funds and stability of the firm. BitMEX, being registered in Seychelles and has business wings in both Bermuda and Hong Kong. The restriction of access by the exchange’s parent company HDR Global Trading Limited will ensure the non-involvement of BitMEX employees in trading activity on the platform.

In an official statement, BitMEX stated:

“The increased involvement of regulators with all the major players in the industry is not only to be expected, it is to be welcomed. It is the mission of good regulators to ensure that honest citizens are not being cheated. For this reason, we have decided to restrict access to BitMEX for users in the jurisdictions in which HDR-affiliated employees and offices are located.”

This new restriction adds to the previous list of restricted jurisdictions – the United States, the province of Québec in Canada, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, and Sudan. The move by the exchange came when a Bloomberg report stated that it is under investigation by the Commodity Futures Trading Commission (CFTC) for the continuation of its services in the United States.

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Wells Fargo to Pilot Dollar-Linked Crypto for Internal Settlement

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U.S.-based financial giant Wells Fargo is developing a U.S. dollar-linked cryptocurrency that will run on the firm’s first blockchain platform.

Dubbed Wells Fargo Digital Cash, the stablecoin will be used in a pilot initially for internal settlement across the company’s business.

The firm said in a press release on Tuesday that the digital token will enable to settle internal cross-border payments across its global network. Its international locations will also be able to move funds between each other using the token.

As banking services become increasingly digital, Wells Fargo sees “a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that,” said Lisa Frazier, head of the Innovation Group at the company.

Wells Fargo says its proprietary digital ledger tech (DLT) platform will enable it to move money in “near real-time” and “without impact to the underlying account, transaction postings or reconcilement infrastructure.”

It will also allow the firm’s international locations to move funds outside normal operating hours, remove the need for third-party payment intermediaries and cut the time and costs associated with such transactions.

The pilot, slated for next year, will start with transfers of U.S. dollars, but is expected to expand to other currencies. Eventually, it also aims to reach all Wells Fargo branches worldwide.

Frazier said:

“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”

Wells Fargo has previously launched other blockchain projects, including a banking prototype and a trade finance platform aimed at the cotton market. It’s also invested in blockchain finance startup Axoni.

Over and above internal settlement, the firm says it plans to use its DLT platform for “multiple” other applications.

source.coindesk.

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McAfee’s Advice Seeing the Light – Cubans Using Crypto to Evade US Sanctions

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The United States has been the most dominant force in the world, both, economically and politically. The countries going against it have been confronted with strict sanctions, putting serious pressure on their currency and economy. Such countries usually have high inflation rates, and struggle to survive. However, the advent of cryptocurrencies is turning the table and helping countries evade the sanctions.

Cryptocurrencies are a threat to the US dominance globally and have faced stark criticism from all the factions of the establishment. Nonetheless, the demand for crypto in countries like Cuba, Venezuela, Iran, etc., has been on a steep rise. John McAfee, the famed computer scientist and crypto promoter had been voicing for a long time that crypto is the answer to all the problems people face due to political conundrums.

It was recently reported that Cubans have stepped up the use of digital currencies to bypass the US sanctions imposed on it. Apart from making online purchases, Cubans are using crypto also for daily trade transactions and investments. This has led to the general public to ease the burden of the sanctions and have a stable value of their money.

Reacting to media reports, McAfee tweeted, “I believe my urgings to the Cuban people to use Crypto to avoid U.S. Sanctions took root.”

Cuba is yet another country which proved that the use of crypto could help the citizens stabilize the value of their money and escape the ill-effects of sanctions. Prior to it, Venezuelans used crypto to tackle hyperinflation in the country after it went into a refreshed political tussle with the US. In fact, crypto mining brought much-needed revenue for the locals as they used cheap electricity prices to mine Bitcoin in return for payments, which were made in USD.

US authorities are putting bets to catch McAfee, who’s succeeded continuously to dodge them. The mastermind behind McAfee anti-virus has been on the run for a few years now, though he manages to post his views and explicit support for the crypto industry via Twitter. He has been saying it for a long time that crypto is the future, and most of his analysis are steadily coming true, especially in crisis-hit countries.

Cuba, on the other hand, has been in a tussle with the United States and its allies for decades, which has hindered growth and development of the country. Luckily, after the introduction of mobile internet, the general public has been introduced to the world of digital currencies, which are turning out to be a savior. Given the influence McAfee has on computer literates, his views will definitely continue to play a pivotal role in propagating crypto among the masses.

Source.cryptonewsz

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Wells Fargo to Pilot Dollar-Linked Crypto for Internal Settlement

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U.S.-based financial giant Wells Fargo is developing a U.S. dollar-linked cryptocurrency that will run on the firm’s first blockchain platform.

Dubbed Wells Fargo Digital Cash, the stablecoin will be used in a pilot initially for internal settlement across the company’s business.

The firm said in a press release on Tuesday that the digital token will enable to settle internal cross-border payments across its global network. Its international locations will also be able to move funds between each other using the token.

As banking services become increasingly digital, Wells Fargo sees “a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that,” said Lisa Frazier, head of the Innovation Group at the company.

Wells Fargo says its proprietary digital ledger tech (DLT) platform will enable it to move money in “near real-time” and “without impact to the underlying account, transaction postings or reconcilement infrastructure.”

It will also allow the firm’s international locations to move funds outside normal operating hours, remove the need for third-party payment intermediaries and cut the time and costs associated with such transactions.

The pilot, slated for next year, will start with transfers of U.S. dollars, but is expected to expand to other currencies. Eventually, it also aims to reach all Wells Fargo branches worldwide.

Frazier said:

“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”

Wells Fargo has previously launched other blockchain projects, including a banking prototype and a trade finance platform aimed at the cotton market. It’s also invested in blockchain finance startup Axoni.

Over and above internal settlement, the firm says it plans to use its DLT platform for “multiple” other applications.

source.coindesk.

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