AML laws apply to crypto

Anti-Money Laundering (AML) laws apply to everyone. The US Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco spoke at the University of Georgetown where he made it clear.

On Oct. 21, banking trade publication American Banker reported that Blanco said that fintech firms offering cryptocurrency users anonymity must comply with AML laws “just like everyone else.”

Blanco highlights responsibilities and the Bank Secrecy Act

Blanco seemed to direct his comments toward anonymous crypto payment systems that could conceal criminal activity and or enable users to anonymously engage in criminal behavior. 

The FinCEN head pointed in his speech to the key objective of AML policy, which is obtaining information about who is involved in a payment transaction, saying:

"There is a reason you want to know ... the person on the other side of that transaction — they might be dealing in some kind of illicit activity. Whether it’s opioids ... or human smuggling on the other side ... you want to know who that person is.”

Blanco told the audience that it is not that hard to obtain that information. “All we’re asking for is name, address, account number, transaction, recipient, and amount,” he said, adding:

“So when you tell me you don’t know who’s on the other side, you’ve got a big problem. Because you are required to know, and that is what our expectation is going to be."

Earlier this month, the chairmen of the three primary financial regulators in the U.S. released a joint statement warning crypto users of AML and Combating the Financing of Terrorism obligations, reminding crypto companies that they are subject to the Bank Secrecy Act (BSA). Blanco said in this regard:

"Your BSA obligations are still going to be there [...] Whether you're stablecoin, centralized, decentralized — [it] doesn’t matter. You’ll still have to be able to comply."

Although Blanco did not address Facebook’s Libra stablecoin, he did make it clear that as far as FinCEN is concerned, there is no distinction between stablecoins and any other types of cryptocurrency. 

FinCEN was directed by Congress to study blockchain tech 

Cointelegraph previously reported that the U.S. House of Representatives has passed a bill that calls for FinCEN to study blockchain technology in its fight against financial crime. The bill requires director Kenneth Blanco to carry out a study on the use of emerging technologies, such as blockchain technology, within FinCEN.

Reference: Cointelegraph

Tags: #AML, #AntiMoneyLaundering, #Cryptocurrency, #Facebook, #Libra, #Xeonbit, #XeonbitToken, #XNB, #XNS

Source: https://xeonbit.com/aml-laws-apply-to-crypto/

Privacy Is Key to Enterprise Blockchain Adoption

“Blockchain is going to be the tool that ties together not just individual companies, but whole business ecosystems and networks,” says EY global innovation lead Paul Brody. “Enterprises will not go on to the public mainnet without privacy and security.”

In this interview with Christine Kim, Brody discusses a range of privacy solutions, including Nightfall, EY’s open source code repository. The protocol integrates zero-knowledge proofs with smart contracts, enabling private transactions on the public ethereum blockchain.

Procurements are one particular use case. Any enterprise that can leverage different pricing models often leaves money on the table when making purchase orders. Nightfall, however, can set up smart contracts “without any additional administrative or operational overhead” that execute at the best price, Brody argues.

Reference: Coindesk

Tags: #Blockchain, #Privacy, #Xeonbit, #XeonbitToken

Source: https://xeonbit.com/privacy-is-key-to-enterprise-blockchain-adoption/

How to Use Dex Xeonbit A Step by Step Guide

The privacy-focused DEX Xeonbit, does not have any restrictions, “no name, no document, no document, no email, no bank info.” DEX will support any ERC-20 token and anybody can list their token on it.




This opens a whole new world of freedom for anybody trading any crypto, irrespective of identity, region, regulation.

Log In

• Open https://dex.xeonbit.com/ in your browser.

• Immediately after you log in this pops up. Whitelisting enables you to trade on the platform without any fees.

• If your browser is using Metamask dex.xeonbit.com will automatically request to unlock your Metamask Wallet

• Or else go to the top right and click on Select Account — New account

• Once you click on New account, you will receive your Ethereum Address and Private Key. Keep your private key somewhere safe. Do not share with others.

(There’s no crypto in this account for you to take. Sorry!)

• Once you click OK, you are logged in. See your Ethereum address on the Top Right Corner.

Security Set-Up

Before looking into other features, let’s check the security set up first.

• In case you accidentally log out, you can always import your account

• Use your Ethereum address and saved Private Key to import account.

• You can export your Private Key anytime and keep it safe

• You can also use your Ledger Nano S, to do transactions securely.

DEX

• We can log in from 2 accounts and switch between them.

• Whitelist Checker

• The whitelist checker takes you to the SwitchDex platform where you can check if your Ethereum address is whitelisted.

• The Balance Tab

• Add Token – This option is for companies to add their coin for free in the DEX.

Trade

• The DEX has the following pairs: ETH, DAI, WBTC, TUSD

Reviewing the Orderbook

So, we moved to an Orderbook which has volume. We selected the ESH/ETH trading pair.

Let us look into a buy scenario

• The order price shows the last traded price and not the lowest sell price

• If we manually click on the lowest sale price, it takes the entire volume and the price. It does not actually insert the price in my buy box (like other exchanges)

• So, we will manually insert the lowest sale price (you can also decide your own buy price) and click on buy ESH.

No transfer from the main account to trading account needed (like on IDEX)

It should come up in the order.

• The actual amount will be shown in my balances. (In this example, we have not made an actual purchase, hence balance is zero).

• You can withdraw whenever needed.

• DEX Looks clean and easy to use;
• User Interface needs some sharpening – with the headers in the buy and sell orders not coming up;
• Page scroll function is not complete;
• DEX is slow and should pick up over time;
• BTC trading pair is not present’
• Not much volume right now. It should pick up with time;
• Backend security looks fine as it has overcome repeated DDOS attacks.

“This is just the Beta and we need to just play with it, things should be stable soon.”
John McAfee

We suggest you try your first taste of DEX with small amount of crypto, it might be worth it.




Reference: altcoinbuzz



Tags: #DEX, #McAfee, #Xeonbit, #XeonbitToken

Source: https://xeonbit.com/how-to-use-dex-xeonbit-a-step-by-step-guide/