Binance Coin Price Analysis: BNB Records New ATH Following Binance’s Latest IEO Announcement

Binance Coin Price Analysis: BNB Records New ATH Following Binance’s Latest IEO Announcement    


Binance Coin continued its bull run today,

rising by 2.71% to reach a fresh all-time high (ATH) value of $36.91. In the past three months, BNB is up by more than 147%, and the cryptocurrency is up around 500% on the year. Its most recent rally followed the announcement of the latest initial exchange offering (IEO) to be held on Binance Launchpad. The project is called Elrond and the event will take place on July 1. Meanwhile, BNB remains the seventh-largest cryptocurrency by market capitalization, sitting on a market cap of around $5.1 billion.

Looking at the BNB/USD 1-day chart:

  • Since our previous BNB analysis, BNB/USD has continued to climb above the $34 level. The cryptocurrency surged past the $36.22 resistance level to reach an ATH at $36.42. The coin’s price is now back on its way to the $36.22 resistance level.
  • From above: The nearest level of resistance lies at $37. Above $37, further resistance is found at $38 and $38.53 (where the medium-term 1.618 Fib Extension lies). The next level of strong resistance above $39 is at $40. If the bulls push the price above $40, more resistance is at $42 and $42.66.
  • From below: The nearest level of support lies at $36.22. Beneath this, additional support is found at $35, $34.20, $32.41, $31.20, and $30. If the selling continues beneath $30, further support can be expected at $28, $26.60, and $25.18.
  • The trading volume has remained very high during May and June.
  • The RSI recently bounced from the 50 level, indicating that the bulls remain in control of the market momentum. The RSI has more room to go higher before becoming overbought, which suggests that the bull run can continue.

Looking at the BNB/BTC 1-day chart:

  • Against Bitcoin, BNB has also continued to climb above the 100-day EMA at around 0.003680 BTC. Binance Coin recently reached the 0.004 BTC level where it met resistance.
  • From above: The nearest level of resistance lies at 0.004 BTC. Above this, further resistance is found at 0.0042 BTC, 0.0044 BTC, 0.004615 BTC, and 0.0048 BTC. If the bulls continue north, additional resistance lies at 0.004920 BTC, 0.0050 BTC, and 0.0052 BTC.
  • From below: The nearest level of support now lies at 0.003785 BTC. Beneath this, support is found at 0.003680 BTC, 0.003555 BTC, and 0.003420 BTC. If the selling continues, more support stands at 0.0031880 BTC, 0.0031 BTC, and 0.0030 BTC.
  • The Stochastic RSI recently produced a bullish crossover signal in the oversold territory, indicating that the previous round of selling has run its course. Furthermore, the RSI itself is currently battling the 50 level as the bulls attempt to take control of the market momentum.

Article Produced By
Yaz Sheikh

Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

Ripple Partners MoneyGram to Enhance Cross-border Payments with XRP

Ripple Partners MoneyGram to Enhance Cross-border Payments with XRP



Ripple has secured another major partnership with international money transfer company MoneyGram.

This will allow the company to use Ripple’s native token XRP to provide liquidity for international payments to MoneyGram customers. This is in a bid to enhance the speed and efficiency of the payment system that MoneyGram operates. In an interview with Fortune on the partnership, Ripple CEO Brad Garlinghouse said: “This will eliminate the need to deploy foreign bank accounts. That’s why MoneyGram has negative working capital. It will help customers and also smooth out their treasury operations.”  The partnership also gives Ripple an 8% to 10% stake in MoneyGram by paying $4.10 per share. This, however, does not give Ripple a voice in the dealings of MoneyGram for now as part of the agreement.

MoneyGram, on the other hand, will have the opportunity of reviving its financial standing from Ripple’s investment which it direly needs after its share price crashed significantly.  It will also increase the efficiency of the payment platform, the management said. “We are very pleased with the terms of the Ripple investment which supports the Company with permanent capital and additional liquidity,” Larry Angelilli, chief financial officer of MoneyGram, said in a statement. “This partnership also provides MoneyGram with the opportunity to improve operating efficiencies and increase earnings and free cash flow,” Larry Angelilli, the chief financial officer of MoneyGram said.

Ripple is the leader in remittance services as far as the blockchain industry is concerned. Its xRapid is second to none in terms of transaction efficiency and speed. With the new partnership, XRP which will be used for liquidity will be exposed to MoneyGram’s customers in over 200 countries globally. MoneyGram is the second largest provider of money transfer services in the world and while partnering with Ripple will ensure better service delivery to its customers, it is also a huge breakthrough for Ripple which has been looking to expand its reach further into the world. With hundreds of clients using Ripple’s payment platform, the company has grown significantly thus improving the international remittance settlement market by improving customer experience in conventional financial institutions.

Article Produced By
Ponvang Bulus

Ponvang is a cryptocurrency enthusiast, investor and writer. He's particularly interested in trending issues in the crypto space both technical and financial and lovOKes to write about same.

Cryptocurrency: India Deny Existence Of Blanket Ban Bill

Cryptocurrency: India Deny Existence Of Blanket Ban Bill


If you’ve been keeping up to date with the crypto space over the past few weeks

then you will have heard about India’s ‘proposed’ blanket ban over cryptocurrencies in the nation. This blanket ban would make ownership of Bitcoin and altcoins completely illegal and if found guilty of holding such digital assets, you could be facing up to ten years in prison. However, despite this being common knowledge within the crypto community, the Reserve Bank of India (RBI) has denied that this ‘proposed’ bill actually exists.

