Internet Security

Amidst Binance Debacle, Eightcap Steps in as the Largest Crypto Derivative Offering

This last month has not been an easy one for crypto derivatives traders. This is because Binance, one of the largest crypto exchanges, announced that it would no longer offer derivative trading to its users in Hong Kong. This came after similar services were suspended in European countries like Germany, Italy, and the Netherlands. According…

This last month has not been an easy one for crypto derivatives traders. This is because Binance, one of the largest crypto exchanges, announced that it would no longer offer derivative trading to its users in Hong Kong. This came after similar services were suspended in European countries like Germany, Italy, and the Netherlands. According to Changpeng Zhao, the CEO of Binance, the reason for this decision is because the exchange is “pivoting from reactive compliance to proactive compliance.” Regulators worldwide have come down hard on crypto trading platforms, which has left crypto derivative traders to worry about where they can trade crypto derivatives. The New Home of Crypto Derivatives While members of the crypto community might feel some apprehension about the current regulatory landscape, some cryptocurrency brokers are expanding their offering to meet the needs of retail clients. Eightcap, an award-winning CFD broker, announced on August 6, 2021, that it would be launching over 250 crypto derivatives. With this announcement, Eightcap now becomes the largest crypto derivatives provider in the industry. Its many features make this offering the first choice for both existing crypto derivative traders who are looking to switch from Binance and similar places, and crypto fanatics who are looking to start making their move on crypto derivatives. Funding the trading account can be done through various payment methods including PayPal, Skrill and credit/debit cards. Binance users are highly concerned about whether they will be able to withdraw their funds. This is not the case with Eightcap, which has stepped in as the crypto derivative provider where no wallet is needed, making withdrawals simple, efficient and fast for the user. Trust in a derivative broker is necessary for the current crypto market, and Eightcap prides itself on this. This is what makes Eightcap the new home of crypto derivatives trading, even amidst the regulatory anxiety that many users are experiencing. Speaking on the situation, Joel Murphy, CEO, Eightcap, said, “The regulatory issues crypto exchanges such as Binance are facing means traders are left with unnecessary worries about their funds and if they can withdraw them. With us, Crypto derivative traders can have a seamless experience from the moment they open an account to when they want to withdraw their funds.” The CFD broker has been proactive in maintaining a good relationship with regulators, and Eightcap is currently regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CYSEC) and the Securities Commission of The Bahamas (SCB). This is not only to prevent a Binance-Esque situation with derivatives trading but also for its other financial instruments, including Forex, Indices, Commodities, and Shares markets. With all its many attractive features in place, Eightcap is poised to dominate the trading sector moving forward. “The Eightcap offering focuses solely on creating regulated leveraged derivative trading opportunities for Cryptocurrency traders that offers more security than traditional offshore exchange platforms. We are thrilled to provide a solution that meets the needs of crypto derivative traders so that they can gain the best possible trading experience,” said Marcus Fetherston, Director of Operations at Eightcap. Moving Forward When news around Binances’ problems broke out, many were concerned that the derivatives market was on the way out. Eightcap, however, is showing that the sector has only scratched the surface of what it can do. Moving forward, clients at Eightcap can expect to have access to crypto derivatives with unmatched spreads, even as cryptocurrency is subject to regulatory restrictions.   Image by Muhammad Salman from Pixabay  
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Internet Security

US probe into Binance reportedly expands to investigate insider trading

Binance is apparently facing more pressure from regulators over possible abuses at its cryptocurrency exchange. Bloombergsources said US officials have expanded their probe of Binance to include possible insider trading and market manipulation. The company hasn’t been accused of wrongdoing, but Commodity Futures Trading Commission investigators have reportedly inquired with potential witnesses about issues like…

Binance is apparently facing more pressure from regulators over possible abuses at its cryptocurrency exchange. Bloombergsources said US officials have expanded their probe of Binance to include possible insider trading and market manipulation. The company hasn’t been accused of wrongdoing, but Commodity Futures Trading Commission investigators have reportedly inquired with potential witnesses about issues like the location of Binance servers (and thus whether the US can pursue any cases).The commission had previously launched an investigation into the sales of derivatives tied to cryptocurrencies. It’s reportedly looking for internal Binance data that might show sales of those derivatives to American customers, breaking regulations that forbid those sales without registrations. The Internal Revenue Service and Justice Department are also probing possible money laundering on the exchange.There are no guarantees of action. The CFTC and Justice Department have supposedly been investigating Binance for months, and any decisions might take a while longer.Not surprisingly, Binance said it was above-board. A spokesperson told Bloomberg the exchange had a “zero-tolerance” approach to insider trades as well as ethical codes and security guidelines to prevent those actions. The company added that it fires offenders at a bare minimum. The CFTC has declined to comment.The heightened scrutiny of Binance, if accurate, would come as part of a larger US crackdown on cryptocurrencies. Officials are concerned the lack of consumer protections (including regulation) might hurt customers who sign up for services expecting the same safeguards they have with conventional money. In this case, the focus is on accountability — insider trading could wreck valuable investments and erode trust in Binance and other crypto exchanges.
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Internet Security

