Tagnew york

Facebook's Crypto Scheme Triggers Massive Regulatory Backlash

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facebook, crypto, libra

Following reports earlier today that dozens of state attorney generals were set to officially commence antitrust investigations into Big Tech behemoths Facebook and Google, New York Attorney General Letitia James confirmed that at least one of the companies would indeed face government scrutiny. Unsurprisingly, it's the one that recently revealed its ambitious - and controversial - plans to...

Bitfinex Swears It's Trying Super Hard to Block US Bitcoin Traders

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bitfinex us bitcoin traders

Beset with allegations that it is flouting regulations by allowing US bitcoin traders to access its platform, cryptocurrency exchange giant Bitfinex promised that it's trying super hard to stop that from happening. Bitfinex Admits US Resident Traded on Its Bitcoin Exchange In an official announcement published on Friday, Bitfinex confirmed a report from The Block that a New York resident had...

Bitfinex Claims Victory as Supreme Court Gives Nod to Exchange & Tether

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Bitfinex, Tether

By CCN: The New York Supreme Court has ruled that the scope of the Attorney General’s investigation into Bitfinex and Tether Limited is too broad and needs a time limit. Bitfinex: Supreme Court Ruling a "Victory" The embattled exchange called the ruling a “victory” and insinuates that the case will end up going nowhere. Bitfinex has already admitted that as much as $850 million evaporated from...

Letitia James: Say Hello to the Newest Clown in the Anti-Trump Circus

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letitia james donald trump

By CCN: Sore-loser Democrats have been trying to delegitimize President Donald Trump ever since his upset electoral victory in 2016. The latest salvo from the Democrats comes in the form of New York Attorney General-elect Letitia James. She announced broad-ranging investigations into not only President Donald Trump but also Trump’s family and “anyone in his orbit”. Letitia James Is Already a...

NYPD Enlists Bitcoin ATMs to Help Strangle Phone Scams

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nypd bitcoin

By CCN: Crypto-oriented phone scams are alive and well across the country. One sneaky tactic involves posing as law enforcement, a crime in and of itself,  and then blackmailing victims into paying Bitcoin to avoid legal troubles. Following a case of precisely that in Berkeley, California, New York City police are actively pursuing a broader strategy to combat such scams, and it involves...

Bitfinex, Tether Clap Back at NY Attorney General in Coordinated Defense

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bitfinex, tether

By CCN: Within a day of learning it had to cease operating in New York, Bitfinex issued a rebuttal desperately trying to explain it is financially solid. Its letter coincided with one from Tether. On Thursday, New York Attorney General Letitia James obtained a court order to shut down the pair from operating in the state over the loss of $850 million funds through some questionable happenings...

Bitcoin Laundering: Two NY'ers Convicted in $3 Million Drug-Infused Scam

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bitcoin crime

By CCN: Callaway Crain and Mark Sanchez recently pleaded guilty to money laundering in New York. Investigators allege the pair earned close to $3 million selling steroids and controlled substances, mostly in bitcoin. They were first arrested almost exactly a year ago. $2.8 Million Over Six Years for Homemade Steroids Crain and Sanchez operated on the clear and dark webs and left New York in 2015...

Bitcoin's Most-Hated Regulatory Regime Could Be Bakkt's Last Hope

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bakkt launch, bitcoin price

By CCN: Intercontinental Exchange’s high-profile Bitcoin project, Bakkt, has faced severe pushback from the CFTC due to a fundamental concern about how its cryptocurrency assets will be stored. In response, Bakkt is looking to obtain a BitLicense and manage custody of the coins themselves. Unfortunately for ICE and associates, BitLicenses can take years to receive. New York's BitLicense: A...

New York Kraken Ex-Employee Sues Crypto Exchange Over Failure to Pay $900,000

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Kraken, bitcoin exchange,

Kraken has repeatedly said that it has no operations in New York but a lawsuit by an ex-employee has disputed this putting the bitcoin exchange at risk of facing the wrath of financial regulators in the Big Apple. According to Bloomberg, Kraken’s ex-trading desk manager, Jonathan Silverman, is suing the cryptocurrency exchange for over $0.9 million. He is consequently seeking compensation for...