Amongst this, the RBI has responded to a ‘Right to Information’ request which was published on 4th June by a lawyer that works in blockchain-related matters. The Bank claims that they weren’t in communication with governmental bodies throughout the legislative process as well as them not receiving any copy of the bill. Regulation for Bitcoin and blockchain in India hasn’t had an easy ride with threats of bans being interspersed with different government initiatives, as well as a regulatory sandbox from the RBI. It’s worth noting that just because the Indian Bank doesn’t acknowledge this new bill, it doesn’t necessarily mean that it isn’t a real thing. That being said, the high level of participation from the RBI in previous crypto matters.

India vs Cryptocurrency

As previously mentioned, there is a harsh punishment involved for people who defy this bill. It seems that the nation is taking their approach to crypto with an iron fist as offenders of the bill would be subject to ‘non-bailable’ sentences according to ‘The Banning of Cryptocurrency and Regulation of Official Digital Currency Bill’, sourced by Bloomberg. On top of this, it adds the degree of punishment which would be appropriate to the user’s cryptocurrency portfolio. The harsh nature of the bill goes on as the bill states fines levied by the courts would be three times as much as the profit the individual made from crypto in the first place.

The proposed bill states:

“The penalty imposed on the accused, according to the bill, shall be either thrice the loss caused to the system, or three-fold the gains made by him/her, whichever is higher. If the loss or gain can’t be reasonably determined, the maximum fine that can be imposed may be notified by the government.”

This bill comes as a controversial (and quite hypocritical) time, as the nation is currently in talks to launch its own state-backed cryptocurrency, the digital rupee.

RBI Keeps Clear of Crypto

In looking for more information about the proposed bill, the lawyer Varun Sethi filed an inquiry into the RBI’s involvement in the matter. For those that don’t know, Sethi is an expert in the field of blockchain dealing with several legal matters in the industry. Varun has met with officials stated that the RBI was not in contact with governmental agencies throughout the legislative process and had not received a copy of the bill either. Many of the lawyer’s questions were sent to the Department for Economic Affairs as well as the Ministry of Finance by the Bank.

As reported by CCN:

“The RBI has been at the forefront of much of the current regulation of crypto and blockchain in India. It was through the central bank that institutions which fell under the bank’s regulations were prohibited from processing cryptocurrency purchases in 2018.”

Furthermore, they were also involved in some pro-blockchain regulations when they revealed a regulatory sandbox that would enable the allowance of blockchain related products to be tested, however, virtual currencies are not included in this.

Harsh Outlook

This harsh outlook on cryptocurrencies from India has seen some criticism from industry figures like Tim Draper as well as the CEO of Binance, Changpeng Zhao. In April last year, the rumours of a blanket ban surfaced. At the time, the American venture capital investor and entrepreneur, Tim Draper said that he thought banning Bitcoin and cryptocurrencies would be

a huge mistake.

“If the local authorities are banning crypto, then companies in the space should move elsewhere. The government needs to realize that it is stifling innovation and should instead be creating an environment where these ideas can be tested and promoted. They have the choice to be trendsetters and attract the world’s best engineers and coders, or lose their best and brightest to other regions. Countries such as India, where billions of rupees are wasted on inefficiencies and needless paperwork, will benefit most from the ease and security of blockchain.”

In response to this Indian bill, Zhao said that it would see a big drive for privacy coins like ZCash and Monero. Why the RBI is denying the existence of the blanket ban bill is unknown. One side says they're trying to cover it up whereas the other suggests there might not be a bill in the first place. Only time will tell to see which side is true.

Article Produced By
Mark Nezvisky

Mark Nezvisky

I'm responsible for filming fresh, daily market, blockchain and crypto news for Crypto Daily's YouTube Channel. We cover a variety topics and coins to suit the taste of different investors, traders and crypto enthusiasts. For many years my background was mainly in Recruiting and Marketing. I also enjoy running a musical YouTube channel in my spare time.

3 Reasons why BitMesh’s Removal of XRP Won’t Matter Much

3 Reasons why BitMesh’s Removal of XRP Won’t Matter Much


There are dozens of cryptocurrency exchanges and trading platforms around the world.

Some companies have a better reputation and reach than others, which is only normal in this nascent industry. BitMesh, while not the most popular exchange, will delist various trading pairs. One of them is XRP, which raises a fair few questions.

The Surprising Removal of XRP from BitMesh

In an email sent out to its customers, the BitMesh team explains how several altcoins, tokens, and assets will be removed from the platform over the next few days. While most of these offerings will not cause anyone to lose sleep whatsoever, the removal of XRP is a rather noteworthy development in its own right. It is one of the top markets in this industry, thus one has to wonder what has driven this decision exactly. There are many different reasons which may contribute to such a turn of events. At this time, it is evident XRP is one of the least liquid markets on the Bitmesh trading platform. It is only traded against Bitcoin, which will not exactly get too many people excited right away. This trading pair is also available on virtually all major trading platforms, where volume is not an issue whatsoever.

No Real Impact on Trading Volume

With the low trading volume offered by Bitmesh, it seems this delisting will not cause any major concerns in that regard either. Ripple’s native asset can be traded across roughly 400 trading pairs, which doesn’t even include BitMesh. There are also quite a few other exchanges which don’t node any real trading volume for this asset right now, yet they show no indication of removing this pair anytime soon. It is rather remarkable to see how much trading volume XRP can generate these days. A fair few trading pairs focus on the USDT market or fiat currency pairs, which are a lot more popular than trading the asset against Bitcoin these days. Albeit Bitmesh also provides USDT and USDC trading, it never allowed Ripple’s asset to be a part of that select club, for some unknown reason.

