In a statement on X, Jesse Powell, co-founder of Kraken, expressed his satisfaction with the results of the investigation into Binance. He highlighted the importance of visionaries and shareholders with a long-term focus in the world of cryptocurrencies.

Over the past 12 months, leaders of prominent crypto exchanges such as FTX and Binance have faced federal scrutiny from US government agencies. The allegations range from embezzlement of investor funds to evasion of anti-money laundering (AML) regulations.

Powell considers the legal proceedings against Binance and its former CEO, Changpeng “CZ” Zhao, positive. He claims that pursuing offenders abroad would require considerable effort and highlights that companies such as Kraken, Coinbase and US-based Ripple are more accessible targets.

“The game seems a little fairer today. The last 12 months have answered two lingering questions from shareholders: 1. How are they going so fast? 2. How are they getting away with it? ‘Trust me, any day of these…’ is only believable for so many years. It is difficult to keep faith while…”

Powell, referencing CZ’s recent admission of Binance violating AML requirements, underscored the need for self-policing to improve the industry’s reputation:

“Every dubious transaction represents an opportunity for governments to scapegoat cryptocurrencies and tighten the noose.”

Furthermore, he urged the community to cooperate to restore the image of the crypto ecosystem, recommending reliable services that “play the long game.” Powell also backed the idea of a Know Your Customer (KYC) requirement, as long as it helps legally bring new users into the crypto space.

K. Tovar

Source: Cointelegraph

(Referential image source: Kanchanara, Unsplash)

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La entrada Kraken founder assures that actions against Binance are positive apareció primero en Bitfinance.

The number of cryptocurrency users doubled in the first half of 2021, to register, at the end of June, more than 221 million, as shown by the research carried out by the Exchange Crypto.com, which was carried out using the chain data and other parameters to compile the figures of 24 of the largest crypto platforms, among which are Binance, Bitfinex, Bittrex, Gemini, Huobi, Kraken.

According to the results obtained, the months of February to May of this year show that the figures increased from 106 million to 203 million users in that period. A quite significant example was the growth registered by altcoins, which increased the participation of its beneficiaries “by 20 % of the total between January and April to approximately 37 % in May and June,” the study found.

Currently, the users of virtual currencies are 10 times more than the inhabitants of Chile, 5 times more than the people who reside in Argentina and almost twice the inhabitants of Mexico.

It is important to remember that cryptos, in general, appeared in the different media, including the traditional ones, due to the increase in their prices and all the measures and actions that the different countries of the world took and continue to manage with respect to the cryptocurrency market.

According to the research, the events that generated the most interest to new users comes from the adoption of altcoins, dogecoin and shiba, in addition to news such as the crackdown on Bitcoin miners in China, and statements by Tesla CEO Elon Musk, who pointed out that the company would no longer accept Bitcoin, as a means of payment due to the carbon footprint of its mining.

M. Rodríguez

Source: bancaynegocios.com

La entrada Crypto asset users reaches 221 million at the end of June apareció primero en Bitfinance.

The DeFi Nexus Mutual hedging protocol will be the proposal promoted by the project, which has included a list of eligible centralized exchanges who will be shielded against any event that disrupts the security of the platforms.

The protocol will allow users trading on Binance, Kraken, Coinbase and Gemini to now purchase protection in the event of a hack or extended downtime for withdrawals.

The program launched in late 2020 included centralized lenders such as: BlockFi, Celsius, Nexo, Ledn and Hodlnaut. Currently, to be able to enjoy coverage, it is necessary for the user to become a member of the Nexus mutual and undergo verification.

It is important to mention that Nexus is not an insurance provider, the difference is that the insurance has contractually defined clauses that establish how and when a claim must be fulfilled.

The decision to pay claims at Nexus Mutual is solely at the discretion of the members and participants. While in practice this may not be a problem, extreme cases could put the system to the test.

K. Villarroel

Source: cointelegraph

La entrada DeFi protocol strengthens security against cyber attacks apareció primero en Bitfinance.