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Binance Falls From Top 10 in CryptoCompare’s New Crypto Exchange Rankings

London-based crypto data provider CryptoCompare has updated its crypto Exchange Benchmark, removing Binance cryptocurrency exchange from the list of the top 10 exchanges. Binance, the second biggest crypto exchange by daily trade volume to date, is not included in the CryptoCompare’s list as the rankings do not rely on aggregate volume data in its analysis, the firm said in a press release to Cointelegraph on Nov. 19. In order, the top 10 crypto exchanges in …

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IRS Laughs Off Coinbase User’s ‘Surveillance Conspiracy’ in Tax Reporting Case

The United States Internal Revenue Service (IRS) has argued that its summons on major American crypto exchange Coinbase is indeed legitimate in a recent filing. Per a Nov. 15 filing, the U.S. tax agency told a California federal court that its investigation of Coinbase customer William Zietzke is completely legitimate.  Zietzke claims summons was issued outside IRS’s authority Zietzke is attempting to quash the summons issued to Coinbase Inc. in June, which requested that they …

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PayPal Leads $4.2M Funding Round for Crypto Risk Management Platform

Payment processor PayPal has led a $4.2 million funding round for cryptocurrency risk management platform TRM Labs. In a Nov. 19 press release TRM Labs announced that it secured $4.2 million in an investment round led by PayPal, with participation from other top investors including Initialized Capital, Blockchain Capital and Y Combinator. Building solutions to prevent crypto fraud and financial crime TRM, which was founded in 2018, aims to support financial institutions across the United …

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Zero-Knowledge Proofs, Explained | Cointelegraph

1. A zero-knowledge proof is a digital protocol that allows for data to be shared between two parties without the use of a password or any other information associated with the transaction. In its most basic sense, a zero-knowledge proof (also commonly referred to as ZKP) can be thought of as a protocol through which a digital authentication process can be facilitated without the use of any passwords or other sensitive data. As a result …

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US ICO Scammer Sentenced to 18 Months In Jail

Maksim Zaslavskiy, a computer programmer from Brooklyn and the first person in the United States to be convicted of running a fraudulent initial coin offering (ICO) has been sentenced to a year and a half behind bars. As Law360 reported on Nov. 18, the Brooklyn businessman received a prison sentence of 18 months for running two scam ICO’s, both of which were advertised as being backed by collateral — diamonds and real estate, respectively — …

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Chinese State Media Says Most ‘Blockchain’ Firms in China Are All Hype, No Code

Chinese news program Focus Report has said that there are around 32,000 companies in China that claim to use blockchain technology. Reportedly, the real number is not even 10% of that. On Nov. 18, the predominant state television broadcaster in Mainland China, CCTV, aired an episode by Focus Report, titled “Blockchain is not a Cashchain.” The episode takes a closer look at companies who reportedly misuse the concept of blockchain technology to create business momentum …

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Spanish Financial Watchdog Warns Against Unregulated ICO Scheme

A Spanish financial watchdog has issued a warning against Ethereum (ETH)-based token dubbed AlyCoin. As Financial Magnates reported on Nov. 18, the Comisión Nacional del Mercado de Valores warned the public against AlyCoin as it the coin is registered neither in Spain nor in the corresponding registry and thus promotes unregulated initial coin offerings (ICOs). Specifically, AlyCoin purportedly provides its customers with financial services in violation of the second paragraph of Article 17 of the …

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Bitcoin’s Mempool Saw an Anomalous Number of Big Transactions on Friday

On Nov. 15, Bitcoin’s (BTC) blockchain mempool was at its highest level since January last year, according to figures from blockchain data website Blockchain. On Nov. 15, Bitcoin’s mempool size reached over 90 megabytes (MB), a value not seen since January 2018. The Bitcoin mempool holds all the unconfirmed transactions that are waiting to be validated by miners.  One-year chart of Bitcoin mempool size in bytes. Source: Blockchain.com An apparent anomaly In most cases, the …

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Public Statement Aims to Define Legal Status of Crypto Assets in the UK

The United Kingdom Jurisdiction Taskforce of the Lawtech Delivery Panel published a statement concerning the status of cryptocurrencies, distributed ledger technology (DLT) and smart contracts under English and Welsh private law. U.K. entrepreneur network Tech Nation announced the paper’s publication on Nov. 18. The document attempts to address the legal uncertainties of cryptocurrency and recognizes crypto assets as tradeable property and smart contracts as enforceable agreements under local law. The importance of regulating blockchain Lawtech …

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Ether and BTC Didn’t Face Regulations Unlike New Projects

Ethereum and Bitcoin (BTC) did not have to comply with regulation, admitted Ethereum co-founder Joseph Lubin in an interview with industry news outlet Forkast published on Nov. 18. During the interview — which took place at the Hong Kong FinTech Week — Lubin noted that new projects need to comply with regulations, and explained the impact of the application of security law to the cryptocurrency space. You can’t sell a utility token, it’s not one …

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