Price Impact Should be Minimal

While it is never good to learn a particular market will be removed from an exchange without much of an explanation, this decision will not disrupt XRP’s overall price trend. The exchange in question is too small to have any notable effect in that regard, although there might be a few panicky Tweets and other social media messages moving forward. For most users, it is best to ignore any panic-spreading attempts or FUD regarding Ripple’s asset. After all, this is a very minor exchange taking a course of action which has seemingly everything to do with liquidity rather than anything else. It is still advised BitMesh users withdraw the to-be-removed assets in the next two weeks, as no further withdrawals will be honored afterward.

Article Produced By
JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers.

Coinbase, Spotify and eBay Reportedly Among List of Corporate Giants Backing Facebook’s New Cryptocurrency

Coinbase, Spotify and eBay Reportedly Among List of Corporate Giants Backing Facebook’s New Cryptocurrency


 Facebook’s upcoming cryptocurrency, aka “GlobalCoin” and “Libra”,

will reportedly be governed by a new consortium of corporations and non-profit organizations. The social media giant established the Libra Association to include over a dozen companies that will act as founding members of Project Libra to launch Facebook’s new stablecoin. GlobalCoin, pegged to multiple currencies, is expected to debut early next year. The Block has published a list of the consortium’s founding members who will reportedly invest $10 million each.

Founding Members of Facebook’s Libra Association

Anchorage, Andreessen Horowitz, BisonTrails, Booking Holdings, Calibra (Facebook subsidiary), Coinbase, Creative Destruction Lab, eBay, Farfetch, Iliad, Kiva, Lyft, Mastercard, MercadoLibre, Mercy Corps, PayPal, PayU, Ribbit Capital, Stripe, Thrive Capital, Uber, Union Square Ventures, Visa, Vodafone, Women’s World Banking, Xapo

Unlike other cryptocurrencies that are trying to spur adoption and build recognition, Facebook’s coin will capitalize on its household name and the ability to eventually leverage its user base of 2.5 billion monthly active users. According to reports about Project Libra’s GlobalCoin, which has been under wraps for months, it’s designed to spawn a global network of crypto transactions including cross-border and domestic payments among friends and family with PayPal-like ease and Facebook-friendly features. The network, if successful, could power a global platform for e-commerce transactions among merchants worldwide. It could also position Facebook to offer more financial services and compete with banks.

Article Produced By
Daily Hodl Staff

Facebook’s Crypto Division Brings on Uber, Visa & PayPal as Backers as Globalcoin Nears

Facebook’s Crypto Division Brings on Uber, Visa & PayPal as Backers as Globalcoin Nears


Facebook Bags Investments With Uber, Visa, PayPal For Venture

Traditional fintech firms, save for Bitcoin pundit Jack Dorsey’s Square, have been slow to adopt cryptocurrency. While PayPal has dabbled in the arena, purportedly launching a digital token for internal testing last year, firms like Visa, Mastercard, and their ilk have been hesitant to take the plunge. In fact, an executive — the chief executive — from Mastercard called crypto “junk” last year, citing the lack of transparency and their non-conformity to traditional finance. This is quickly changing though, with news that the aforementioned firms are investing in Facebook’s digital asset play. Reported Tuesday first by The Wall Street Journal, three major fintech companies are looking to invest a likely competitor to their own services. This competitor, as aforementioned, is Facebook’s foray into the cryptocurrency industry. The Journal, citing sources familiar as normal, claims that Visa, Mastercard, PayPal, the recently-‘IPOed’ Uber, Stripe, and other big names in finance/tech will be contributing around $10 million to an entity that governs the coin.

This capital will be used to purchase assets meant to back the cryptocurrency, which is most likely going to be a stablecoin tied to a basket of fiat currencies. This $10 million lines up with recent reports that revealed Facebook will be charging that eight-figure sum to those looking to run nodes for the cryptocurrency. This recent report, which comes after rumors indicated Facebook has been in discussion with giants like Visa, was dropped just ahead of the supposed June 18th release date of the whitepaper of “Globalcoin”, the name of the cryptocurrency. As Blockonomi has covered extensively, Globalcoin will likely be a private cryptocurrency that allows for low-cost, rapid, and borderless value transfer between Facebook’s billions of clients.

Globalcoin to Boost Crypto, Aid Bitcoin Adoption

Anyhow, regardless of Globalcoin’s exact nature, some have ventured that its launch will be the largest catalyst for Bitcoin adoption — and thus price — in this industry’s history. Blockchain Capital’s Spencer Bogart broke down his thoughts on the matter in an extensive Twitter thread. Put short and sweet, the stablecoin is “among the most bullish external tailwinds for Bitcoin in 2019/2020”. Bogart adds that the only bigger catalyst for BTC growth will be quantitative easing (an inflationary fiscal policy), which he calls a “reinvigorated push among central banks for easy-money globally”. Explaining the importance of Facebook’s Globalcoin, Bogart explains that the corporate cryptocurrency “eases the biggest friction in acquiring digital assets”, in that it makes getting fiat into this ecosystem extremely easily. Once fiat is allocated towards Globalcoin, the investor assumes that value can flow easily between the Facebook ecosystem and something like, let’s say, Bitcoin or Ethereum.

He writes:

“Facebook making a concerted push for digital asset adoption and creating a circular economy is great because it solves that friction point. Once people are holding/earning a digital asset, it’s relatively trivial to go from, for example, USDC to BTC.”

Also important is that Globalcoin will catalyze growth in cryptocurrency infrastructure, pushing companies to build everything from custody and wallet services to compliance measures and exchanges. In fact, the investor postulated that once Globalcoin hits the mainstream, “large financial institutions” will be incentivized to join in on the bandwagon.

