The BitMEX Insurance Fund Holds More Than $300 Million

The BitMEX Insurance Fund has increased to holding over 31,300 bitcoins (approximately $314 million). The fund has experienced a 50.7% increase from its holdings since the beginning of 2019.

The BitMEX Insurance Fund is used to alleviate unfilled liquidation orders on the platform. In other words BitMEX’s platform and products are structured in a way that exchange does not require payments from its traders who have negative account balances when they are liquidated in a levered trade. Instead, the exchange uses its Insurance Fund to ensure the winning party of a trade receives their expected profits even if the losing party’s losses do not cover the winning party’s gains. (Neutral)

Binance Announced That It Will Offer Lifetime VIP Membership to KYC Leak Victims

Major cryptocurrency exchange Binance announced that it will offer a lifetime VIP membership to all its users affected by the recent Know Your Customer (KYC) images leak on the platform.

According to the official blog, currently Binance is “actively contacting all potential victims with […] guidance on privacy protection and restitution,” and highly recommends “affected users to apply for new identification documents in their respective region.” The post also states:

“We are compensating affected users with a lifetime Binance VIP membership, including preferential trading fees, support, and more services.”

According to the report, Binance said that its investigation of a KYC data leak that occurred in the beginning of August is still ongoing. The exchange’s security and investigations team is purportedly trying to identify the source of KYC images similar to those leaked by an unidentified hacker.

The thing is, Binance announced the leak on Aug. 7, stating that an unidentified individual threatened the platform and demanded 300 bitcoins (BTC) in exchange for withholding over 10,000 photographs of purported Binance KYC data. (Neutral)

US Lawmaker Remains Concerned About Facebook’s Libra 

Chairwoman of the U.S. House Committee on Financial Services and Democratic Congresswoman Maxine Waters remains concerned about Facebook’s proposed cryptocurrency Libra, after meeting officials in Switzerland, the Libra Association’s headquarters.

Waters, issued a statement on Sunday, saying that Switzerland’s government officials were “helpful in understanding the status, complexity, and magnitude of Facebook’s plans,” but:

“My concerns remain with allowing a large tech company to create a privately controlled, alternative global currency.”

She added: “I look forward to continuing our Congressional delegation, examining these issues, money laundering, and other matters within the Committee’s jurisdiction.”

The news of Waters’ Switzerland visit first broke last week. According to Sunday’s statement, Waters and her colleagues held discussions with representatives from the State Secretariat for International Financial Matters (SIF), the Federal Data Protection and Information Commissioner (FDPIC), the Financial Market Supervisory Authority (FINMA), and other Swiss legislators. (Neutral)

Posjetite našu Mjenjačnicu kriptovaluta

  • brza i izravna konverzija kriptovaluta za fiat valute i obrnuto
  • jednostavna i kvalitetna usluga prema standardima FIMA brenda
  • povjerenje temeljeno na dugogodišnjem iskustvu i rezultatima