Prestigious London CryptoAddresses For Scam Smokescreens

Great Britain's Financial Conduct Authority (FCA) have issued a statement warning its citizens about the increase of Cryptocurrency targeting the British people.

The agency have stated that fraudsters often use celebrity images, slick websites and prestigious addresses in London to lure in prospective investors into thinking that the investment they offer are legitimate.

These fraudsters is said to have been known to scam people into investing in non-existent cryptocurrencies often closing consumers’ online accounts and refuse to transfer the funds to them or ask for more money before the funds can be transferred.

The company acknowledges that currently FCA does not regulate cryptocurrency which means that many crypto exchanges and other brokers is beyond their purview as an agency.

However, the agency does regulate crypto derivatives such as options, futures and difference.

Cryptocurrency Bonds Required In Some U.S. States

To enhance investor protection, 4 U.S. States have required companies engaged in cryptocurrency trading to secure surety bonds.

The surety bond will give the investors an extra layer of protection in case they become victims of fraud scams.

These states include Connecticut, New Hampshire, New York, North Carolina and Washington.

Companies that are into digital currency transmission are required to be backed by surety bonds that correspond to the amount of the volume of transactions to protect the money transmitter clients.

The bond is said to range from $10,000 to as high as $250,000 with the actual cost of bond running as low as one percent of the premium.

In addition to surety bonds and licensing requirements, states can require additional conditions for virtual currency traders.

Airbnb Founder Backs Crypto Project

Nathan Blecharczyk, co-founder of Airbnb is said to have accomplished an initial round of funding $22.7 Million for a project designed to provide trading services to institutional investors.

The cryptocurrency dealer project is called SFOX which seeks to make the entire process of investing in cryptocurrencies a little friendlier and more fruitful for large institutions that wish to invest in crypto.

SFOX is said to have been established in 2014 which operates as trading hub for institutional investors, high-net-worth individuals and family offices.

The firm plans to execute large volume orders by executing them through it integrations with different cryptocurrency exchanges to minimize its impact on the cryptocurrency market while boosting liquidity, which is said to be one of the most significant barriers to institutional cryptocurrency adoption.

U.K. Crypto Exchange Launches Bitcoin Cash Futures

Crypto Facilities, a U.K.-based cryptocurrency trading platform has started to offer the first regulated USD-denominated Bitcoin cash futures last Friday.

Crypto Tim Schlaefer said that they are pleased to expand their cryptocurrency derivatives offering with the launch of the Bitcoin Cash Futures.

The firm has already launched future products for Bitcoin, Ethereum, ripple and Litecoin earlier this year.

The CEO also reveals that despite the general bearish sentiment in the space its platform has seen strong growth in 2018 seeing 84% growth between the fourth quarter of last year and the first quarter of 2018.

He also expects second quarter volumes to peak up doubling the figures of the first quarter.

Cypto Facilities is one of several cryptocurrency exchanges that provide pricing data used in Chicago-based derivatives exchange CME’s cryptocurrency reference rates.

With the launch of Bitcoin Cash derivatives in the platform could signal an impending Futures listing on a American major exchange like CME.

Major Chinese Retailer Launches Blockchain Platform

JD.com, one of China’s largest retailers is said to be launching a blockchain platform dubbed as the JD Blockchain Open Platform to enable the company’s enterprise customers to develop their own applications based on the said technology.

The project is said to have been initiated to spur the development of innovative and disruptive decentralized applications.

Its main goal is to establish a platform that could provide the company’s business customers with a framework to develop their own smart contract-based systems.

The platform will be hosted on public and private enterprise clouds and its users can create and fine tune their own smart contract applications in line with their requirements.

Jian Pei, the head of big data and smart supply chains at JD.com said that their platform is a culmination of expertise and experience in blockchain technology that they have developed in their operations.

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