Not Flawless

Many still see issues with Globalcoin, however. Most notably, issues with privacy and governmental oversight. Just the other day, Mark Zuckerberg was thrown into yet another scandal involving the privacy of his creation’s users. Emails published by the Journal on Wednesday revealed that Zuckerberg has been involved in “potentially problematic privacy practices”. More specifically, the Silicon Valley all-star mentioned issues with privacy in emails, evidently accentuating that he has been following these situations closely. The thing is, for the longest, Facebook has been slow to act in terms of stemming privacy issues. And some fear that this seemingly negligence may continue with Globalcoin.

Article Produced By
Nick Chong

Nick has been enamored with cryptocurrencies since finding out about them in 2013. He now reports on crypto- and blockchain-related news for a number of leading outlets.

Shadow Banking Explained: How Crypto Companies Play With Money in the Dark

Shadow Banking Explained: How Crypto Companies Play With Money in the Dark


In the narrative fabric of 2019, a common thread has been the vulnerability and counterparty

risks of centralized exchanges and their detrimental effects on clients caught in the crossfire of hacks, mismanagement and fly-by-night fraud. Barely into the new year, the topic was red hot. News of QuadrigaCX’s insolvency following the suspicious death of its founder (who allegedly passed with the sole knowledge of the exchange’s private keys) lit up discussions in the early part of the year. In the ensuing months, hackers poached Binance, Cryptopia, Bithumb and a handful of minor exchanges for roughly $200 million in cryptocurrency.

But these mishaps feel like sideshows compared to the main attraction: Bitfinex. At the end of April, an ex parte order filed with the New York State Supreme Court by the office of New York’s Attorney General (NYAG) revealed that Bitfinex lost $850 million to its third-party payment processor, Crypto Capital. Bitfinex then took out $625 million from Tether’s reserves and opened up a $900 million line of credit with the stablecoin to cover the missing funds.

The news set off a volley of court letters between Bitfinex and the NYAG. Bitfinex called the attorney general’s actions a “gross overreach.” The NYAG accused Bitfinex of gross negligence (like not disclosing the Tether deal to clients and conducting business with Crypto Capital with nothing but a verbal agreement). And Bitfinex even launched a token to recoup funds. Plenty of unresolved questions still loom over both QuadrigaCX and Bitfinex’s recent failings. But one common link exists between both casualties.

Crypto Capital

Along with a motley of dubious fiduciary partners, QuadrigaCX also used Crypto Capital to process payments. In fact, Crypto Capital gets around: Kraken and ShapeShift made use of its services in the past as well. Typically, banks have more or less pushed exchanges toward payment processors like Crypto Capital; they refuse to open accounts for these exchanges for fear of being implicated in shady business practices. (Of course, this doesn’t stop these same banks from suffering regulatory bludgeoning and massive fines for money laundering in “legitimate” sectors.)

Given Crypto Capital’s deep roots in the crypto exchanging business, some critics have called it the industry’s “central point of failure.” This is overstated on a macro scale, but for the micro examples like QuadrigaCX and Bitfinex, there’s a grain of truth. The dangers became more apparent when Americans Reginald Fowler and Ravid Yosef, the heads of a company called Global Trading Solutions, were charged with running “a shadow bank that processed hundreds of millions of dollars of unregulated transactions on behalf of numerous cryptocurrency exchanges.” Global Trading Solutions is the parent company of Crypto Capital.

That phrase, “shadow banking,” has stuck to the tongue and ears of the community. It gave a form and definition to the intricate web of shell companies, makeshift fiduciaries and seedy practices that have come to define the lengths to which some exchanges have to go — whether by choice or necessity — to provide fiat services to their customers. But what exactly is shadow banking and how is it possible? And how expansive is the web of third-party payment processes that prop up some of the space’s most popular exchanges?

Pulling the Strings

“There was some mis-information floating around with Crypto Capital — where the funds might be and how the Panama banking sector works,” Pamela Garner, director of financial investigations and education at CipherTrace, told Bitcoin Magazine. Before joining the blockchain analytics firm, Garner spent a decade working for the U.S. Department of State as a foreign service officer. Her speciality was identifying money-laundering tactics used by the drug cartels, specifically in Mexico and Panama. Panama also happens to be the seat of incorporation for Crypto Capital. For years, Panama was a prime spot for druglords to offload dirty money — Garner referenced this portrayal with Pablo Escobar in Narcos, for example.

But the Panamanian government, facing pressure from U.S. officials, tightened up its banking regulations in 2016 to quash such practices following the Panama Papers leak. It’s still absurdly easy, however, for foreign persons to set up a business in the country. According to Garner, the country’s privacy laws make it even easier to obscure ownership and even business history.

Law firms in Panama will sell entrepreneurs “off-the-shelf companies”: companies that exist in name only and have no active business attached to them. These law firms create these companies with the explicit purpose of selling them to customers at a later date, once they’ve reached a vintage that a buyer finds appealing. The law firm profits and the business owner gets the benefit of a company with history to its name. In reality, the business is just days old, but on paper, it could be as much as 5, 10 or 15 years old.

“Now my company isn’t brand new when I go to open a bank account in Switzerland tomorrow, instead of them seeing that this company was created last week,” Garner explained. For the next step, all you need is a Panamanian citizen to sign on as a board member, a director or in some other leadership role to get started. Garner did this when she set up her own business in Panama and asked her nanny to sign on as secretary. In her case, she knew this nanny. But other entrepreneurs are free to ask any random person off the street for their ID and signature to get their company started. “You can go out and pay somebody $100 to sign a document, take their identification and then they’re on a board of directors,” she said.

Shadow Banking With Shadow Identities

These presta nombres, which literally translates to “loaned names,” can then act as decoys for the company’s leadership. This could explain why Panamanian citizens are all over Crypto Capital’s list of nominal subscribers, Garner said. If you go to the company’s website, information on team members is nowhere to be found, and if you were to search Panamanian records, you’d also come up short of finding any team members other than these presta nombres.

