UK government plans Bitcoin crackdown amid money laundering concerns

A Treasury spokesperson said: “We are working to address concerns about the use of cryptocurrencies, by negotiating to bring virtual currency exchange platforms and some wallet providers within Anti-Money Laundering and Counter-Terrorist Financing regulation”. Bitcoin hit record highs of $11,879 …

The UK Government is looking to step up regulation of bitcoin amid concerns criminals are using cryptocurrencies to launder money and avoid taxes.

The Treasury wants to regulate bitcoin under European Union anti-money laundering rules, forcing traders in the cryptocurrency to disclose their identities and any suspicious activity.

It expects changes to new EU-wide rules to come into effect by the end of December or early next year.

Bitcoin currently works by anonymous trading, which has fuelled fears that it could be an attractive way of funding illegal activity.

A rise of 1,000 per cent in value this year has worried MPs and banks alike.

Speaking to The Telegraph, Treasury Select Committee member John Mann said he expects the Government to carry out an inquiry over regulating digital currencies.

“These new forms of exchange are expanding rapidly and we’ve got to make sure we don’t get left behind – that’s particularly important in terms of money-laundering, terrorism or pure theft”, he said.

“It would be timely to have a proper look at what this means. It may be that we want to speed up our use of these kinds of thing in this country, but that makes it all the more important that we don’t have a regulatory lag.”

A Treasury spokesperson said: “We are working to address concerns about the use of cryptocurrencies, by negotiating to bring virtual currency exchange platforms and some wallet providers within Anti-Money Laundering and Counter-Terrorist Financing regulation”.

Bitcoin hit record highs of $11,879 (£8,842) on Sunday night, before dropping to $11,253 on Morning morning, according to online cryptocurrency trading platform Coin Exchange.

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Criminals using bitcoin ATM cash machines to launder money, say detectives

Criminals using bitcoin ATM cash machines to launder money, say detectives. Criminals using cafes, newsagents and corner shops to exchange their ill-gotten gains into virtual currency. Share; Comments. By. Andy Richardson. 13:02, 4 DEC 2017. News. Enter your postcode to see news and …

Police claim bitcoin cash machines are being used by drug dealers and gangsters to launder their dirty money.

Detectives say they have seen an explosion in numbers of criminals using cafes, newsagents and corner shops to exchange their ill-gotten gains into virtual currency ATMs.

Birmingham’s first bitcoin machine was launched in Stechford in June.

Bitcoin was launched in 2009, with transactions being independent of central banks and extremely difficult to trace.

The world’s first permanent ATM opened four years later at a coffee shop in Vancouver.

Detective Chief Superintendent Michael Gallagher, who leads the Metropolitan Police’s Organised Crime Command, said: “Officers from Trident [the Met’s gang crime command] are finding that street dealers are loading up local ATMs and standing on street corners cashless, which decreases the risk for them.

“If you move large quantities of cash, it lowers your vulnerability to other criminals.”

The cash machines are found in 93 locations in UK cities including Birmingham, Coventry, Derby and Leicester.

They allow anyone to deposit sterling in exchange for bitcoin and other ‘crypto currencies’, which are held electronically and only exist in cyberspace.

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Meet The World’s First Bitcoin Billionaires

Among them is Satoshi Nakamoto, the cryptocurrency’s mysterious inventor, who is estimated to own 980,000 bitcoins, amassed from mining the cryptocurrency in its early days, Quartz reports. Firstly, who? Aside from the villainous Bond names, the Winklevoss twins actually rose to fame thanks to one …

Scott Gibson | December 4, 2017, 15:46

  • Meet The World's First Bitcoin Billionaires

Meet The World’s First Bitcoin Billionaires

So follow along. The Winklevoss twins, who became better known following the movie about the beginnings of Facebook “The Social Network” sued Facebook claiming they were the actual creators, way back in 2008. The cryptocurrency surpassed a record high of $11,700 on Sunday. The brothers reportedly bought 1 percent of all Bitcoin in circulation at the time.

The $11m investment, however, has since ballooned by nearly 10,000 per cent after last week’s price surge making it the first billion-dollar return made by a cryptocurrency investor.

Facebook settled, and the Winklevoss twins invested $11 million of that money received from Facebook into cryptocurrencies.

The brothers, who rowed for the United States at the Beijing Olympics, “have re-styled themselves as Bitcoin entrepreneurs, launching their own online exchange and venture capital”, the Telegraph adds.

