Here’s what happened this week in Bitcoin in 99 seconds.
Binance, the largest exchange by volume, is launching a new trading platform specifically targeting U.S. customers, in partnership with BAM Trading Services. The platform will be operated by BAM, while using Binance’s wallet and matching engine technologies. At the same time, Binance also altered its terms, to state that it is “unable to provide services to any U.S. person” due to regulations. Beginning September 12th, U.S. users will no longer be able to trade on Binance.com.
Coinbase is expanding crypto debit card service into Europe. Coinbase will now allow users in France, Germany, Ireland, Italy, the Netherlands and Spain to spend from their Coinbase account at any location which accepts Visa. This service has been available to United Kingdom users for some time.
The Financial Action Task Force, or “FAT-F,” is a collaboration between the USA, European Commission, China, and India. This body seeks to impose banking-style regulations on exchanges worldwide, requiring them to submit details of any client who trades in excess of $1,000. FATF also wants the identity of anyone receiving crypto. The group warned that countries which fail to comply would be blacklisted.
And finally, the Financial Supervisory Authority of Iceland has approved Reykjavik-based Monerium to provide fiat payment services on a blockchain and use it throughout the European Economic Area. It’s the first time electronic money has been approved for use over a blockchain.
That’s what happened this week in Bitcoin. See you next week.
Bit coin appears to be in support of the criminal portion of this society. Purchases can not be verified. From my understanding the bit coin = e money. Crypto exchanges which are not transparent. Apparently it can not be traced by the government in support of the taxes payed out by the people which are recorded in dollar and cents by the government. The result is, the taxpayer is the looser in this game.
Criminals use cash and bank accounts too. Anything a law-abiding citizen can use, a criminal can use too. However, criminal activity involving Bitcoin is currently a very small fraction of transactions, according to Elliptic and the Center on Sanctions and Illicit Finance:
Some estimates put this figure higher, but it’s clear that Bitcoin is mostly used for legal purposes.
I don’t really see how taxpayers lose out due to Bitcoin.