Apple Has no Plans to Launch Cryptocurrency

Tim Cook, the chief executive officer of Apple, has said that the company is not intending to launch its own cryptocurrency.

“I really think that a currency should stay in the hands of countries. I’m not comfortable with the idea of a private group setting up a competing currency,” Cook said in an interview.

Cook seems to deny last month’s statement when Apple Pay vice president Jennifer Bailey said that the company is “watching cryptocurrency,” thinking it is “interesting” and that it has “long-term potential.”

However, Apple has been exploring blockchain technology for implementation in responsible sourcing of minerals by setting up guidelines. (Neutral)

Binance Integrates Coinfirm’s AML Platform to Comply With FATF Rules

Major cryptocurrency exchange Binance has partnered with crypto analytics startup Coinfirm to improve its anti-money laundering (AML) compliance.

The integration of Coinfirm’s blockchain-agnostic AML Platform will purportedly streamline Binance’s compliance with the AML rules issued by the Financial Action Task Force (FATF), according to a press release published on Oct. 3.

The new measures set up by the FATF require that cryptocurrency operators establish the identity behind crypto funds senders and recipients, conduct proper due diligence to ensure they are not engaging in illicit activity, and develop risk-based programs, among others.

Binance will deploy Coinfirm’s products to assess and analyze AML risk in regards to more than 1,200 digital currencies, tokens and diverse blockchain offered on its trading platform.

As previously reported, crypto market aggregator CoinGecko joined the network of Coinfirm in order to improve its exchange Trust Score algorithm, as well as provide users with a means of reporting scams and hacks.

Also, San Francisco-based tech startup Ripple, which is largely behind XRP, signed an agreement with Coinfirm, wherein the latter will explore XRP’s compliance with AML provisions.

Commenting on the FATF’s intention to strengthen control over cryptocurrency exchanges, Jeff Horowitz, chief compliance officer at American major crypto exchange Coinbase, said:  

“I get why the FATF wants to do this. But applying bank regulations to this industry could drive more people to conduct person-to-person transactions, which would result in less transparency for law enforcement.” (Neutral)

PayPal Might Withdraw From Libra Association

One of the founding Libra Association members may be on the verge of pulling out.

On October 3, the Financial Times reported that payments firm PayPal is considering leaving the Facebook-initiated crypto project due in part to the regulatory backlash Libra has received in recent months.

According to the Financial Times, PayPal representatives did not attend a Libra Association meeting on Thursday, in what may be a sign of the broader turmoil.

Facebook first revealed Libra in June, unveiling a grand ambition of providing financial services to more than a billion unbanked individuals through a stablecoin accessible by any smartphone.

As part of its project, Libra will be overseen by a governing council of 100 members, including Facebook and its subsidiary Calibra. PayPal, Visa, Mastercard, Uber and 22 other prominent payments and services firms were listed as founding members of the council, dubbed the Libra Association.

Dante Disparte, the Libra Association’s head of policy and communications, told that building a project like Libra “is not an easy path.”

“We recognise that change is hard, and that each organisation that started this journey will have to make its own assessment of risks and rewards of being committed to seeing through the change that Libra promises,” he said. (Neutral)