New York Fraudster Faces 20 Year Sentence for Facebook Crypto Scam

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bitcoin, crypto fraud, new york, cabbagetech

New York resident Patrick McDonnell AKA "Jason Flack" was arrested and charged with nine counts of wire fraud in a Brooklyn court on Tuesday. McDonnell allegedly convinced others to "invest" in cryptocurrency through Facebook and Twitter, stealing the money for his own use and providing false balance statements in return. Scammer Ran Facebook & Twitter Crypto Scam from Staten Island Home...

Ocasio-Cortez's Popularity Is Dwindling Fast; Blames Fox News

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Ocasio-Cortez, Fox News

Alexandria Ocasio-Cortez is blaming Fox News for her dying popularity. The New York Representative is being demonized by people from her state and across the country according to a new Siena College poll. The survey shows 44 percent of respondents as having an “unfavorable view” of the congressional newcomer. Compare this with the mere 31 percent boasting a favorable opinion. The reason people...

New York Voters Blame Amazon Fiasco on 'Villain' Ocasio-Cortez

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alexandria ocasio-cortez, aoc, amazon

A new poll has revealed that 38 percent of New Yorkers believe that AOC was the 'villain' in Amazon's failed attempt to bring its second headquarters to Queens, New York. New York Says Amazon HQ2 Loss is AOC's Fault The Siena College poll, which was released on Monday, has revealed that New Yorkers believe Rep. Alexasandria Ocasio Cortez (D-N.Y.) was the biggest antagonist when it comes to...

Crypto Winter Freezes New York Bitcoin Mining Industry

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new york, bitcoin mining

A unique characteristic of many upstate New York cities is their low energy rates. Hydroelectric dams along the St. Lawrence river give residents electricity so cheap that many even heat their homes with it. The region made perfect sense for crypto miners during the “gold rush” days of 2017 and early 2018, and the increased demand from the Bitcoin mining industry created the problem of increased...

New York Democrats Salivate over Proposed $9 Billion Wealth Tax

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bill de blasio, new york city

New York’s transit infrastructure is in serious jeopardy. Following years of neglect and underfunding, the system allegedly requires a $40 billion investment over the next ten years, or it risks falling into what subway chief Andy Byford calls a “death spiral.” New York Progressives: We Need Money. Let’s Pass Another Wealth Tax! So, what’s New York’s big solution as of late? A state largely...

Forget NYC: Amazon Should Invest HQ2 Money in Rural Georgia

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amazon stock, AMZN

The small town of Toomsboro, Georgia has been on sale for a while now and is attracting some attention after an article noted that its $1.7 million list price was comparable to the cost of a single-family home in California's San Francisco Bay area. Given that Amazon shelved its plans for the other half of HQ2 after being kicked out of New York City, Jeff Bezos and company should take the...

A New York Bank is Opening Accounts for Bermuda's Crypto Startups

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Bitcoin, Bermuda, Signature Bank, New York

Cryptocurrency startups in Bermuda can now open bank accounts in New York. In a press release published Thursday, the Government of Bermuda announced that it is partnering with New York-based Signature Bank. Per the release, the deal will allow the island nation's FinTech companies to access US banking services. #BREAKING: #SignatureBank will bank Bermuda’s #FinTech firms. The NY based commercial...

Newsflash: New York Suffers Blackout - What’s Causing the Massive Power Outage?

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New York Power Outage: In the early hours of Monday morning, as New Yorkers are waking up for work, they’re about to find the lights are out. Around 500,000 people across New York, Pennsylvania, Ohio, and Michigan are currently without access to power--why? This is the situation in the northeast of the country this morning as the city that never sleeps finds itself silenced. What's Causing the...

Uber Drags New York City into Court over Draconian Cap on Ride-Hail Drivers

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uber ipo

Uber is suing New York, seeking to overturn the city's year-long cap on new licenses for ride-hailing vehicles. The company said it's suing the city because it's worried that the temporary restriction could become a permanent draconian measure. 12-Month Cap Was Imposed To Curb Congestion In its February 15 lawsuit filed in New York Supreme Court, Uber claims the city is punishing it with a "ban...

Alexandria Ocasio-Cortez's Cringeworthy Reaction to Amazon's HQ2 Pullout Proves How out of Touch She Really Is

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alexandria ocasio-cortez bloomberg bernie sanders

U.S. House Rep. Alexandria Ocasio-Cortez and other New York politicians just chased off 25,000 Amazon jobs that could have created salaries of at least $115,000 jobs each. Unfazed and stunningly arrogant, these politicians are taking a victory lap following their dubious success. AOC's Cringeworthy Response To Amazon Decision CCN reported earlier today that Amazon had scrapped the spacious campus...