We wanted to build an exchange that was similar to Nasdaq or NYSE for digital currency“, Tyler Winklevoss told Bloomberg TV. “We wanted something that both Wall Street and Main Street felt comfortable with“.

Among them is Satoshi Nakamoto, the cryptocurrency’s mysterious inventor, who is estimated to own 980,000 bitcoins, amassed from mining the cryptocurrency in its early days, Quartzreports.

Firstly, who? Aside from the villainous Bond names, the Winklevoss twins actually rose to fame thanks to one Mark Zuckerberg.

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Hedge Funds Prepare to Trade Against Bitcoin

The planned introduction of bitcoin futures contracts at CME Group Inc., Cboe Global Markets Inc. and Nasdaq Inc. will make it much easier to bet on a decline. Hedge funds, which have largely stayed on the sidelines, are waiting for the Chicago Mercantile Exchange’s futures market to open for a fresh …

A bitcoin big short is building.

The planned introduction of bitcoin futures contracts at CME Group Inc., Cboe Global Markets Inc. and Nasdaq Inc. will make it much easier to bet on a decline. Hedge funds, which have largely stayed on the sidelines, are waiting for the Chicago Mercantile Exchange’s futures market to open for a fresh opportunity to bet against the cryptocurrency, according to more than a half dozen people trading the assets.

“The futures reduce the frictions of going short more than they do of going long, so it’s probably net bearish,” said Craig Pirrong, a business professor at the University of Houston. “Having this instrument that makes it easier to short might keep the bitcoin price a little closer to reality.”

Bitcoin has gained millions of percent since it started trading in 2010. An investment of $1 at the beginning would now be valued at more than $1.4 million. A dollar invested in the S&P 500 stock index for the same period would now be worth less than $4 including reinvested dividends. 

NEO Price Moves Toward $40 Again as Other Markets Struggle

Most of the NEO trading volume comes from Bittrex, who are well ahead of both Bitfinex and Binance. It is worth noting Two out of three trading markets are linked to Bitcoin, whereas Bitfinex is the only place where new fiat currency is coming into NEO. That is not necessarily something to worry about …

While most cryptocurrencies have gone into the red over the past few hours, NEO is the only currency noting encouraging gains. More specifically, the NEO price has increased by as much as 5% over the past 24 hours, pushing the value back toward US$40. This is an interesting turn of events for NEO, as things weren’t looking all that great earlier this week.

NEO Makes Another Run

Things have been somewhat quiet on the NEO front over the past week or so. That is somewhat surprising, considering that the price per NEO was very close to US$40 early last week. Unfortunately, this momentum was unsustainable, and the NEO price quickly headed down again toward the US$30 mark. At its lowest point, one NEO was valued at US$30.17, but this created another buy opportunity for most speculators.

Ever since hitting that low, the NEO price has mounted another comeback. With gradual gains to take into account, the price successfully reached US$35 again shortly thereafter. It is evident the momentum is there to push the NEO price over US$40 once again, but that will mainly depend on whether or not there is enough trading volume to keep the ball rolling.

With the NEO price fast approaching US$40 once again, it will be interesting to see if this trend reverses again. With a solid 5% gain against USD and a 7.91% gain against Bitcoin, things are looking very promising for this altcoin. At the same time, it is only a matter of time until the markets start to favor Bitcoin again, by the look of things. A lot can change for NEO and all other altcoins in the coming hours and days; that much is evident.

NEO’s 24-hour trading volume of just over US$92.4 million has helped the price move up. It is not the highest trading volume by any means, but it seems most cryptocurrency markets are relatively quiet right now. The year 2017 has been very bullish for all currencies, and the markets will eventually start trading sideways.

Most of the current NEO trading volume originates from Bittrex, which is well in front of both Bitfinex and Binance in this regard. It is worth noting that two out of the three top trading markets are linked to Bitcoin, whereas Bitfinex is the only place where new fiat money is coming into NEO. That is not necessarily something to worry about right now, but it’s worth taking into account.

Whether or not the NEO price can top US$40 for an extended period of time is anybody’s guess right now. It wouldn’t be the first time something like that happened, although the momentum has eventually turned against NEO every single time. A lot can change before the year is over, and no one knows what 2018 may bring for NEO and other currencies. An interesting four weeks are ahead for cryptocurrency as a whole; that much is certain.

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