For example, one of Crypto Capital’s nominal subscribers, Ivan Manuel Molina Lee, is also listed as its president. Media has pegged him as a Canadian citizen, but Garner suggested that, because of his position as president under Panamanian business laws, it’s entirely likely that he also has Panamanian citizenship. These nominal subscribers are the only names that go on record. Because of Panama’s lax business laws, the actual equity holders of a company are rarely — if ever — put into the books.

“What Panama does really well is that it hides beneficial ownership. Beneficial owners are almost never written down in Panama, so nobody knows who actually owns the company,” Garner said. Instead, Panama issues bearer shares to represent company ownership; whoever owns the paper, owns that share of the company. To make pinning down company stakeholders even more slippery, law firms that help these companies incorporate grease the process by pre-drafting letters of resignation. These signed-and-ready documents allow for fast-and-loose restructuring, as they only need to be dated to seal the deal. The benefit of something like this? “We still don’t know who owns and runs Crypto Capital. That’s the benefit,” Garner said.

Internet sleuths and certain journalists have pegged Fowler and Yosef, the two Americans implicated in the legal takedown of Crypto Capital’s parent company, Global Trading Solutions, as the ostensible owners of the payment processor. This is “unlikely,” according to Garner, due to Panama’s banking laws. “Panama came to an agreement with the U.S. in 2016 requiring U.S. persons to provide info and report to the IRS when they open a bank account, so it’s unlikely that the owners are U.S. persons,” she explained. Moreover, when a company signs on with a Panamanian bank, that bank is required by law to conduct know-your-customer (KYC) due diligence on anyone with over 25 percent equity in that company.

Funneling Money

Indeed, CipherTrace in its research for its Anti-Money Laundering (AML) report found no evidence of Crypto Capital establishing bank accounts in Panama. So how did Crypto Capital move funds if they didn’t have Panamanian bank accounts? This is where Global Trading Solutions comes in. “They set up in Panama but they’ve also registered in other countries as well,” Garner said. In fact, global trading solutions has set up shop in multiple countries: There’s Global Trading Solutions LLC (U.S.), Global Trading Solutions AG (Switzerland) and Global Trading Solutions GmbH (Germany), among others. This makes getting a bank account in those regions feasible, and, in turn, gives Crypto Capital/Global Trading Solutions a roulette of banks to cycle through to move funds.

Why not just bank with Crypto Capital? Well, the name itself wouldn’t exactly inspire confidence with a potential banking partner. Banks don’t want to work with cryptocurrency companies because the potential for money laundering (particularly with any exchanges that don’t implement KYC rules) is outside of their risk tolerance. As Garner put it: “Global Trading Solutions is a better name than Crypto Capital if you’re trying to hide stuff.”

Once Global Trading Solutions opened up accounts in these countries, it likely didn’t tell the banks the nature of its business, lest its accounts get shuttered. And if it didn’t tell the bank, it probably didn’t register as a money services business in these jurisdictions, either. The company would play this game until it got caught. “They use those accounts as much as they can until they get caught by the bank,” Garner said. “And it’s not the government closing those accounts; it’s the banks. Once they see where the money is coming from, that’s going to exceed the risk appetite of that bank.”

Red Flags

Crypto Capital/Global Trading Solutions’ banking partners, on several occasions, seem to have felt like they bit off more than they could chew. Between Global Trading Solutions AG/LLC/GmbH and a few other front corporations, the Crypto Capital shell company empire has had bank accounts shut down with HSBC and U.S. Bank in the U.S., Deutsche Bank in Germany, Caixa Geral de Depósitos in Portugal, Bank Zachodni and Bank Spó?dzielczy W Skierniewicach in Poland and Bank ING in the Netherlands.

Most likely these closures arose from suspicious activity. When asked what suspicious activity could entail, rather than just dealing in cryptocurrency, Garner declined to comment. If a bank flags suspicious activity, the account holder would have fair warning before the account is closed. But to keep it open, they have to give a reason for the bank to trust the nature of their business. “In most cases,” Garner said, “the bank would reach out to the company and ask for additional details (like, ‘What are these transactions for? What are you guys doing?’) and they probably never received any additional details.”

Picking Up the Pieces

Garner made it clear in her talk that, while she might belabor her explanation, the differences between establishing business relationships and establishing banking relationships in Panama are significant. The latter is riddled with limitations due to the Panamanian government’s legal agreements with the U.S. This is why it is unlikely that Crypto Capital did any banking in the country. “Everyone likes to say that the money is sitting in Panama. We haven’t seen any Panamanian banks mentioned in any of the documentation, so it doesn't appear that Crypto Capital was utilizing Panamanian banks, or if they were, they were closed pretty quickly,” Garner said. After following the trail of closed accounts and Crypto Capital’s scrambling to move funds internationally, Garner thinks that “the Crypto Capital money is in various bank accounts around the world.”

So the $850 million in Bitfinex’s missing funds is likely fragmented and scattered in other bank deposits or in the form of cashier checks that one of Crypto Capital’s multitudinous shell companies has yet to deposit. They might be in limbo after a bank account closure, as sometimes it takes months for the funds to be returned. Another possibility is that a significant chunk of these funds was seized by Polish and Portuguese officials following the account closures of Crypto Capital’s shell companies in those jurisdictions. Bitfinex argued as much in one of its legal responses to the NYAG’s ex parte order. Garner said that it’s unlikely that Bitfinex knew much at all about Crypto Capital’s business. (It didn’t even get their business relationship in writing.) These “intimate relationships” which are extremely loose in structure require “implicit trust,” Garner opined.