Newsflash: Amazon Trashes Plans for NYC Headquarters, Caves to Pressure from Ocasio-Cortez

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amazon hq2 alexandria ocasio-cortez

Caving to pressure form local politicians and special interest groups, tech conglomerate Amazon has trashed a plan to build a new corporate headquarters in New York City. Amazon Caves to Pressure from Ocasio-Cortez, other Lawmakers The spacious Amazon campus in Long Island City, Queens would have created more than 25,000 well-paying jobs. However, lawmakers balked at the nearly $3 billion in New...

New York Governor Cuomo Signs Bill Paving Way for First US Crypto Task Force

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new york andrew cuomo crypto task force

The state of New York has created a cryptocurrency task force following the signing of a digital currency study bill by Governor Andrew Cuomo. This was announced by New York State Assemblyman and the chair of the subcommittee on internet and new technologies, Clyde Vanel, who commented that the task force would benefit both the blockchain industry and investors: The task force of experts will...

No, the Price of Bitcoin Didn't Drop Because of Bomb Threats

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bitcoin bomb hoax

On Friday, as the Bitcoin price fell by around six percent against the U.S. dollar, several reports claimed that the dominant cryptocurrency dropped in value due to bomb threats. One report from Business Insider Australia, for instance, stated that following an email blast of bomb threats in New York, the price of the crypto asset endured a correction. Wrong Argument Against Bitcoin A common...

Blockchain Documentary Produced by Ethereum Co-Founder Opens in New York

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blockchain documentary trust machine

A documentary film that profiles distributed ledger technology and counts an Ethereum co-founder as one of its executive producers had its theatrical release on October 26 in New York. Written and directed by Alex Winter, Trust Machine: The Story of Blockchain, runs for 84 minutes and covers subjects ranging from the history of Bitcoin to the promising use cases of distributed ledger technology...

Decentralized[?] Ethereum Exchange IDEX Waves Goodbye to New York Traders

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IDEX, a self-described decentralized cryptocurrency exchange (DEX) that allows traders to trustlessly exchange Ethereum tokens, has announced that it will no longer provide trading services to customers with IP addresses originating from New York. Ethereum DEX to Block New York IP Addresses Beginning tomorrow, Oct. 25 at 6 pm UTC, New York users will be barred from placing new orders on the...

New York Gives Coinbase Green Light to Offer Regulated Crypto Custody

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nydfs bitlicense

Coinbase has made yet another pioneering move in the regulatory morass that is cryptocurrency. The company today announced that its institutional wing, Coinbase Custody Trust Company, has received approval from New York State regulators to operate as an “independent Qualified Custodian.” Coinbase May Operate as Qualified Custodian A qualified custodian operates similarly to a bank, so much so...

Hedge Funder Accepting Bitcoin for his US$16 Million Manhattan Mansion

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bancor DEX ethereum eos

At current market prices, about 2,500 bitcoins are all you need to secure a prestigious address at 40 Riverside Drive in Manhattan. According to Bloomberg, the president of New York hedge fund R.G. Nierderhoffer Capital Management, Inc, Roy Niederhoffer, is selling his Manhattan mansion consisting of six floors for bitcoin. The 10,720-square-foot house in Riverside Drive is listed for...

Interview: Former Huobi US Compliance Chief Talks NY Cryptocurrency Exchange Report

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OAG cryptocurrency exchange report

Harry Zhou, former general counsel and compliance officer for Huobi US, spoke with CCN about the latest report from New York's attorney general on cryptocurrency exchanges. Zhou helped set up the legal framework in New York for cryptocurrency exchanges, namely the application and regulations for the BitLicense. He represented Huobi for comments on the BitLicense proposal and is a leading expert...

Kraken Trolls NY Regulators, Accuses OAG of Manipulating Bitcoin Futures

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bitcoin price Kraken

Cryptocurrency exchange Kraken is not backing down from its standoff with the New York attorney general’s office (OAG). Crypto Exchange Asks Whether OAG Employees Manipulated Bitcoin Futures In a series of tweets published over the last two days, the San Francisco-based company, which operates the world’s largest 16th-largest cryptocurrency exchange as measured by daily volume, has trolled the...

