Crypto Theft Could Hit $1.2 Billion in 2019, Says Cipher Trace

Crypto theft has greatly reduced this year compared to last year as regulators continue to enhance their scrutiny and the enforcement of anti-money laundering controls. Crypto Theft Could Hit $1 billion Mark Despite being $500 million less than last year, crypto theft could still go well beyond a billion dollars by the end of this year. A quarterly report released on May 1 by Cipher Trace indicates that investigatory specialists had found that over $356 million worth of crypto had been stolen in Q1 2019. The amount stolen includes the CoineBene…

Mega-Banks Joining Ripple Despite XRP Sell-Pressure

Ripple (XRP) prices find support at 30 cents SABB launches Instant Cross-Border Transfer Service With the facilitation of SAMA, the primary regulator in the Kingdom of Saudi Arabia, SABB, is part of the growing RippleNet family after launching Instant Cross-Border Transfer Service that will use XRP. Meanwhile, Ripple (XRP) prices are ranging with support at 30 cents. Ripple Price Analysis Fundamentals The traditional global finance network is rigid. Despite what it offers—and the acknowledgment that it has been steadying world economy thanks to SWIFT and globalization, it has been 43…

Binance Teams Up With Elliptic to Bolster AML Compliance

As part of its efforts to be regulatory compliant, Malta-based crypto exchange Binance has partnered with Blockchain startup Elliptic. According to a Coindesk report, the partnership will help Binance mitigate anti-money laundering (AML) concerns as it expands into new regions. Binance announced a similar partnership with cyber security firm CipherTrace on April 11, describing it as a step towards achieving proper AML compliance. In the company’s announcement, its Chief Compliance Officer Samuel Lim said, “The selection of CipherTrace as our on-chain security solution will augment our expansion drive and build…

Binance’s Compliance Drive Continues With New Elliptic Partnership

Cryptocurrency exchange Binance is continuing to ramp up its regulatory compliance efforts. The exchange has just partnered with blockchain analytics startup Elliptic to boost its compliance and security capabilities, Elliptic announced Thursday. The new partnership – the third relating to compliance in the last two months – will help Binance combat money laundering as it grows into new jurisdictions, the exchange’s chief compliance officer Samuel Lim said. Elliptic’s software helps identify potential transactions linked to illicit activities such as money laundering and terrorist financing, and is claimed to have monitored risks…

Blockchain Will Revolutionize 300 Years of Stock Trading: London Stock Exchange

By CCN.com: The London Stock Exchange (LSE) is weighing the benefits of using blockchain technology for issuing stock and settling trades. In an interview with CNBC, the LSE chief executive Nikhil Rathi said he was inspired by early blockchain initiatives at other stock exchanges, and sees the benefit of distributed ledger technology: “You can certainly see distributed ledger technology having an application in the issuance process… I can see that technology being used in settlement too.” LSE, the world’s sixth-largest stock exchange, has been surprisingly open to blockchain technology. Earlier…

Blockchain Hype Turns to Mainstream Adoption in Billion-Dollar Corporations

By CCN.com: Forty percent of senior finance executives expect their firms to invest in blockchain technology over the next two years, according to a recent survey by audit firm Grant Thornton LLP. That’s in addition to the 22 percent who report their firms have already implemented the technology. This marks a dramatic change from only a year ago, when blockchain was more talked about than practiced, according to Chris Stephenson, Business Consulting principal at Grant Thornton LLP and author of the report. In its 2019 CFO Survey, Grant Thornton along…