Crypto Banking Woes "Not Overstated"

Therein lies the rub for the “dangers of a third-party payment processor system and the industry’s over reliance on it,” said Garner. “Because of that relationship and trust, it tends to be the case that KYC/AML procedures aren’t followed.” If KYC/AML policies were followed, these exchanges and/or their payment processor partners might find it easier to secure banking relationships. Still, Garner said that it’s inordinately difficult for these crypto companies to convince banks to open their accounts to them. Because of this, they have to turn to entities like Crypto Capital to provide fiat on/off ramps for their clients.

Whether by nature of lax regulation or the company’s own decision, she believes that crypto banking woes are “not overstated.” This is especially true in places like Canada, where QuadrigaCX operated, where there’s no litmus for an exchange’s trustworthiness. The solution, then, is more regulation, even if some of the space’s more principled disciples are clambering for less. Garner’s of the mindset that a fusion of New York’s BitLicense, which she finds heavy-handed, and FinCEN’s guidance, which she says is too light, would offer a good balance.

“Regulation goes both ways,” she said. “It can keep the QuadrigaCXs out there from playing fast and loose. And it can also set expectations for what is a good, well-oiled exchange for banks to support. Banks want regulation to know how to evaluate a cryptocurrency exchange. They need a checklist.” So regulations can’t resurrect the cash that Crypto Capital may have lost, laundered or simply been unable to find a home for. But, at the very least, they could save customers and exchanges like Bitfinex from stumbling into similar pitfalls down the road.

Article Produced By
Colin Harper

Colin is an associate editor and staff writer for Bitcoin Magazine. He's proud to call Nashville his home, where he lives with his family and doesn't eat hot chicken as much as you might think.

9 Best Cryptocurrency Exchanges In The World To Buy Any Altcoins

9 Best Cryptocurrency Exchanges In The World To Buy Any Altcoins

Here is a consolidated list of best cryptocurrency exchanges with my comments:

  1. Binance:Offers mobile app and probably the fastest growing exchange. If you need to pick only one, this is the best and #1 in 2019.
  2. Bitmex: Very popular with high volume
  3. KuCoin: One of the strongest exchange that also offers a mobile app (Android and iOS). They have been constantly updating their mobile app to make it one of the best in the industry.
  4. CEX: My favorite
  5. CoinMama: Old but gold and let you buy BTC and ETH instantly.
  6. Bittrex: Another high-quality exchange with a lot of coins
  7. Changelly: Instantly convert any cryptocurrency to any of your choices. Great for instant conversion

                              Best Cryptocurrency Exchanges

Slowly and steadily, Bitcoin and altcoins are getting attention from more investors

all around the world. And why not? These cryptocurrencies are time and again proving themselves to be a safe haven against government’s inflationary policies. That’s why some people are even securing cryptocurrencies as their retirement funds, while some are doing pure speculation with short-term trading (i.e. buy low, sell high). And let’s not forget about those who are just starting off by looking around to find the answer to questions like:

  • Where do I buy such currencies?
  • What are the best cryptocurrency exchanges?

But before we talk about the best exchanges out there, I need to tell you that it’s not too late to get invested in cryptocurrencies. At the time of this writing, the Bitcoin and altcoin market is at an all-time high, with a market cap of $166 billion. I believe we will cross the $250 billion mark later this year. So now that you know you should invest, here’s where you need to go to do that.

Note: This list is starting from easy to use exchanges and moving towards some of the advanced exchanges.

9 Best Cryptocurrency Exchanges for Trading Cryptocurrency

1. Binance

Binance is a rapidly growing exchange that concluded its ICO a few months back. Though it is based out of China, it doesn’t serve its native country but is open to almost all countries around the world. Since its ICO to till date, it has grown tremendously and is now placed in top 10 cryptocurrency exchanges in the world. It now has more than 140 altcoins listed on it which are only increasing as the days are passing. Binance being a centralized exchange has taken a unique take to expand its business and also provides a decent discount for day traders if they use BNB coins. BNB is Binance Coin which is the native currency of this platform. Binance’s fee structure is also unique. To start with they have 0.1% standard trading fee which is already quite less than other peers. You can even reduce your fee further if you pay your trading fee in BNB according to the below-shown structure.

To get started with Binance you need to register using your email ID and the process is quite simple & fast. Moreover, you get 1 QTUM coin as a kind gesture for registration which is limited to 10,000 QTUM coins on first come first basis. Binance is one of the few exchanges that offers mobile app for iOS and Android. Being using it for a while, I find it too easy to trade cryptocurrency while on the move. You can watch this video to learn how to use their mobile app. They also have aggressive plans like multi-lingual support, mobile apps for both iOS and Android users, Binance Angel Program,  and the Community Coin Per Month etc for more adoption of their platform.

BitMex is high volume crypto exchange created by a talented team of economists, high-frequency traders and web developers for the crypto community. Here you will never find any issues regarding the liquidity of your cryptocurrencies. The primary currency traded on this exchange is Bitcoin and its future contracts. Apart from Bitcoin contracts, one can also play around with future contracts for altcoins such as Bitcoin Cash, Ethereum, Cardano, Litecoin, Ripple. The registration process on BitMex is quite simple where you just need to register through your email ID and their fee structure is also quite straightforward as shown below: Trade On BitMex

3. KuCoin

KuCoin is another easy and hassle-free cryptocurrency exchange. KuCoin offers many popular and unique coin such as DragonChain, $KCS, and many others. Just like Binance, they offer a fully functional mobile app for Android and iOS. To get started with KuCoin, you can deposit any crypto of your choice ex: BTC and start trading. Personally, I have been using KuCoin since last quarter of 2017 and they are getting popular day by day. Get started with KuCoin

4. Changelly

Changelly is one of the easiest ways to get ahold of various cryptocurrencies. Changelly has a proven track record of consistently good products being put out into the crypto-space. One of the best things about Changelly is that you don’t need to go through any lengthy verification or registration process. You just log in with your email ID (or any email ID) and start exchanging! Currently, it supports more than 35 cryptocurrencies along with fiat pairs such as USD/EUR. It is one of the best and easiest to use exchanges out there. If you want to know more, check out Harsh’s review on Changelly.