Crypto Exchange Coinbase: We Don’t Engage in Proprietary Trading

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Coinbase app cryptocurrency exchange

Cryptocurrency exchange operator Coinbase has denied that it engages in proprietary trading and that these activities account for a large percentage of the firm’s overall trading volume. CCN reported yesterday that an investigation into cryptocurrency exchange policies and operations, published this week by the New York attorney general’s office (OAG), found that proprietary trading, through...

NY Crypto Exchange Report Bearish for Bitcoin ETF Plans

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bitcoin etf

A new report drafted by the New York attorney general’s office (OAG) alleges that a significant number of cryptocurrency exchanges may be vulnerable to market manipulation, a finding that could prove ominous for hopes among investors that federal regulators will approve a bitcoin ETF or other exchange-traded crypto products in the near-term. 3 CME-Partnered Exchanges Flagged by NY Probe Bitcoin...

New York Like an ‘Abusive, Controlling Ex’: Kraken CEO Jesse Powell

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Jesse Powell, CEO of cryptocurrency exchange Kraken

Jesse Powell, CEO of cryptocurrency exchange Kraken, has lobbed another bomb at the state of New York in regard to the latter’s stance toward the crypto industry and Kraken in particular. Writing on Twitter, Powell compared New York's crypto regulators to an abusive ex-partner who continues to stalk the company even though it left the state several years ago. He said: “NY is that abusive...

20% of Coinbase Trades are Made by the Cryptocurrency Exchange Itself

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Cryptocurrency Exchange pure bit exit scam

When trading on a cryptocurrency exchange, investors have little-to-no information about the person trading against them, that is, the person on the other side of their buy and sell orders. Subject to the geographic restrictions of the exchange, that could be someone who lives in your neighborhood, or it could be someone who lives on the other side of the world. However, depending on which...

Cryptocurrency Exchanges Binance, Kraken May Be Operating Unlawfully in New York: AG Report

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cryptocurrency crime

New York State Attorney General Barbara Underwood has referred three major cryptocurrency exchanges to the state's Department of Financial Services (NYDFS) for potential violation of New York’s virtual currency regulations. The exchanges referred are Binance, Gate.io and Kraken. This was revealed in the Virtual Markets Integrity Initiative Report released earlier today by the Office of the New...

Gemini's New USD Cryptocurrency Stablecoin: A Whitepaper Deep Dive

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Cameron and Tyler Winklevoss Bitcoin Cryptocurrency Gemini

The Gemini cryptocurrency exchange, founded by the Winklevoss twins, announced on Monday that the company has launched a stablecoin built on the ERC-20 standard. Named "Gemini Dollar" (GUSD) the coin's value will be "strictly pegged 1:1 to the U.S. dollar," according to the whitepaper. Of course, many stablecoins exist that are pegged to USD, such as Tether (USDT) and Dai (DAI), though some pegs...

Decentralized Crypto Trading Platform AirSwap Strikes Deal to Tokenize NY Real Estate Market

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New York City bitcoin bitlicense crypto

Decentralized cryptocurrency trading platform AirSwap has announced a new partnership designed to aid in the tokenization of one of the Western Hemisphere’s most expensive real estate markets. That partnership, inked with FINRA-registered broker-dealer Propellr, will see the two firms use AirSwap’s peer-to-peer trading protocol to create a platform that allows brokers and their clients to...

NY BitLicense Chief Clashes with U.S. Treasury over Fintech Banking Charters

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nydfs bitlicense

The New York State Department of Financial Services (DFS) has stated its opposition  to the U.S. Department of Treasury’s endorsement of regulatory “sandboxes” for fintech companies that essentially allow fintechs to receive special bank charters, according to a statement on its website by Maria T. Vullo, DFS superintendent and overseer for the state's BitLicense regime. The New York DFS...

BitLicense #6: New York Grants Cryptocurrency License to Bitcoin Wallet Xapo

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bancor DEX ethereum eos

Cryptocurrency wallet and vault Xapo is the latest recipient of New York’s ‘BitLicense’, arguably the strictest state law governing the crypto sector, from the state’s financial regulator. In an announcement on Thursday, the New York Department of Financial Services (NYDFS)’s superintendent Maria T. Vullo said the authority is furthering “New York’s continued commitment to creating a thriving...

$700 Million Bitcoin Mining Farm Coming to Upstate New York

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cryptocurrency bitcoin mining

Upstate New York may soon be home to the world's largest bitcoin mining center if the ambitious plans being undertaken by cryptocurrency mining firm Coinmint fall into place. Coinmint, through its subsidiary North Country Data Center Corp., has invested $50 million so far to convert a 1,300-acre Alcoa aluminum smelting plant in Massena, NY. With a 435-megawatt capacity, the new facility would be...

