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Bithumb Implements Mandatory KYC for Non-Korean Users

As part of its compliance to a more rigid AML (Anti-Money Laundering) regulation in the country, phone-based KYC for Bithumb non-Korean users is now mandatory. This is according to an announcement by the crypto exchange published in The Korean Herald.

The announcement further states that all users who will fail to comply with the new policy will be banned from using the platform.

“Foreigners residing in Korea who cannot process identification with mobile phones cannot use the service.”

The new policy will apply to all non-Korean users regardless of where they are. Prior to this, the exchange has also prohibited foreigners without alien registration cards from registering on the platform. All affected users were also advised to withdraw their assets “within 2021 when customer due diligence becomes mandatory.’

SEC Orders Ripple to Hand Over 1 Million Lacking Slack Messages

SEC demands from Ripple to produce 1M lacking Slack messages

As the legal battle continues between SEC and Ripple, the regulator now demands the missing 1 million Slack messages containing the company’s messaging records.  The request was sent to US Magistrate Judge Sarah Netbrun. 

As further claimed by SEC, accessing the company’s internal communication will provide them with more information and evidence against Ripple. The company e was given until August 12 to comply but asked for a four-day extension.

Ripple has first denied the SEC’s allegation but later on retracted its statement and claimed that it was caused by a data processing mistake which resulted in the loss of 1 million messages. 

The regulator argued that Ripple’s failure to provide the complete Slack messages was highly prejudicial due to the high relevance of the lacking messages.

“These messages include: (a) discussions about Ripple’s desire to create speculative trading in XRP, (b) the effect of Ripple announcements and efforts on, and Ripple’s concerns as to, the price of XRP, the relationship and central importance of XRP sales to Ripple’s overall business, and (d) the regulatory status of XRP.”

According to reports, Ripple will have to spend $1M to produce the lacking Slack messages and the company finds it unfair and unreasonable. But in her response, Judge Netburn stated:

“Any burden to Ripple is outweighed by its previous agreement to produce the relevant Slack messages, the relative resources of the parties, and the amount in controversy.” 

In December 2020, Ripple was slapped by a lawsuit by the US SEC alleging that XRP is a security subject to the registration requirements of the federal securities laws. XRP (Ripple) was faced with massive delisting from crypto exchanges and crypto businesses worldwide causing its price to plummet.

US E-commerce Platform Now Accepts Bitcoin as Payment now accepts Bitcoin as payment, an e-commerce platform based in the US has recently partnered with Bitpay, a crypto payment service provider. The recent partnership will enable the platform users to use cryptocurrencies as payment. They can opt to pay with BTC (bitcoin), BCH (bitcoin cash), ETH (ethereum), WBTC (wrapped bitcoin), DOGE (dogecoin), LTC (litecoin), and five US-pegged stablecoins. President and COO Steve Ashley announced the recent partnership during the Market America Worldwide 2021 International Convention (MAIC2021). She stated:

“Today I’m announcing that is going to be offering bitcoin, ethereum, and several other cryptocurrencies through Bitpay.” 

And she further adds that the service will be available on the platform’s website worldwide and it will be offered to all their market countries.

Sonny Singh, Bitpay’s chief commercial officer in his statement with News on Bitpay and crypto adoption especially in countries with less access to payment methods like credit cards, he stated:

“In countries like Taiwan, Thailand, Argentina, Brazil, and Indonesia, it’s very hard to make payments. Credit cards are not everywhere and in those countries, Bitpay and crypto is the cheapest, quickest payment option to accept Bitcoin and to receive crypto payment options as well.”

The adoption of cryptocurrencies as payment is fast becoming a trend and has been most ideal with people who have less or no access to banking facilities. 

New Survey Reveals Bitcoin Still a “No” to Salvadorans

Bitcoin still a "no" for Salvadorans as revealed in a recent survey

With just a few days to go before the implementation of the “Bitcoin Law”, a new survey conducted by the Central American University (UCA) revealed that most Salvadorans don’t want Bitcoin.

With 1,281 respondents, more than 60% stated that they disagree or strongly disagree with BTC (bitcoin) as legal tender in the country. Only one-third of the respondents or 32% expressed their approval but not to a full extent.

According to reports, Andreu Oliva, dean at UCA stated: 

“What we can see in this survey, in addition to this broad rejection of Bitcoin as legal tender, is that for the first time we found a significant disagreement between the population and decisions being made by the Legislative Assembly and the president.”

He further stressed the growing concern on the environmental effects of BTC (bitcoin). The World Bank has declined Bukele’s request for assistance with the BTC (bitcoin) implementation as legal tender in the country stating the same reason.

“While the government did approach us for assistance on Bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.”

An earlier survey already revealed that the majority of Salvadorans have expressed their disapproval of BTC (bitcoin) as legal tender in the country. Anti-bitcoin protests were conducted to demand from the government to revoke the “Bitcoin Law” despite the ongoing ban due to COVID 19.

El Salvador was the first country to adopt BTC (bitcoin) as legal tender. The Bitcoin Law has been a center of controversy given the hasty approval by the Salvadoran government as stated by critics.

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