When you use Changelly to exchange cryptocurrency, Changelly bots connect in real time to some of the best and busiest cryptocurrency exchanges in the market to get you the best price. Usually, when using Changelly, a crypto-to-crypto exchange takes 5 to 30 minutes. They charge a commission fee of 0.5% on each trade, which I think is minimal in exchange for the volatility and risk that they bear on behalf of their users. In addition to the commission, a miner’s fee is also paid by the user and is deducted directly from their crypto balance. But all you need in order to buy from Changelly is a VISA/MasterCard (credit/debit card) or any Changelly-supported cryptocurrency and a wallet where you want to receive your new coins. The procedure is very simple. Head toward CoinSutra’s Cryptocurrency Exchange – Changelly, and follow the steps given in this guide.

Note: Though this guide shows how to buy Ripple in exchange for BTC, the process is exactly the same to buy any other Changelly-supported cryptocurrency. And if you want to buy cryptos using a VISA/MasterCard, then here is their official step-by-step guide on doing that. (Even though this guide is for buying BTC using a VISA/MasterCard, the process is the same as buying any other Changelly-supported cryptocurrency.)

5. Huobi Pro

Huobi Pro is an international cryptocurrency exchange that originated in China but now has moved across the world to serve a maximum number of investors. It is based out of Singapore and has been operating in this space successfully for the last five years.

As we speak, it occupies the #3 spot on CoinMarketCap’s list of exchanges by volume and has 244 cryptocurrency pairs. Hence, needless to say, of this, you will never face liquidity problems on this exchange. They also have mobile apps for both Android and iOS for users who want to trade cryptos on the go. Their registration process is also pretty simple and straightforward, so go ahead and do the needful. Oh, and just so you know, the exchange fee is also pretty low. Have fun. Do read, Huobi Exchange Review & Benefits of HT token: Can It Pull Off Another Binance?

  • Join Huobi Pro

6. Bittrex

Bittrex is a US-based cryptocurrency exchange that provides you the option to trade more than 190 cryptocurrencies at a time. They are well-regulated and compliant with all of the current US rules, so crypto users need not worry about the safety of their funds. Bittrex handles one of the largest BTC trading volumes out of all the exchanges in the world.

Here, the users (buyers/sellers) decide the rates in which they want to trade, and Bittrex charges them a small service fee for providing this platform (0.25%). To get started with Bittrex, you need to register and log in through your email ID, but to withdraw funds, you need to do a KYC by submitting your ID documents and phone number, as well as enabling two-factor authentication for higher limits. But one good thing about Bittrex is the account verification happens quite fast.

Bittrex supports two types of accounts:

  • Basic Account – withdrawal funds worth up to 3 BTC/day.
  • Advanced Account – withdrawal funds worth up to 100 BTC/day.

Bittrex is a “crypto-only” exchange, meaning it doesn’t allow you to deposit fiat currencies such as USD, EUR, GBP, etc. They provide access to advanced trading tools like candlestick charts and crosshairs, but the user interface is quite clean and intuitive, so newbies should have no problems. You can visit Bittrex and open a Bittrex account by following this official step by step guide here.

7. Poloniex

Founded by Tristan D’Agosta, Poloniex has been operational since January 2014 and is undoubtedly one of the biggest cryptocurrency exchanges in the world. It is based out of the United States and offers +100 cryptocurrencies to its users to trade. When you talk about trade volumes, nothing beats Poloniex. In 2017, Poloniex had the highest volume for ETH because it supports an independent Ethereum market as well as a BTC market.

It is a crypto-only exchange, but you can start trading easily by depositing USDT (Tether dollars). Poloniex also has zoomable candlestick charts for 5-minutes, 15-minutes, 30-minutes, 2-hours, 4-hours, and 1-day, along with a stop-limit feature for advanced cryptocurrency traders. Poloniex charges a fee of 0.15% to 0.25% on all trades depending upon whether you are a maker or a taker. So if you are looking to trade a variety of altcoins, then you should give Poloniex a shot. To get started with Poloniex, follow this official guide. Remember: As soon as you sign up for Poloniex using your email, do make sure to enable two-factor authentication! Check out Poloniex

8. Bitfinex

Bitfinex is another one of the largest and most popular cryptocurrency exchanges out there. Based out of Hong Kong and operational since 2014, it gives its users the option to trade the following 13 cryptocurrencies in exchange for USD or BTC:

  • Bitcoin
  • Bcash
  • Dash
  • Ethereum
  • Zcash
  • Monero
  • Litecoin
  • Ethereum Classic
  • OmiseGO
  • EOS
  • IOTA
  • Santiment
  • Ripple

Update: They have added a lot more cryptos recently. Unlike Bittrex and Poloniex, you can trade using USD (with a wire fee of at least $20). Also, users will need to pay a trade fee which varies from 0.1% to 0.8%

Also, whenever you withdrawal or deposit anything, you are charged a certain fee:

On Bitfinex, if you are a pro-trader, you will find advanced trading tools such as limit orders, stop orders, trailing stop, fill or kill, TWAP, and others, along with different market charts. To get started on Bitfinex, you need to register, verify your ID, and authenticate yourself. It typically takes 15-20 business days after submitting valid ID proof before you’re accepted into the platform. And whenever you get bored with the web version or want to trade on-the-go, you can use Bitfinex’s Android and iOS mobile apps.

