The largest cryptocurrency exchange by volume Binance announces to launch its Visa Card, thus enabling users worldwide to spend their cryptocurrencies. However, at the start, the card will operate in a few countries and will support limited fiat currencies.
Josh Goodbody, head of growth at Binance Card, proposes that further native fiats will add in a year for the users across the world. Due to only US dollar support, users of other regions outside the US will have to pay exchange rates as a result.
The hack caused the currency drop as investors sold off their Bitcoin holdings cheaply. According to comments by Zane Tackett, director of community at Bitfinex, on Reddit, a total of 119,756 bitcoins were stolen—at an average value of $650 per Bitcoin, cryptocurrency that amounts to more than $77 million. At its lowest following the hack, one bitcoin
was worth about $480, but its value has since rallied to about $550.
"We will look at various options to address customer losses later in the investigation," Bitfinex continued. It said any settlements for "open margin positions, associated financing, and/or collateral affected by the breach" will be at the market prices as of 18:00 UTC.
But as retail traders warmed up to round-the-clock stock trading in the past year, the exchange offered investors the option to trade fractions of shares using a German broker as an intermediary, according to the Financial Times. Binance, which does not have a single location for its headquarters, typically allows users to trade crypto derivatives - including futures and options.
AMLD 4 demands increased transparency regarding beneficial ownership in business relations. Payment Service Directive 2 - regulatory directive of European Commission. General Data Protection Regulation- regulation in EU law on data protection and crypto privacy for all individual citizens of the European Union and the European Economic Area. In the US, it’s the Patriot Act of 2001 that was spread to the Bank Secrecy Act. The most important are Anti Money Laundering Directives from the European Banking Authority. AMLD 5 refers to the electronic identification means and relevant trust services as set out in the eIDAS Regulation.
On can order the Binance
’s Visa Card at only $15 and there will no monthly or yearly taxes on services as exchange confirm it. The card is compatible with the app that can trace the transactions and can change the card’s PIN number.
While we conduct this initial investigation and secure our environment, bitfinex.com will be taken down and the maintenance page will be left up," said the company on its website. We are undertaking a review to determine which users have been affected by the breach. "We are investigating the breach to determine what happened, but we know that some of our users have had their Bitcoins stolen.
After these steps are completed, the Ronin Network bridge — the blockchain protocol the hacker exploited — will reopen. Additionally, Sky Mavis is implementing new security measures and going through internal audits, which can take several weeks.
Bitcoin has proven extremely resilient to such turmoil. Stealing bitcoins seems to be de rigueur for the fledgling cryptocurrency and so far hasn't really affected its long-term exchange value. Bitcoin crashed in 2013, losing nearly half of its value in six hours; last February it was estimated that hackers had easily stolen $95,000 from poorly secured Bitcoin
wallets; and in May, Hacking Team hacker Phineas Phisher claimed to have stolen about $11,000 in bitcoins and donated them to Kurdish anticapitalists.
Such a solution is the fastest and the most accurate. It allows to check the reliability of the person, whether he or she has been prosecuted, and which are the possible risks of cooperation. The illegal activities of clients can adversely affect the company they are working for.
Initially, the users belong to Malaysia will take benefits from the card. However, customers from other regions across the world will access the Binance Card’s in the near future after the project’s success. The beta version of the Binance Card will launch in April in Malaysia.
After all, crypto now they don't need to visit the office, all functions are available in real-time. If there is the slightest risk from the cooperation with a specific person, the system will notify you about it. The verification is carried out through several databases at once, which reduces the total amount of time necessary. Online service makes it possible to attract customers from all over the world. Furthermore, you don't have to work manually with a large amount of information, because our services are fully automated.
"We take a collaborative approach in working with regulators and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this new space," the statement said.
This procedure is also carried out by other organizations whose business is directly related to people. Online verification was the fastest and most reliable way to do this. Without being able to attend a bank account opening in person, an alternative solution had to be found. This system was particularly in demand during the quarantine period.