How to Use Arbitrum Bridge to Transfer Tokens From the Ethereum Network to Arbitrum

Arbitrum was built by Off-chain Labs, which is considered a layer two solution for Ethereum dApps. Arbitrum bridge was designed to improve the limitations of the Ethereum network. It offers high-throughput and low-cost fees transactions along with maintaining high-security standards. The platform is backed up by a world-class team of researchers, engineers, and Ethereum enthusiasts.…

Arbitrum was built by Off-chain Labs, which is considered a layer two solution for Ethereum dApps. Arbitrum bridge was designed to improve the limitations of the Ethereum network. It offers high-throughput and low-cost fees transactions along with maintaining high-security standards. The platform is backed up by a world-class team of researchers, engineers, and Ethereum enthusiasts. […]
The post How to Use Arbitrum Bridge to Transfer Tokens From the Ethereum Network to Arbitrum appeared first on Altcoin Buzz.
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Internet Security

Cyber arms dealer exploits new Apple iPhone software vulnerability; affects most versions – researchers

A cyber surveillance company based in Israel has developed a tool than can break into Apple iPhones with a never-before-seen technique for at least six months, internet security watchdog group Citizen Lab said on Monday. The discovery is important because of the critical nature of the vulnerability, which affects all versions of Apple’s iOS, OSX,…

A cyber surveillance company based in Israel has developed a tool than can break into Apple iPhones with a never-before-seen technique for at least six months, internet security watchdog group Citizen Lab said on Monday. The discovery is important because of the critical nature of the vulnerability, which affects all versions of Apple’s iOS, OSX, […]
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Internet Security

Authorities To Imprison A Man From Ohio For Defrauding $30 Million In A Cryptocurrency Scam

An Ohio man will be getting 20 years in prison for carrying out a cryptocurrency scam. Michael Ackerman has pleaded guilty to the crime and might be spending a long time in prison. According to the US Justice Department, the man pleaded guilty to the multi-million dollar cryptocurrency scam last week. A Cryptocurrency Scam Worth…

An Ohio man will be getting 20 years in prison for carrying out a cryptocurrency scam. Michael Ackerman has pleaded guilty to the crime and might be spending a long time in prison. According to the US Justice Department, the man pleaded guilty to the multi-million dollar cryptocurrency scam last week. A Cryptocurrency Scam Worth Of Millions Michael Ackerman planned and executed a cryptocurrency scam in 2017. This scheme promised to pay investors 15% on their investments every month. Even though the benefits were too dubious and impossible, many investors rushed in to utilize the opportunity. The scam was called the “Q3 Trading Club,” a fund that used investor’s money to make the supposed profits to be shared as returns. On September 8, 2021, a US attorney, Audrey Strauss from the New York Southern District, announced that Ackerman had pleaded guilty to the charges. According to Strauss, the man agreed to have caused the victims to lose above $30 million in cryptocurrency assets. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course In the announcement, the attorney stressed that Arkerman agreed to have used his fake crypto scheme to steal millions from investors with the promise of 15% monthly returns. In addition, Strauss also disclosed that Michael Ackerman used fake documents to deceive the investors. His balances showed more than $315 million in the fund. But the reality was just a little above $5 million from the DoJ’s discoveries. The attorney also revealed that Ackerman stole investors’ money amounting to $9 million just to continue his lavish lifestyle. The man spent a lot of money on vehicles, real estate, personal security, traveling, and jewelry. Michael Ackerman Agrees To Pay The announcement also stated that Michael Ackerman has pleaded guilty to wire fraud. He agreed to pay back $30 million and forfeit at least $36 million in real estate, jewelry, cash which he acquired fraudulently. As for now, the sentencing will take place on January 5th, 2022. The first charges came from the SEC in 2020. The crime was the violation of securities laws by Michael Ackerman. Related Reading | Bitfinex To Roll Out Security Token Offerings (STOs) Platform In Kazakhstan The reports then showed that he used a private group that he created on Facebook to target physicians. The group was called “Physicians Dad’s Group,” and the SEC discovered his fraudulent intent. Michael Ackerman has never worked as an institutional broker in the New York Stock Exchange. Instead, he was operating as one of three scammers, including James, a Wells Fargo financial advisor, and another member, a surgeon called Quan Tran. In 2020 April, the victims of the incident sued Fargo for not investigating its employee. Featured Image From Pixabay
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