April 27, 2019 | AtoZ Markets - JP Morgan Blockchain have not more than 200 global banks, and the forex market witnesses yet another scam scandal. Europeans still feel optimistic about bitcoin, and the Tether Bitfinex fud triggered a Bitcoin flash crash this week.
These are the headlines for today’s news tour, welcome to AtoZ Market’s weekly Crypto and Forex overview.
Binance launches DEX
We start by Binance, where the world’s largest cryptocurrency exchange has just launched its decentralized platform on its native blockchain.
The DEX platform, as Binance named it, was launched a week after the firm announced its native blockchain, Binance Chain had started. Its exchange token BNB was launched as the native asset on the blockchain to replace the previous Ethereum ERC-20 token. Holders of the ERC-20 BNB can now swap them for the native form on Binance.com.
Bitcoin Tether Fud causes turmoil in Crypto market
In an unexpected news, Bitfinex was accused this week of using customers’ funds to cover a loss of $850 million. Further more, the accusation came from the New York Attorney General’s office, the thing that pushed bitcoin flash to crash, as per the report.
The details of the news say that Bitfinex allegedly resorted to using its affiliated stablecoin operator Tether to cover the enormous amount referred to above.
According to the lawsuit, Bitfinex through Crypto Capital mixed the funds stored on behalf of the client with its own capital.
In retrospect, Bitfinex was facing liquidity issues with their withdrawals last in October 2018, as AtoZ Market reported at the time.
Oasis Global FX scammed $75 million from investors!
The Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in federal court in Florida against Oasis Global FX scam in $75 million fraud scheme, as the reports pointed to this week.
The CFTC said in its press release that the agency charged the owners of Oasis International Group, Limited, Oasis Management, LLC, Satellite Holdings Company - Michael J. DaCorta, Joseph S. Anile, II, Raymond P. Montie, III, Francisco L. Duran, and John J. Haas. As per the U.S. commission, the defendants Michael DaCorta, Joseph Anile, Raymond Montie, Francisco Duran, and John Haas from 2011 through 2019 fraudulently solicited and misappropriated money from over 700 U.S. residents for pooled investments.
Between mid-April 2014 and the present, as per the CFTC, Oasis Global FX received approximately $75 million from pool participants for investment in two commodity pools—Oasis Global FX, Limited and Oasis Global FX, SA (collectively, the “Oasis Pools”).
BaFin orders Forex Broker Olympus Markets to cease activities
Staying in the forex news, the German Federal Financial Supervisory Authority (BaFin) confirmed to AtoZ Markets in a phone call this week that it ordered of ceasing all the cross-border proprietary trading in Germany that Next Trade Ltd. operates on its website www.olypmusmarkets.com.
The decision was made against the background of Olympus Markets offering on its websites to German clients Financial Contracts for Difference (CFD) based on commodities, indices, equities and currencies, as BaFin mentioned in its notice, the thing that the German regulator sees as “proprietary trading in accordance with section 1 (1a) sentence 1 no. 4 lit. c Banking Act (KWG)”, which requires an official authorisation for practicing, which Olympus Markets does not hold.
AtoZ Markets’ mid-week break was with an educative article on what is DApp? and how to understand decentralized applications.
More than 200 Global banks are now on JP Morgan Blockchain
Investment banking giant JPMorgan Chase has recently unveiled in a report that 201 banks have joined its permissioned variant of the Ethereum blockchain, the Interbank Information Network (IIN).
As per the report, the 201 global banks are now able to exchange information in real-time as a way to verify that a payment has been approved. The list of banking partners are headquartered in all major continents and includes the Royal Bank of Canada, India’s ICICI Bank, Bank of Sharjah, National Australia Bank Limited, and more.
EU Bitcoin Poll shows Europeans are bullish on Crypto
A survey recently conducted by a cryptocurrency trading platform, has revealed that a high percentage of Europeans believe that Bitcoin will live for at least more ten years. bitFlyer, the organizer of the EU bitcoin poll of “do you think Bitcoin will still exist in 10 years’ time.” More than two-thirds of the Europeans are bullish on crypto (63 percent) and believe cryptocurrencies will still exist by 2029, as the poll showed.
On the other hand, the survey’s respondents from France were less sure of the bright future of cryptos than Norwegians. Only 55 percent of French respondents expressed confidence that cryptos would serve the next decade.
This news comes contradictory to what France has recently called for, where the country shouted for its EU counterparts to start adopting the cryptocurrency as a valid payment means, taking from the city of light as a hub for the industry.
We have come to an end in our news brief for this week. We have a renewed appointment for another crypto and forex tour next weekend, keep tuned.