New York State May Launch a Cryptocurrency Task Force

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The state of New York is making progress toward establishing formal cryptocurrency rules that could ultimately bolster more widespread use of virtual currencies. In yet another signal that bitcoin is here to stay, the New York State Assembly proposed launching a digital currency task force to examine the burgeoning cryptocurrency and blockchain industries in the state. If approved, the nine...

New York Grants Fifth-Ever BitLicense to Crypto Broker Genesis Global Trading

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bitlicense

Cryptocurrency brokerage firm Genesis Global Trading has become the latest firm to receive a BitLicense from the state’s financial regulatory. The New York-based Genesis on Thursday announced that the state’s Department of Financial Services (NYDFS) had approved its application, making it one of a handful of firms to receive a BitLicense, which formally allows cryptocurrency businesses to operate...

Coinbase Responds to New York AG’s Crypto Exchange Inquiry

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coinbase

Coinbase has formally responded to New York Attorney General Eric Schneiderman's cryptocurrency exchange inquiry, and the San Francisco-based startup elected to share a portion of that response with the public. The five-page letter, which was drafted by Mike Lempres -- Coinbase’ chief legal and risk officer -- is an abbreviated version of the one that the company sent to the Office of the...

‘Insulting’: Kraken CEO Refuses to Comply with New York's Crypto Exchange Probe

Jesse Powell Kraken

Kraken CEO Jesse Powell had strong words for New York regulators who sought to compel the San Francisco-based exchange to participate in its new Virtual Market Integrity Initiative, which demands that trading platforms be more transparent. Earlier this week, New York Attorney General Eric Schneiderman began an inquiry into the operations of popular cryptocurrency exchanges. As part of the probe...

Newsflash: Bitcoin Price Dives Below $7,900 after New York Opens Probe into Exchanges

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Bitcoin price

Bitcoin price dove below $7,900 on Tuesday after the New York Attorney General's office announced that it had opened an inquiry into the cryptocurrency exchange industry. The flagship cryptocurrency had traded above $8,000 for most of the day, with many analysts arguing it would embark on a bull run now that tax season is coming to a close in the US. However, on Tuesday afternoon the Bitcoin...

New York Tells Cryptocurrency Exchanges to be More Transparent

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Cryptocurrency exchanges need to make transparency a greater priority, the New York Attorney General’s office said on Tuesday. Writing in a letter addressed to 13 cryptocurrency exchanges, New York Attorney General Eric Schneiderman’s office requests that companies provide information on a range of topics related to the operation of their trading platforms. “Representing a technological advance...

New York Cryptocurrency Miners Will Pay a Premium for Electricity

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Mining cryptocurrencies like bitcoin in the state of New York will become more expensive as power providers are now cleared to charge higher electricity rates for crypto mining firms. In a ruling [PDF] on Thursday, the New York State Public Service Commission – the state’s public utility regulator – has allowed upstate municipal power authorities to charge higher power tariffs for companies in...

Officials from Upstate New York Town Seek to Ban Bitcoin Mining

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Plattsburgh, NY city officials want to reserve their cheap electricity for non-crypto economic development. Plattsburgh, NY is located in Clinton County, and its current claim to claim to fame is a new Showtime series featuring Ben Stiller about an escape from a local prison being filmed downtown. But bitcoin mining is also making headlines, amid fears that the town's power supply could be...

New York Bill Calls for Research Into State-Backed Cryptocurrency

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A New York legislator has submitted a bill calling for the state to establish a task force to study the logistics and impacts of creating and issuing a state-backed cryptocurrency. New York Bill Calls for Research Into State-Backed Cryptocurrency The bill, which was proposed by Assemblyman Clyde Vanel and filed on Feb. 2, would require the government to research how a state-backed cryptocurrency...

New York Preschool Accepts Bitcoin, Shuns Credit Cards

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preschool bitcoin

Ease of payment, low fees, and speed of transactions are some of the reasons why a preschool in New York City has opted for tuition payments in Bitcoin. Co-founded and chaired by Marco Ciocca, Montessori Schools is an early childhood education program built upon the classical methods of Maria Montessori. After following the growth cryptocurrency industry over the years, the school decided to...