The Best Crypto Exchanges

Using the above cryptocurrency exchanges will allow you to buy almost all of the cryptos you could ever want to buy. However, there are a few more cryptocurrency exchanges that you should have an account with, as there are a few coins that are only available there. It’s a good idea to have an account on most of these, which will save time when you discover a winning coin.

Some of those exchanges are:

  • YoBit

I will update this post as I find other trustable and feature-rich cryptocurrency exchanges. For now, you can consider joining our Telegram channel to stay updated with all the latest info. I hope these insights help you in choosing the best cryptocurrency exchange for you to use.

But one word of caution:

  • Don’t use these exchanges as a wallet to HODL your cryptos.

If you are storing cryptocurrencies on these exchanges for a few hours or even a few days for the sake of trading, then it’s probably OK. Otherwise, this is a bad practice. Large-scale hacks like Mt. Gox can happen at any time. I would strongly recommend you to use the Ledger Nano S or a wallet like Exodus, where you can store a lot of different cryptos and control your private keys.

Article Produced By
Harsh Agrawal

Howdy, Welcome to popular Cryptocurrency blog 'CoinSutra'. I'm Harsh Agrawal, a tech enthusiast & Digital nomad from New Delhi, India.I started CoinSutra to help users around the globe to learn about popular Cryptocurrencies.Here at CoinSutra I write about Bitcoin Wallet, Cryptocurrency wallets, Online Privacy & Security, VPN experiences & making money from Crypto.

Binance Drive For Crypto Dominance Is Massive For BNB, Adds 1.8%

Binance Drive For Crypto Dominance Is Massive For BNB, Adds 1.8%


  • BNB up 1.8 percent

  • Changpeng Zhao and the team to launch a Stablecoin

Ambitious, Binance wants to conquer the crypto world. There is a Launch Pad for crowdfunding, is active and now plans of launching a Stablecoin are in progress. While at it, BNB is rebuffing sellers, adding 1.8 percent in 24 hours.

Binance Coin Price Analysis


Vitalik Buterin is concerned. It’s not about Ethereum or what regulators think of ICOs. The muzzle is on Binance and their role in the crypto ecosystem. In two short years, Binance has bulldozed its way up to be a reliable and secure exchange. Changpeng Zhao and team abide by blockchain principles, country hoping and seeking for jurisdictions where laws are supportive of innovation and open to new technology. Towards that end, Binance settled in Malta. However, they have a branch in Jersey for trading BTC and ETH against Euros and GBP. Furthermore, they have a presence in Uganda where traders can exchange coins for the Ugandan shillings and other crypto assets.

Because of this, Vitalik says Binance now wields too much power. Changpeng Zhao may be open to criticism. However, his decision to single-handedly obliterate BSV is worrying. Unfazed, Binance is trudging on. This time, their goal is to commandeer the burgeoning Stablecoin turf. Even though Tether is the undisputed king, Binance says their coin will be backed by alternative fiat currencies apart from the USD to reflect diversity. It Wei Zhou, the Chief Financial Officer of the crypto exchange,


“Our business decisions are made with our users in mind. The goal for issuing a GBP Stablecoin is to provide users with more options and more choice; to diversify the Stablecoin assets for the ecosystem. BGBP will be issued on the Binance Chain, which offers an easy and fast way to tokenize.”

About Candlestick Arrangements

From a chart, the path of least resistance is upwards. Perched at seventh, Binance coin (BNB) bulls seek to print new highs. Changing hands at $31.76, BNB is up 1.8 percent in the last 24 hours, rewind losses of this week. Since the trend is up and buyers are in control despite this week’s blips, aggressive traders can buy the dips. It’s easy to see why. There is a double bar bull reversal pattern from $30. Propelling the expansion are high trading volumes. Even so, conservative traders should wait for a conclusive close above May 30th top at $39. After that, they can tune entries in smaller time frames while targeting $70.

Technical Indicators

Leading this trade plan is May 30th candlestick. It is extensive with high trading volumes of 4.1 million. As a result, any up-thrust confirming bulls of the last five months driving prices above $38 must be with high participation. Similarly, losses below $30 confirming bears of May 30th must be with high volumes. That will precipitate a sell-off with targets at $25 and $17.

Article Produced By
Dalmas Ngetich

Goal! Benfica Lisbon now accepts Bitcoin and Ethereum

Goal! Benfica Lisbon now accepts Bitcoin and Ethereum


The Portuguese football club Benfica Lisbon is the youngest candidate

to jump on the crypto train. Fans of the club can now buy both tickets and promotional items of all kinds with the two most popular cryptocurrencies Bitcoin And Ethereum. Even the Italian club Juventus Turin had considered in the past to upgrade cryptotechnically. Specifically, it was about the development of its own club token. An idea that the club did not seem to pursue yet. So far Benfica is the first and only big club that is so crypto-friendly.

The idea to use Bitcoin and Ethereum as means of payment for Benfica games apparently came from UTRUST, a crypto payment service provider that has already set up its own ERC20 token with the UTK token. UTRUST will now process the payments for the club to guarantee security. Benfica CEO Domingos Soares de Oliveira said in the official press release that “it’s important to stay up-to-date with new technologies.”Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.

Everything on this website can be seen as Advertisment and most comes from Press Releases, is is not responsible for any of the content of or from external sites and feeds. Sponsored or guest posts, articles and PRs are NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.

Article Produced By
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